New York-based cryptocurrency exchange Gemini has launched a complementary custody service called Gemini Custody according to a press release published on September 10th.
Launched under the Gemini Trust Company umbrella, an entity registered and regulated by the New York Department of Financial Services, the institutional-grade custody service will have support for 18 cryptocurrencies right off the bat with future additions coming up.
During the launch, the service supports leading assets such as Bitcoin, Litecoin, Bitcoin Cash, Ethereum, Zcash, Augur’s REP tokens, Kyber Network’s KNC token, Basic Attention Token (BAT), Loom Network (LOOM), 0x (ZRX), Dai, Maker, Bread (BRD), decentraland’s MANA token, Flexacoin, Enjin, Omisego and the Gemini platform token Gemini Dollar (GUSD).
Gemini Custody introduces some innovative solutions for a custody service including multi-sig offline storage and whitelisting. In the latter, institutional clients will be required to provide a list of addresses that will be allowed to receive withdrawn amounts from cold storage in order to combat the theft of assets.
The most noteworthy feature, however, is the capability of trading stored coins and tokens without having to wait for their transfer from cold storage. This is a neat feature that will enable clients to get into and exit a position to avoid any losses.
The new interface allows customers to carry out a host of functionalities such as checking balances, downloading account statements and initiating withdrawals. A feature that most institutional customers will appreciate is the segregated account management that allows a customer to:
“manage accounts with distinct sets of users, account balances, and unique, independently verifiable crypto addresses all under a single master account… Customers can also grant auditors view-only access to confirm balances, transactions, and activity.”
Speaking of the need for custodial services in the cryptocurrency industry, Gemini CEO Tyler Winklevoss said in a statement that crypto’s maturation:
“as an asset class depends heavily on the safety and soundness of the custodians that hold individual and institutional funds… We are thrilled to continue our security-first tradition by providing our customers with Gemini Custody, an expanded offering of our state-of-the-art custody solution.”
The company’s Managing Director of Operations Jeanine Hightower-Sellitto reiterated similar sentiments saying that there is a growing demand for crypto which brings with it a growing need for custodial services especially for institutional clients with particularly complex regulatory and security requirements.
“Gemini Custody is the only crypto-native solution in the market today that meets these complex requirements without sacrificing security or liquidity,” she said.
