Gemini Exchange launched its own custodial service Gemini Custody

The American cryptocurrency exchange Gemini, founded by Cameron and Tyler Winklevoss (Cameron, Tyler Winklevoss), has launched its own custodial service Gemini Custody.

In addition to storing assets, the service will allow you to check balances, download a statement of cash flows and provide third parties with limited access for audits. The funds that the user deposited in the custody service can be used for trading on the exchange without the need to wait for their withdrawal from the cold storage.

Gemini Custody currently supports 18 cryptocurrencies, including BTC, BCH, ETH, LTC, ZEC and a number of tokens of the ERC-20 standard. Bloomberg draws attention to the fact that the service is primarily aimed at attracting institutional investors to the company’s products.

“Gemini Custody is the only service in the entire cryptocurrency industry that matches the high level of financial institutions from the traditional financial market and is characterized by an especially high level of security, experience of interaction and support,” Bloomberg quoted one of the representatives of Gemini.

As the Winklevoss brothers note, they tried to provide a service that would solve two main problems of cryptocurrency investors at once: it would protect digital assets from theft and at the same time provide quick access to trade.

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The service stores customer assets on stand-alone devices that are distributed in several parts of the planet. Currently, the amount already managed by Gemini Custody is unknown. Company representatives declined to comment on this issue.