Bitcoin
$ 37,337
Ethereum
$ 2,609.2
Litecoin
$ 174.30

Gemini Creates Custody For 18 Cryptocurrencies Including Its Own Stablecoin, GUSD

Crypto exchange Gemini—owned by the Winklevoss twins—has today created an insured custody service for 18 cryptocurrencies. The offering will expand on the five cryptocurrencies already listed on the exchange, adding a variety of Ethereum-based tokens.

Join the fastest growing network on Telegram

These will include Gemini’s own stablecoin GUSD, Augur’s utility token REP, and Kyber Network’s KNC.

The custody service will allow Gemini exchange users—particularly institutions—to store large amounts of their coins at the exchange. These will be held securely off-line, in order to prevent the risk of funds being stolen in a crypto exchange hack—a common occurrence for many exchanges.

The custody solution will also utilize a technology known as multi-sig, where passwords held by multiple parties are required to access or move the funds. Additionally, Gemini Custody customers can choose to be one such partner, ensuring that the funds can only be moved with their access key—alongside other ones held by the exchange to make hacking more difficult.

But despite this focus on security, and ensuring that the coins are safely locked up, the exchange hopes to make the whole process more user-friendly. Customers using Gemini Custody will be able to have their coins deposited and have them available to use on the exchange simultaneously.

Gemini’s managing director of operations, Jeanine Hightower-Sellitto, said, in a statement, “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.”

Hightower-Sellitto added that Gemini Custody “is the only crypto-native solution in the market today that meets these complex requirements without sacrificing security or liquidity.”

Gemini will support these Ethereum-based tokens at launch: 0x (ZRX), Augur (REP), Basic Attention (BAT), Bancor (BNT), Bread (BRD), Dai (DAI), Decentraland (MANA), Enjin (ENJ), Flexacoin (FXC), Gemini dollar (GUSD), Kyber Network (KNC), Loom Network (LOOM), Maker (MKR), and OmiseGo (OMG).

About the author

A Nice Man

Related Posts

Leave a Reply

Newsletter

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

Nigeria Hedge Fund Manager, Samuel Joseph shows 90 days Profit of $180,000 to Dubai, Nigerian, Australian and Canadian based investors.
June 9, 2021By
Full Aggregation Protocol OpenOcean Launches Multi-Language Support – Chinese, Japanese, Spanish, and Russian
June 9, 2021By
Beijing to Disperse $6 Million in Digital Yuan in a Red Envelope Lottery
June 9, 2021By

Advertisement

Video Posts

In
Economic Inclusion And Social Impact Of 4IR
May 21, 20210
In
Flash Listing On Mandala Exchange
May 15, 20210

Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin37,337 0.61 % 13.05 % 0.93 %
Ethereum2,609.2 0.89 % 5.59 % 3.97 %
Tether1.000 0.01 % 0.02 % 0.23 %
Binance Coin374.35 0.47 % 9.42 % 7.02 %
Cardano1.620 0.71 % 5.84 % 7.74 %
Dogecoin0.3435 0.83 % 7.29 % 19.62 %
XRP0.9140 0.13 % 6.70 % 10.83 %
Polkadot24.46 6.31 % 15.99 % 6.52 %
USD Coin1.000 0.20 % 0.22 % 0.45 %
Uniswap25.24 1.57 % 9.70 % 9.00 %

You have not selected any currencies to display