The New York-based cryptocurrency exchange Gemini is launching its own custody service, called Gemini Custody, the company announced in a Medium post.
According to the announcement, the new custody solution will enable the exchange’s customers to trade assets instantly, without having to wait for them to be transferred from cold storage. Previously, users had to wait more than a day before they had access, and trade their assets.
The Gemini Custody will also be highly secured, ensuring that its customers’ cryptocurrency holdings can only be withdrawn to certain addresses by letting them set up whitelists. Its users can also grant auditors view-only access to confirm balances, transactions and activity, as well as set up different sub-accounts with different levels of permission. Gemini’s CEO, Tyler Winklevoss, said in the announcement:
“Security has been a pillar of Gemini since inception and protecting your crypto is a cornerstone of our mission to build the future of money; trust is our product.”
Gemini Custody will initially support 18 cryptocurrencies for custody, with them being: Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC), Zcash, 0x (ZRX), Augur (REP), Basic Attention Token (BAT), Bread (BRD), Dai (DAI), Decentraland (MANA), Enjin (ENJ), Flexacoin (FXC), Gemini dollar (GUSD), Kyber Network (KNC), Loom Network (LOOM), Maker (MKR) and OmiseGo (OMG).
Even though the New York Department of Financial Services (NYDFS) has not explicitly approved many of the new ERC-20 tokens, they were added in accordance with the Gemini’s Listing, Custody and Issuance Framework, which the financial regulator approved. The exchange is also planing to add support for other cryptocurrencies in the future.
The exchange will also be hosting a webinar on 7 October at 12:00 pm ET, in order to discuss its new Gemini Custody and the different cryptocurrency custody solutions on the market.