Gemini is launching an institutional-grade crypto custody solution, the exchange announced Tuesday.
Through the Gemini Trust Company, a regulated custodian overseen by the New York Department of Financial Services (NYDFS), the Winklevoss-backed exchange now offers “Gemini Custody,” a platform which would enable clients to trade assets instantly by offering them credits.
Previously, clients would have to wait more than a day to access and trade assets. Gemini customers will be able to trade assets held offline without waiting to access them using the new system, the release said.
According to the release, customers can set up white lists, ensuring their crypto holdings can only be withdrawn to certain addresses; grant auditors access to confirm balances and activity; and set up different sub-accounts with different levels of permission as needed.
In a statement, Gemini managing director of operations Jeanine Hightower-Sellitto said Gemini Custody is a “crypto-native solution” which provides both security and liquidity for clients.
“Institutional investors have demonstrated a clear and growing demand for crypto, but they’ve struggled to find a solution that fully meets their complex regulatory and security requirements.”
As part of its security efforts, Gemini Custody allows for multi-signature offline storage, the release said.
The custodian now provides support for bitcoin, bitcoin cash, ether, litecoin, zcash, 0z, Augur’s REP tokens, the basic attention token (BAT), bread (BRD), dai, maker, decentraland’s MANA token, enjin, flexacoin, the Gemini dollar, Kyber Network’s token, Loom Network’s token and OmiseGo.
Gemini plans to add support for other cryptocurrencies as well.
While many of the ERC-20 tokens were not explicitly approved through the NYDFS, the New York financial regulator approved Gemini’s Listing, Custody and Issuance Framework, according to a spokesperson. The ERC-20 tokens are being added in accordance with the framework.
Tuesday’s launch is only the latest move in Gemini’s efforts to provide regulated services to institutions.
The exchange announced in early July that it would file for a broker-dealer license through the Financial Industry Regulatory Authority (FINRA), the self-regulatory organization overseeing securities dealers in the U.S. Should Gemini secure a broker-dealer approval, it would then be able to apply to become an alternative trading system, which would enable it to offer digital securities for approved traders.
Image: Winklevoss brothers at SXSW 2019 by Brady Dale.
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