The cryptocurrency exchange owned by Tyler and Cameron Winklevoss has managed to secure insurance coverage for digital assets under custody through a consortium of insurers. This adds to their already existing FDIC-insured deposits in U.S. dollars.
Gemini – the cryptocurrency exchange owned by prominent bitcoin advocates Tyler and Cameron Winklevoss – announced in an official release that it has added insurance coverage for digital assets under custody. The press release states:
Gemini has secured insurance coverage for custodied digital assets through a global consortium of industry-leading insurers and arranged by Aon.
It’s worth noting that this adds on to the existing FDIC insurance which is available for fiat U.S. dollar deposits.
Speaking on the matter was Yusuf Hussain, Head of Risk at Gemini, who said:
Consumers are looking for the same levels of insured protection they’re used to being afforded by traditional financial institutions. […] 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.
Winklevoss Twins on the Move
The move by Tyler and Cameron Winklevoss comes shortly after the brothers had revealed that they are eyeing a potential expansion across the Atlantic to the UK. Back then, Gemini had commented on the matter, outlining:
Gemini continues to explore potential jurisdictions around the globe to provide a best-in-class digital asset exchange and custodian which will enable growth and infrastructure to the entire digital asset community.
Earlier in April of this year, the cryptocurrency exchange announced that it was teaming up with NASDAQ Inc. in order to boost Gemini’s defenses against bad actors. Under this agreement, the exchange is using the surveillance software of NASDAQ in order to monitor the market for potential abusive trading practices.
The exchange also made a major move recently by releasing a U.S. dollar-backed stablecoin. The exchange received permission from the New York Department of Financial Services (NYDFS) to release the Gemini Dollar back in early September.
What do you think of the latest move by Gemini? Don’t hesitate to let us know in the comments below!
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