The team at digital asset firm Gemini are pleased to announce “the launch of the Gemini Trust Center, a dashboard of metrics for the funds [they] hold on the Gemini platform and on your behalf, as well as other important data and information.”
As noted in a blog post, the events of the past few weeks “have reinforced the fundamental need for trust in our industry.”
The Gemini Trust Center is building trust through transparency with the following metrics:
- Total Crypto on our Platform
- Total Fiat held on your behalf
- Gemini dollar (GUSD) Float
- Fiat Net Flows (24hrs)
- Crypto Net Flows (24hs)
As mentioned in the announcement, Gemini also display other relevant information about our security controls and regulatory registrations, including:
- SOC 1 and SOC 2 exam dates
- Licenses and registrations we’ve obtained
- Gemini Corporate Governance Information
From day one, Gemini claims they’ve prioritized the security of their customers’ assets. They claim that they “never have and never will compromise on that.”
Gemini added that they’re “more confident than ever that asking for permission, not for forgiveness — is the right way to build trust with you and a lasting business.”
As noted by Gemini:
“We will continue to iterate on and enhance our Trust Center to ensure we provide more real-time and salient data points to you as we continue on our mission to unlock the next era of financial, creative, and personal freedom.”
As the crypto ecosystem emerges from infancy into adolescence Gemini are more confident than ever “that asking for permission, not for forgiveness will continue to be the central pillar of how they run their business.”
Gemini added that their “hearts go out to all those impacted by recent events at FTX.” The team is “working together to build a brighter future and moments like these are painful.”
For the avoidance of doubt, Gemini claims it “has no exposure to FTT tokens or Alameda and no material exposure to FTX.”
Gemini is “a full-reserve exchange and custodian.” This means that “all customer funds held on Gemini are held 1:1 and available for withdrawal at any time.”
Gemini holds customer fiat currency “in accounts that are segregated from our business, operating, and reserve bank accounts established specifically for the benefit of Gemini customers.” Gemini claims that they “do not do anything with your fiat funds unless explicitly authorized and directed to do so by you.”
Gemini holds customer digital assets “in accounts that are segregated from our assets.”
They do “not do anything with your digital assets unless explicitly authorized and directed to do so by you.”
In addition to being a full-reserve platform, Gemini Trust Company, LLC is “a fiduciary and qualified custodian under New York Banking Law and is licensed by the New York State Department of Financial Services (NYDFS).”
NYDFS imposes “certain excess capital requirements and compliance standards for all assets held on Gemini.” At any given time, Gemini is “required to hold capital in excess of customer deposits and must report any material changes in this capital to its regulator.”
Since its inception eight years ago, Gemini has “worked with regulatory stakeholders and lawmakers to help shape thoughtful regulation that fosters both consumer protection and innovation.”
They will “continue to do this work.”
They have spent considerable time “applying for and becoming licensed and regulated in various jurisdictions across the world.” This is “not the easier path (it is expensive and time consuming) but they believe it is the right one.”
Gemini holds many licenses globally, “including a New York trust license, state money transmitter licenses (or the statutory equivalent), an E-Money License from the Financial Conduct Authority in the UK, an E-Money License from the Central Bank of Ireland, and more.”
Related to our licenses, Gemini must “undergo annual audits of our financial statements and is subject to bank examinations conducted by NYDFS.”
They are also SOC 1 and SOC 2 compliant.