Gemini Fund Solutions (GFS) says it is the one of the leading providers of custody, clearing/settlement, trading, and other capital markets services that have been specifically designed “for crypto exchange-traded funds (ETFs), closed-end funds (CEFs), and other fund vehicles.”
Founded in 2020, GFS is reportedly “the first and largest unified offering for fund managers in the crypto industry.”
Gemini claims that it has “helped pioneer the crypto custodian and ETF industry, dating back to their founders Cameron and Tyler Winklevoss submitting the first ever bitcoin ETF application in 2013.”
GFS has operated “in the crypto ETF space for the past ~3 years with billions of dollars in assets under management (AUM) and clients across the globe.”
With the spot ETF landscape in the United States potentially shifting in the coming weeks and months, Gemini claims they are prepared “to support spot ETF products in the US when such funds are approved by regulators.”
GFS states that it has “a long track record of successful and smooth operations, helping clients custody, trade, and settle their fund operations.”
Their clearing and settlement infrastructure is “the only institutional solution currently available to fund managers that enables fund operations processes via API, thereby reducing manual processes and mitigating operational risk.”
GFS supports fund issuers “every step of the way throughout onboarding and implementation and provides technical support and ongoing operational expertise to ensure seamless integration into their systems and workflow.”
GFS custodies and “supports numerous bitcoin ETFs, with Purpose Investments, Galaxy, CI Global Asset Management, and Evolve Funds Group among the sponsors.”
GFS reportedly meets “the industry’s highest financial and security compliance standards.”
Gemini has now “completed SOC 1 Type 2 and SOC 2 Type 2 examinations, certified by Deloitte, a fundamental requirement for safely managing financial products.”
Assets custodied with Gemini Trust Company are “segregated for the sole benefit of the fund owners, fully backed 1:1, and not commingled with other users’ assets in an omnibus account. GFS is fully committed to maintaining the highest regulatory standards as the industry evolves.”
Market Surveillance Sharing Agreements
Gemini is working closely “with fund advisors, exchanges, and regulators on market surveillance sharing agreements (SSAs).” Gemini has SSAs in place “with two major US exchanges, and is actively engaged with all other major exchanges.”
Gemini has worked “with the concept of SSAs for years.”
The Winklevoss Bitcoin Trust application was “the first spot bitcoin exchange traded product (ETP) to include such an agreement.”
In 2018, SEC Commissioner Hester M. Pierce issued “a public dissent arguing that the market SSA between Gemini and Bats BZX Exchange (acquired by CBOE in 2017) satisfies the statutory requirements, and that the SEC should permit the listing and trading of the ETP.”
Gemini believe that SSAs “are one of the crucial items on the road to approval of a spot bitcoin ETF.”
Gemini are also “committed to supporting our fund partners if new requirements are created under a constructive regulatory framework and will continue monitoring all developments on this front.”
The process for launching “a crypto fund can be fragmented and disjointed.”
Their regulated and secure platform is custom-built “for institutions seeking a swift go-to-market blueprint that allows fund managers to seamlessly offer crypto products to their clients while managing all of the underlying infrastructure in a single place.”
As the industry enters the next stage in its evolution, spot ETFs can “provide the opportunity to usher in the next big wave of incremental capital in the industry. GFS provides rapid, reliable, and comprehensive access with the highest regulatory standards to the world of crypto through traditional investment vehicles.”
Gemini invites fund managers “seeking to explore a crypto fund offering to reach out to GFS@gemini.com and connect with our team with expertise in both crypto and ETF capital markets.”
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