Winklevosses Crypto Exchange To Insure Users Digital Assets
Users of the Gemini crypto exchange will be able to insure their digital assets. The platform will provide insurance for funds that are held in its custody, according to the press release.
The digital currencies platform led by Winklevoss brothers entered into cooperation with a global insurance company Aon that specializes in issues regarding risk management, pensions and health care. The new Gemini service will be an addition to dollar deposits insurance, an option already available on the crypto exchange.
It is noted that Gemini succeeded to prove its professionalism and leading position in the field of custodial services to partners, after which it gained the approval for insurance.
The platform’s risk manager, Yusuf Hussain, stated that users of crypto exchanges need the same high level of protection as traditional bank customers. He expressed the hope that this step will help to protect users of the whole crypto industry.
Gemini digital money exchange was founded in 2014 in compliance with the standards for cybersecurity and regulator's requirements for reserve capital. Along with Cboe Futures Exchange, the platform introduced the first BTC futures contracts at the end of 2017. In addition, Gemini became the first exchange in the world to provide custody services for ether and Zcash.
In September, Gemini issued its own stablecoin, GUSD, backed by the American dollar and approved by the NY State Department of Financial Services that had made it the first regulated stablecoin in history.
Also Gemini is preparing to launch trade with “digital silver” Litecoin.