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Crypto Assets on Winklevoss Gemini Exchange Are Now Insured
Crypto exchange Gemini announced Wednesday it had gained insurance for all of its custodied digital assets.
By Nikhilesh De
Updated Sep 13, 2021, 8:27 a.m. Published Oct 3, 2018, 4:15 p.m.
Crypto exchange Gemini has obtained insurance coverage for the digital assets it holds in custody, it announced Wednesday.
The Gemini Trust Company, co-founded by Cameron and Tyler Winklevoss, said in a press release that its insurance will be provided through a consortium of insurers arranged by global professional services firm Aon, which provides "a broad range of risk, retirement and health solutions."
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According to the release, the exchange received coverage after it could prove to underwriters that it "is a leading, best-in-class exchange and custodian."
This insurance comes on top of the Federal Deposit Insurance Corporation-insured dollar deposits that the exchange holds.
Gemini head of risk Yusuf Hussain said in a statement that "consumers are looking for the same levels of insured protection they're used to being afforded by traditional financial institutions."
He added:
"Educating our insurers not only allows us to provide such protections to our customers, but it also sets the expectation for consumer protection across the crypto industry."
The news comes just weeks after the exchange announced it was launching a dollar-pegged stablecoin approved by the New York Department of Financial Services.
Gemini is backing its stablecoin with dollar holdings similarly insured through the FDIC, it said last month.
Gemini image via Jarretera / Shutterstock
Higit pang Para sa Iyo
Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
Ano ang dapat malaman:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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