The well-known Gemini exchange created by the Winklevoss brothers has announced its intention to introduce a new institutional custody service capable of securely storing 18 crypto, including some ERC20 tokens.
Through the Gemini Trust Company, a fully regulated custodian supervised by the New York Department of Financial Services (NYDFS), Gemini’s new custody service, currently referred to as Gemini Custody, will allow clients to immediately trade major assets by offering real assets.
Previously, in fact, it was necessary to wait more than a day to be able to trade with the assets stored in custody. Through Gemini Custody, exchange users will finally be able to trade with the assets held offline without waiting times.
Gemini Custody: a custody service for 18 crypto and ERC20 tokens
According to the press release, users can also create whitelists, in order to guarantee that funds can be withdrawn and sent only to specific addresses. In addition, accountants will be able to view and confirm the balance sheets and activities of users, as well as create different subsidiary accounts with different permissions and levels.
Gemini Director Jeanine Hightower-Sellitto said that Gemini Custody is a reliable solution that can provide users with liquidity while ensuring maximum security.
“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”.
For this very reason, Gemini – similarly to other industry giants in the past, including Coinbase – has developed a solution that can meet the needs of the most demanding investors, namely Gemini Custody.
This solution currently supports 18 crypto and ERC20 tokens. These include 0x, augur REP token, basic attention token (BAT), bread (BRD), DAI, maker, decentraland (MANA), enjin, flexacoin, Gemini Dollar, omisego (OMG), Kyber network token and Loom network token.
As far as classic cryptocurrencies are concerned, these include bitcoin (BTC), bitcoin cash (BCH), litecoin (LTC), zcash (ZEC) and ethereum (ETH). Additional cryptocurrencies and tokens will be added in the future, however, it is currently unknown which ones.
Although some of the ERC20 tokens are not approved by the financial regulators, Gemini Custody remains authorised by the NYDFS to provide custody services.