Gemini, the New York-based cryptocurrency exchange, has decided to launch Gemini Custody — its own custody service.
According to a Sept. 10 press release, Gemini — which Cameron and Tyler Winklevoss twin brothers founded in 2014 — informed customers that they could check balances, initiate withdrawals, and download account statements, as well as permit auditors view-only, access to confirm the account’s transactions, activity and balances.
On previous occasions, customers would even wait more than a day to get to trade assets. But now, the company’s clients can trade their assets offline in custody using the new system without waiting for transfer from the cold storage.
Around 18 digital assets supported
Reportedly, Gemini Custody provides the capacity of trading in 18 cryptocurrencies, the main ones being bitcoin (BTC), ether (ETH), bitcoin cash (BCH) and litecoin (LTC). Others are the 14 ERC-20 tokens namely: Basic Attention Token (BAT), 0x (ZRX), Augur (REP), Bread (BRD), Dai (DAI), Maker (MKR), OmiseGo (OMG), Loom Network (LOOM), Enjin (ENJ), Kyber Network (KNC), Gemini dollar (GUSD), Flexacoin (FXC) and Decentraland (MANA).
The number of coins is quite striking when you consider the conservative listing approach that Gemini has been taking since its launch.
Tyler Winklevoss, CEO of Gemini, has even emphasized that custodial security determines the maturation period of the digital asset class.
“From day one, Gemini recognized the need for a world-class custody solution that is secure, compliant, and easy to use for individuals and institutions around the world.”
Institutional investors have of recent demonstrated an apparent growing demand for crypto — according to operations managing director Jeanine Hightower-Sellitto — but, some are struggling on getting a solution that fully meets complex security and regulatory requirements.
Recently, Tyler and Cameron Winklevoss are hoping to partner with Mark Zuckerberg in future on Facebook’s Libra stablecoin project, which Cameron argues that it represents a step forward in the mass cryptocurrency adoption.