On September 10, the Winklevoss twins announced the launch of the Gemini Trust Company.
This will provide custody services for 18 cryptocurrencies and will allow you to instantly trade certain cryptocurrencies from offline storage. Among the 18 assets are Bitcoin, Bitcoin Cash, Ethereum. Litecoin and 13 other ERC-20 tokens, including Basic Attention Token (BAT).
It is a surprisingly large number of currencies, given the conservative approach of the Gemini exchange. The platform has added support for just six cryptocurrencies since launching in 2015.
Gemini Custody will store customers’ cryptocurrencies in offline hardware security modules or HSMs. The service will use technology with several signatures and geographically distributed access facilities. Additional features such as restricting withdrawals to addresses, approving and using hardware security keys to secure cryptocurrencies are also offered.
Customers will be able to check balances, download statements and initiate withdrawals through an improved interface. They can also give auditors access to readings to allow them to confirm balances and transactions.
Strong competition in the custody market
In the last year, a number of companies have started offering custody services. Coinbase, Anchorage and Fidelity Digital Assets offer all investors new ways to deposit their cryptocurrencies.
Earlier this year, rivals Gemini, Coinbase and BitGo launched products that offer direct trading from offline storage by bringing together OTC services and custody offers. In January, BitGo, in partnership with Genesis Global Trading, began testing the settlement on the same day after cold storage, and in March, Coinbase Custody began offering instant transactions.
Gemini Custody is currently active in Puerto Rico, Canada, Hong Kong, Singapore, South Korea, the United Kingdom and almost all US states.
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