Gemini Custody Service Expands To 18 Cryptocurrencies
Gemini announced today in their blog post that they are adding new cryptocurrencies to their custody services.
The expansion of custody services has come at the time of increased competition in the custody space. Recently, Coinbase expanded their Custody offering by acquiring Xapo’s institutional business for $55 million after out beating investment giant Fidelity.
Today institutional investors are reluctant in cryptocurrency investment decisions without some assurance that their funds are safe and secure. Given this unmet need, firms like Coinbase, Fidelity and now Gemini are rushing to strengthen their services and provide a trusted choice for institutions to store cryptocurrency that meets regulatory requirements.
List of cryptocurrencies which were supported earlier by Gemini-
- Bitcoin,
- Bitcoin Cash,
- Ether,
- Litecoin,
- Gemini dollar (GUSD),
- Zcash.
List of added cryptocurrencies-
- 0x (ZRX),
- Augur (REP),
- Basic Attention (BAT),
- Bread (BRD),
- Dai (DAI),
- Decentraland (MANA),
- Enjin (ENJ),
- Flexacoin (FXC),
- Kyber Network (KNC),
- Loom Network (LOOM),
- Maker (MKR), and
- OmiseGo (OMG).
To ensure users fund protection, Gemini custody arm uses offline storage solutions like hardware security modules, multi-signature tech, etc. In addition, users can whitelist withdrawal address which will restrict crypto withdrawals from users account to only whitelisted crypto addresses.
Currently, Gemini Custody is a SOC 2 Type 1 compliant and are undergoing a Type 2 examination.
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