Today, the cryptocurrency exchange Gemini revealed that it had launched an institutional-grade crypto custody service called Gemini Custody.
In a Medium article posted on Sept. 10, Gemini’s new custody solution will enable customers to store crypto offline, check balances, whitelist withdrawal addresses, download account statements, and supply auditors with access balances, transactions, and activity.
Assets held in custody can also be traded on the Gemini exchange without having to transfer the assets from the offline wallet as they will be using the credits supplied by the exchange.
Gemini Custody will be available for 18 cryptocurrencies including: Bitcoin, Bitcoin Cash, Ether, Litecoin, Zcash, and the following ERC-20 tokens: 0x (ZRX), Augur (REP), Basic Attention Token (BAT), Bread (BRD), Dai (DAI), Decentraland (MANA), Enjin (ENJ), Flexacoin (FXC), Gemini dollar (GUSD), Kyber Network (KNC), Loom Network (LOOM), Maker (MKR), and OmiseGo (OMG). The post also stated that they will be expanding their list with new coins in the near future.
Gemini Trust Company, LLC is a company and Qualified Custodian which is regulated by the New York State Department of Financial Services, under Section 100 of the New York Banking Law.
While Gemini has been providing custodial services since they established their platform in October of 2015, Gemini Custody incorporates more features for its customers.
Tyler Winklevoss, Gemini CEO, said that the further development of crypto relies heavily on custodial security.
He added: “From day one, Gemini recognized the need for a world-class custody solution that is secure, compliant, and easy to use for individuals and institutions around the world.”
Jeanine Hightower-Sellitto, managing director of operations of the company, said that the custody is a solution that deals with the issue of regulatory and security issues:
“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.”
Featured image: BeIn Crypto