Genesis Custody Limited has been authorized by the UK Financial Conduct Authority (FCA) as a Registered Cryptoasset Business. Genesis is a digital currency prime brokerage. Genesis Custody provides multi-asset cold storage for full custody of client assets. Genisis states that clients’ private keys are fully segregated and held in Hardware Security Models (HSMs) in deep cold storage in repurposed nuclear bunkers at multiple sites around the world. Assets are also protected by an insurance policy.
Genesis Custody customers have access to portfolio management and execution through Genesis Global Trading, as well as yield generation options through Genesis Global Capital.
Arianna Pretto-Sakmann, General Counsel at Genesis, said the approval is an important milestone in their mission to deliver to institutional clients cryptocurrency services that are compliant with the regulatory framework:
“This approval also reflects our commitment to working with regulators ー at the FCA and elsewhere ー as this asset class evolves. We will continue to do so as we expand our services in the coming months.”
Genesis explains that approval “signifies that Genesis possesses strong controls, governance and a compliance framework committed to countering financial crime, and that the firm meets the same anti-money laundering standards as other financial institutions under the FCA’s purview.”
Genesis is one of a few digital asset firms in the UK who are approved crypto custodians.
In May 2020, Genesis acquired Vo1t, a London-based digital custody service provider. Genesis states that it has worked closely with Vo1t through 2020 and the beginning of 2021 to integrate VO1t’s proprietary technology into the broader Genesis ecosystem. The custody solution broadly rolled out in May of 2021.
Genesis Custody reports nearly 100 custody customers and quarter-over-quarter growth of 50% in Q3 of 2021.
Genesis is a wholly-owned subsidiary of Digital Currency Group (DCG).