Gemini Trust Company, a prominent digital assets exchange company founded by the Winklevoss brothers, claims to have secured insurance coverage for the digital assets placed under their custody.
Uplifting consumer confidence through insurance coverage
The insurance coverage will be provided by a globally-renowned consortium of elite insurers arranged by Aon, a professional service provider with extensive international footprint providing a range of health, retirement and risk solutions. Gemini was able to achieve this remarkable feat after successfully demonstrating their exceptional custodial capabilities to the underwriters. This development will help in bolstering investor confidence in making transactions through the Gemini platform.
“Consumers demand same levels of insurance protection as those provided by traditional financial platforms and institutions,” said Yusuf Hussain, Head of Risk at the Gemini Trust. “We are able to provide better protections to our customer by educating our insurers. Moreover, it raises the standard of consumer protection within the whole digital currency sector.”
About Gemini Trust Company
The company was established in the year 2014 by Tyler and Cameron Winklevoss. Their aim was to transform the existing digital assets market and develop a bridge to the future of money. As a digital asset exchange, Gemini provides various options for crypto enthusiasts. Customers can sell, buy and store their digital assets with ease. Being a New York Trust company, Gemini is subject to all the NYDFS capital reserve requirements, banking compliance standards and cyber-security guidelines. In December last year, first-ever Bitcoin future contracts were launched by Gemini in collaboration with Cboe Futures Exchange.
Last month, Gemini received NYDFS approval for the launch of their Ethereum blockchain-based Gemini Dollar stablecoin. It is world’s first regulated stablecoin and is backed by US dollar. Stablecoin’s 1:1 backing of fiat currency curtails the price fluctuations associated with conventional digital coins.
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