Winklevosses create insurance captive for Gemini Custody

The crypto-currencies kept in cold wallets of Gemini Custody can now be insured up to $ 200 million.

Gemini, the crypto-firm of twins Winklevoss, created a captive insurance, a subsidiary that acts as an insurer for its parent company in Bermuda.

baptized Nakamoto, in reference to the creator of Bitcoin Satoshi Nakamoto, the captive offers a insurance for digital assets stored in cold wallets of Gemini Custody in height $ 200 million.

“Insurance is one of the main obstacles to the mass adoption of cryptomonnaie. Gemini has created an insurance captive to address this issue, ”said Cameron Winklevoss, president of Gemini.

Gemini created its captive with the help of two popular insurance and reinsurance brokerage specialists: the Londoner Aon and the new yorker Marsh.

Today, only a few players in the industry allow their customers to insure their digital parts. Among them are BitGo (insurance up to $ 100M), French Ledger ($ 150M) or even Coinbase ($ 255m).

Unveiled in fall 2019, Gemini Custody secures 18 cryptocurrencies, including Bitcoin and Ethereum, using hardware security modules (HSM) and multi-signature technologies.