Winklevoss Gemini exchange to insure its custody digital assets

Thursday 4 October 2018 14:21 CET | News

Gemini, a cryptocurrency exchange, has obtained insurance coverage for the digital assets it holds in custody.

A consortium of insurers arranged by global professional services company Aon, which provides “a broad range of risk, retirement and health solutions”, will offer assistance to the Gemini Trust Company, co-founded by Cameron and Tyler Winklevoss, according to the official press release.

Moreover, the exchange received coverage after it could prove to underwriters that it “is a leading, best-in-class exchange and custodian”. This insurance comes on top of the Federal Deposit Insurance Corporation-insured dollar deposits that the exchange holds.

The news comes just weeks after the exchange announced it was launching a dollar-pegged stablecoin approved by the New York Department of Financial Services.

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Keywords: Gemini, Bitcoin, cryptocurrency, ether, bitcoin exchanges, insurance, Digital Asset
Countries: World