Gemini Exchange Becomes “Qualified Custodian” for Crypto

Cryptocurrency exchange and custodian, Gemini has launched an expanded state-of-the-art custody solution, which currently supports 18 cryptocurrencies with more support to be added in future, according to a press release today.

Known as Gemini Custody™, the qualified custodian is designed to meet the complex and high-stakes needs of modern financial institutions, with the CEO of Gemini, Tyler Winklevoss adding that:

The maturation of crypto as an asset class depends heavily on the safety and soundness of the custodians that hold individual and institutional funds.

Gemini Custody™ stores users cryptocurrencies offline through advanced technical concepts, including hardware security modules (HSMs), multi-signature technology, and geographically distributed access-controlled facilities.

The 18 supported cryptocurrencies include, Bitcoin, Ether, Bitcoin Cash, Litecoin, Zcash, and ERC-20 tokens, including: 0x (ZRX), Augur (REP), Gemini dollar (GUSD), Dai (DAI), Basic Attention (BAT), Decentraland (MANA), Enjin (ENJ), and others. 

These concepts will enable customers to instantly trade their digital currencies in custody through the exchange without waiting for them to be moved out of cold storage. Meanwhile, customers can also secure their accounts with hardware security keys and restrict withdrawals to only the addresses they whitelist.

Gemini Custody™ also features a new interface which allows for checking balances, downloading account statements, initiate withdrawals, as well as allowing customers to grant auditors view-only access to transactions, confirm balances, and activity. 

A sub-account feature from the update today gives users the option to create multiple accounts with distinct sets of users, manage account balances, and unique, independently verifiable cryptocurrency addresses, under a single master account.

“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,” the Managing Director of Operations at Gemini, Jeanine Hightower-Sellitto, said.

Jeanine further noted that Gemini Custody is the only crypto-native solution within the crypto space to meet these complex requirements without sacrificing any security or liquidity.

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