NEW YORK--(BUSINESS WIRE)--As of Oct. 1, 2018, Gemini Trust Company, LLC (Gemini), a leading digital asset exchange and custodian, announced today that the company has secured insurance coverage for custodied digital assets through a global consortium of industry-leading insurers and arranged by Aon, a global professional services firm providing a broad range of risk, retirement and health solutions. Gemini’s digital asset insurance coverage is in addition to the already available FDIC-insured U.S. dollar deposits.
Gemini was approved for coverage after successfully demonstrating to underwriters that the company is a leading, best-in-class exchange and custodian. The digital asset insurance coverage further bolsters confidence and protection for consumers transacting on the Gemini platform.
“Consumers are looking for the same levels of insured protection they’re used to being afforded by traditional financial institutions,” said Yusuf Hussain, Gemini’s Head of Risk. “Educating our insurers not only allows us to provide such protections to our customers, but it also sets the expectation for consumer protection across the crypto industry.”
About Gemini Trust Company, LLC:
Gemini Trust Company, LLC (Gemini) is a digital asset exchange and custodian that allows customers to buy, sell, and store digital assets such as bitcoin, ether and Zcash. Gemini is a New York trust company that is subject to the capital reserve requirements, cybersecurity requirements, and banking compliance standards set forth by the NYDFS. Gemini was founded in 2014, by brothers Cameron and Tyler Winklevoss, to build a bridge to the future of money.
Gemini, in partnership with the Cboe Futures Exchange, LLC, launched the first-ever bitcoin futures contract in December of 2017. Gemini is also the world’s first licensed exchange in the world to offer trading and custody services for ether and Zcash. In September of 2018, Gemini launched the world’s first regulated stablecoin, the Gemini dollar, that combines the creditworthiness and price stability of the U.S. dollar with blockchain technology and the oversight of U.S. regulators.
For more information, visit Gemini.com.