Crypto Exchange Gemini Builds Bitcoin ‘Vault’ to Custody Assets Like a Bank
New York-based cryptocurrency exchange Gemini is launching Gemini Custody, a qualified custodian for digital assets that handles complex and high-stakes requirements of large financial institutions.
Licensed by the New York State Department of Financial Services, Gemini aims to give investors “instant liquidity.” According to the announcement, users can seamlessly trade their crypto without having to wait several hours to transfer funds out of their offline cold storage wallets.
Gemini’s managing director of operations Jeanine Hightower-Sellitto notes,
“At the end of the day, to simplify things, it’s sort of like putting your assets in a vault. You want to make sure when you want your assets, they’ll be there.”
A new interface will allow customers to check balances, download account statements and initiate withdrawals. Customers can also grant auditors view-only access to confirm balances and transactions.
Says Gemini CEO Tyler Winklevoss,
“The maturation of crypto as an asset class depends heavily on the safety and soundness of the custodians that hold individual and institutional funds.”
Gemini Custody supports 18 cryptocurrencies and plans to provide custody solutions for other assets in the foreseeable future.