Digital Assets: Gemini Welcomes Voyager Clients to their Platform

Through July 23, 2023, Voyager customers impacted by the Voyager bankruptcy can create a Gemini account “to withdraw their crypto in-kind, pursuant to the claims of the distribution process.”

Gemini are pleased “to offer a promotional welcome to all Voyager customers who join Gemini.”

New U.S. customers from Voyager “will receive $5 in BTC after they sign up and become verified within 30 days of opening their account (promo terms apply).”

Crypto transfers are now “enabled and a crypto transfer window, ending on July 23, 2023, has begun.”

To transfer crypto to Gemini, follow these steps:

  • On the web interface, navigate to the Deposit Page on your Gemini account. If you’re using the mobile app, navigate to the Account tab, and tap Receive crypto.
  • Select the supported crypto from the list.
  • If it’s an ERC-20 token, acknowledge that you’re depositing it from the Ethereum network.
  • Tap Copy to copy your Destination Address.
  • On your Voyager account, initiate a withdrawal to your Destination Address. This is a step that you can only initiate on your end and cannot be done by Gemini.

As noted in the update, Gemini supports over 70 cryptos.

Gemini supports “the ERC-20 versions of many of these assets.”

As clarified in a blog post, any tokens that customers hold on Voyager that aren’t supported by Gemini “cannot be sent to Gemini.”

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.”

They reportedly “hold customer digital assets in accounts that are segregated from their assets.”

In addition to being a full-reserve platform, Gemini Trust Company, LLC is
“a fiduciary and qualified custodian under the 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.”

Gemini looks forward “to welcoming Voyager customers to their platform as they continue our mission to unlock the next era of financial, creative, and personal freedom for all.”

Gemini also announced that it is expanding its Gemini Staking Pro product to the United Kingdom.

UK users with 32 ether (ETH) or more “can now seamlessly launch dedicated validators on Ethereum, facilitated by Gemini.”

Gemini Staking Pro is already “live in the United States (excluding New York), Singapore, Hong Kong, Australia, Brazil, and more than 30 other countries.”

Gemini Staking Pro is “a crypto staking product built specifically for institutions and high-net-worth individuals.”

Gemini users with 32 ETH or more “can run dedicated validators on Ethereum, through Gemini’s simple and secure user interface.”

UK users can “start staking ETH today on the Gemini web interface, with in-app support coming soon.”

For more details, check here.

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