Gemini Surpasses $20 Billion in Digital Assets Under Custody as Unprecedented Bitcoin and Crypto Bull Market Continues

Digital asset exchange Gemini recently revealed that it now has over $20 billion in crypto-assets under custody.

The US-based firm confirmed in a blog post:

“Tracking with the impressive growth of the crypto market this year and increased participation from institutional investors, we have doubled our crypto under custody in just over two months.”

As mentioned by the company, Gemini Custody™ includes:

  • Qualified Custodian — Gemini Trust Company, LLC is a New York trust company and Qualified Custodian that’s chartered by the New York State Department of Financial Services (NYDFS) “under Section 100 of the New York Banking Law, and subject to NYDFS capital reserve requirements.”
  • SOC 1 — Gemini services are SOC 1 Type 2 compliant.
  • SOC 2 — Geminus services are also SOC 2 Type 2 compliant.
  • Offline Cold Storage — your crypto is “custodied offline using hardware security modules (HSMs), multi-signature technology, and geographically distributed, access-controlled facilities.”
  • Hardware Security Keys — “secure your account with hardware security keys via WebAuthn.” This “provides hardware-backed, cryptographic proof that it is you (and not someone else) signing into your account and thwarts hackers even if they have your password.”
  • Approved Address List — “create an approved address list that restricts your crypto withdrawals to approved addresses only or disables all crypto withdrawals from your account.”
  • Instant Liquidity — “instantly trade your crypto in custody on our exchange without waiting for it to be transferred out of cold storage.”
  • Web Interface — our web interface and account features “allow you to check your balances, download account statements, initiate withdrawals, and more.” Give auditors “view-only access into your account to confirm balances, transactions, and activity.”
  • Sub-accounts — “create and manage multiple accounts with distinct sets of users, account balances, and unique, independently verifiable crypto addresses all under a single master account.”

Gemini further notes that they serve several different institutional clients, including hedge funds, trading companies, corporate treasuries, and asset managers as well.

Recently, the company introduced Gemini Fund Solutions, which is their “unified” platform to offer asset managers the custody, clearing, trade execution, and other capital markets services “specifically designed for crypto funds.”

Gemini Fund Solutions aims to support more crypto-asset fund issuers than any company in the world, and has helped fund managers in introducing various exchange-listed crypto funds, including the first North American Bitcoin ETF.

Other clients that custody their digital assets with Gemini include BlockFi, CoinList, CI Global Asset Management, Eaglebrook Advisors, and WealthSimple.

In another update, the Gemini team revealed that during this past week, they saw a significant increase in the “number and frequency of account takeover attacks (commonly referred to as ATOs) against Nifty Gateway’s users.”

Gemini clarified that the Nifty Gateway platform “remains secure.” But they would like to raise awareness regarding ATOs within the non-fungible token or NFT community.

Gemini explained that ATO takes place when a bad actor manages to obtain a user’s email and password, usually by breaching various unrelated services and then trying the same email and password combination across several different websites, including Nifty Gateway.

Nifty Gateway allows users to explore digital art and collectibles that they can “truly own.” Using the blockchain to “enforce scarcity and prove authenticity,” Nifty Gateway is a  marketplace to purchase, sell, and store virtual art and collectibles in the form of “nifties,” or NFTs.

Gemini recommends:

“It is important to practice good security hygiene by never reusing the same password for more than one service. This means that the password you use for Nifty Gateway should be unique and not used for any other service.”

(Note: to learn more about account security from Gemini, check here.)

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