Gemini Trust Company, parents company for the Gemini exchange, founded by Cameron and Tyler Winklevoss, has announced within a new blog post?that it has secured insurance coverage for custodied digital assets using a global consortium of industry-leading insurers through professional services firm Aon. The new coverage is surely an addition to the already available FDIC-insured US dollar deposits covering Gemini.
“Consumers are searching for the same volumes of insured protection they’re designed to being afforded by traditional banks,” said Yusuf Hussain, Gemini’s Head of Risk. “Educating our insurers don’t merely allows us to provide such protections for your customers, it sets the expectation for consumer protection around the crypto industry.”
New York-based cryptocurrency exchange Gemini was founded by Cameron and Tyler Winklevoss in 2019. More recently, the brother’s have been playing a critical role in bringing cryptocurrency to Wall Street. It’s been rumored that Gemini, together with Nasdaq, will start listing cryptocurrencies to the Nasdaq sometime in 2019. Gemini is currently the 50th-largest digital currency exchange by 24-hour adjusted trade volume.
Wednesday’s press release explains that Gemini was approved for coverage from Aon after successfully demonstrating to underwriters the fact that company is “a prominent, best-in-class exchange and custodian.” It states, “a digital asset insurance protection further bolsters confidence and protection for consumers transacting about the Gemini platform.”
A Bloomberg report?from July reveals that Aon appears control a predicted 50 percent belonging to the cryptocurrency insurance market. The firm is paving how for innovative new protection services for digital assets.
Gemini’s new custidied digital asset coverage is likely intended to further legitimize the exchange in the eyes of this SEC and institutional investors throughout the US. After being denied for that second time because of the SEC to obtain a proposed Bitcoin ETF, the Winklevoss Twins have since doubled the figures on Gemini’s staff and hired former New York Stock Exchange Chief Information Officer Robert Cornish as Gemini’s first chief technology officer.
“Wall Street takes cryptocurrencies seriously, however, most of Wall Street firms continue to be not playing the cryptocurrency market, which remains primarily a retail driven market,” said Tyler Winklevoss. “This will improve over time, nevertheless it will take time.”
The Winklevosses also formed the Virtual Commodity Association this holiday season, a non-profit group which works as a self-regulatory organization that could police digital-currency markets and custodians.