Gemini Exchange Introduces New Qualified Custodian For Cryptocurrencies
Gemini, one of the most recognized cryptocurrency exchanges in the market, introduced a Qualified Custodian for cryptocurrencies. The new service is called Gemini Custody™ and they will support a large number of digital assets. The information was released by Gemini a few hours ago in a blog post.
Gemini Launches New Custody Services For Investors
The crypto exchange Gemini announced its new qualified custodian for digital currencies. Although the firm informs that this is not the first time that it offers custodial services since they were launched in 2015, they are now offering new products and services for users.
There are going to be 18 different cryptocurrencies supported for custody, including Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Zcash (ZEC), Ether (ETH) and many other ERC-20 tokens such as 0x (ZRX), Augur (REP) and Basic Attention Token (BAT), among others.
Furthermore, the firm explains that Gemini Trust Company, LLC is a New York trust company and Qualified Custodian that has been chartered by the New York State Department of Financial Services (NYDFS) under Section 100 of the New York Banking Law. Gemini Custody™ is also undergoing a Type 2 examination.
At the same time, they are going to offer offline storage to hold the virtual currencies on behalf of their clients. The exchange is going to be using hardware security modules (HSMs), multisignature technology and the funds will be geographically distributed.
Users will also have a hardware security key that will help users protect their digital assets via WebAuthn. This would confirm a user is the real owner of a specific account rather than another person.
In addition to it, users will enjoy a new interface for their accounts. Individuals can check their balances, download account statement, initiate withdrawals and many other things.
Moreover, individuals will also have the possibility to create and manage multiple accounts with distinct sets of users, account balances and unique and verifiable crypto addresses. Everything will be handled through a single master account.
The exchange wrote in the blog post:
“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. We are beyond thrilled to continue our security-first tradition by providing you with Gemini Custody™, an expanded offering of our state-of-the-art custody solution.”
At the time of writing this article, Gemini is the 97th largest cryptocurrency exchange in the market in terms of trading volume. In the last 24 hours, the exchange handled $10.37 million in trading volume according to CoinMarketCap.
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