Coinspeaker Winklevoss’ Gemini Launches Custody Product Supporting 18 CryptosGemini, the New York-based crypto exchange has launched an institutional-grade crypto custody solution as reported on September 10. The exchange was founded by twin brothers Cameron and Tyler Winklevoss in 2014. They have named the new solution as Gemini Custody.In a news release on Tuesday, Gemini confirmed that its newly launched custody solution will enable users to do various things. It will let them download account statements, check balances, and initiate withdrawals. Moreover, it will let users grant auditors view-only access to confirm balances, transactions, and activity.Gemini Custody is offered through the Gemini Trust Company which is a regulated custodian administered by the New York Department of Financial Services (NYDFS). Customers can also trade their assets instantly on the platform since the Custody offers them credits. That means that they will not need to wait for funds to be transferred from cold storage when trading.In the past, clients had to wait for more than 24 hours to access and trade assets. Now, Gemini customers can trade assets held offline without needing to wait to access them using this new system. According to the press release, users can set up white lists. These white lists will ensure that their crypto holdings can only move as withdrawals to certain addresses.Through these white lists, clients will grant auditors access to confirm activity and balances. The white lists will also let the customers create various sub-accounts that have different permission levels as required. Jeanine Hightower-Sellitto, the Gemini managing director of operations, described Gemini Custody as a “crypto-native solution”. It offers both security and liquidity for clients. She added:“Institutional investors have demonstrated a clear and growing demand for crypto. But, they’ve struggled to find a solution that fully meets their complex regulatory and security requirements.”The Supported AssetsReports suggest that Gemini Custody now supports 18 cryptocurrencies. These include Litecoin (LTC), Bitcoin (BTC), Ether (ETH), and Bitcoin Cash (BCH). Other supported ERC-20 tokens include OmiseGo (OMG), 0x (ZRX), Augur (REP), Loom Network (LOOM), Maker (MKR), Augur (REP), Basic Attention Token (BAT), Gemini dollar (GUSD), Kyber Network (KNC), Bread (BRD), Dai (DAI), Enjin (ENJ), Flexacoin (FXC), and Decentraland (MANA).Tyler Winklevoss, the Gemini CEO, said that the much-necessary maturation of cryptocurrency as an asset class heavily relies on custodial security. He explained:“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.”As we published recently, Tyler and Cameron Winklevoss said that they are ready to partner with Mark Zuckerberg on Facebook’s Libra stablecoin project. Cameron believes that Libra represents a step forward in the mass adoption of cryptos. Gemini plans to add support for other virtual currencies as well.While most of the new ERC-20 tokens did not entirely get approval via the NYDFS, the NY financial regulator approved Gemini’s Listing, Custody and Issuance Framework. The tokens are added in accordance with the framework. This launch is only the latest move in Gemini’s efforts to offer regulated services to institutions.In early July, the exchange announced that it was preparing to file for a broker-dealer license via the Financial Industry Regulatory Authority (FINRA). FINRA is the self-regulatory organization that oversees securities dealers in the United States. Should Gemini get a broker-dealer approval, it can then apply to become an alternative trading system that will enable it to provide digital securities for approved traders.Winklevoss’ Gemini Launches Custody Product Supporting 18 Cryptos
Tesla Stock Shoots into $100 Billion Valuation as Q4 Earnings Report Gets Closer
Thursday January 23, 2020
Coinspeaker Tesla Stock Shoots into $100 Billion Valuation as Q4 Earnings Report Gets CloserTesla stock is doing amazing numbers in the market and breaking grounds for the auto company. Yesterday, Tesla stock surged impressively and has now crossed $100 billion in market valuation. Tesla (TSLA) climbed more than 6% to cement a new record high […]
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