NEW YORK, Sept. 10, 2019 /PRNewswire/ -- Gemini Trust Company, LLC (Gemini), a cryptocurrency exchange and custodian, today launched Gemini Custody™, a Qualified Custodian for crypto. Built from the ground up to meet the complex and high-stakes needs of modern financial institutions, Gemini Custody™ supports 18 cryptocurrencies with support for many more coming soon. In addition, customers can instantly trade their crypto in custody on the Gemini exchange without waiting for it to be transferred out of cold storage.
Gemini is a New York trust company and a Qualified Custodian chartered by the New York State Department of Financial Services under Section 100 of the New York Banking Law. It is SOC 2 Type 1 compliant and currently undergoing a Type 2 examination. Gemini Custody™ stores customer crypto offline using hardware security modules (HSMs), multisignature technology, and geographically distributed, access-controlled facilities. In addition, customers can secure their accounts with hardware security keys and restrict crypto withdrawals to crypto addresses they whitelist.
A new interface allows customers to check balances, download account statements, initiate withdrawals, and more. Customers can also grant auditors view-only access to confirm balances, transactions, and activity. The sub-accounts feature gives customers the ability to create and manage multiple accounts with distinct sets of users, account balances, and unique, independently verifiable crypto addresses all under a single master account.
"The maturation of crypto as an asset class depends heavily on the safety and soundness of the custodians that hold individual and institutional funds," said Tyler Winklevoss, CEO of Gemini. "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. 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."
"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," said Jeanine Hightower-Sellitto, Managing Director of Operations at Gemini. "Gemini Custody is the only crypto-native solution in the market today that meets these complex requirements without sacrificing security or liquidity."
Gemini Custody™ now supports 18 cryptos for custody: Bitcoin, Bitcoin Cash, Ether, Litecoin, Zcash, and the following ERC-20 tokens: 0x (ZRX), Augur (REP), Basic Attention (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). Custody support for more cryptos will be coming soon.
For more information, please see our Guide to Crypto Custody. We will also be hosting a webinar on October 7, 2019 at 12:00pm ET to discuss Gemini Custody™ and the state of crypto custody.
About Gemini Trust Company, LLC:
Gemini Trust Company, LLC (Gemini) is a cryptocurrency exchange and custodian that allows customers to buy, sell, and store cryptocurrencies like bitcoin, bitcoin cash, ether, litecoin, and zcash. Gemini is a New York trust company that is subject to the capital reserve requirements, cybersecurity requirements, and banking compliance standards set forth by the New York State Department of Financial Services and the New York Banking Law. Gemini was founded in 2014 by twin brothers Cameron and Tyler Winklevoss to build a bridge to the future of money.