Gemini are pleased to announce that the firm has been named as custodian on the 7RCC Global Bitcoin and Carbon Credit Futures ETF application, which was filed recently with the US Securities and Exchange Commission (SEC).
Gemini claims that it has been a key player focused on the crypto custody and ETF industry, dating back to their founders Cameron and Tyler Winklevoss submitting the first ever spot bitcoin ETF application in 2013.
Serving as custodian for the 7RCC spot bitcoin ETF, Gemini looks forward “to partnering with fund issuers and supporting their work flows with an approval of a spot bitcoin ETF in the US.”
According to a blog post, the 7RCC Bitcoin and Carbon Credit Futures ETF is “well positioned to differentiate itself from the more than a dozen other spot bitcoin ETF applications seeking SEC approval. 7RCC, an alternative investment manager, aims to build a bridge between the digital asset industry and ESG-conscious investors with a focus on ETFs.”
According to the S-1 statement filed recently, “the Fund’s investment objective is to reflect the daily changes of the price in bitcoin and the value of carbon credit futures contracts,” and is “designed to track the performance of investing in a portfolio comprised of 80% of bitcoin and 20% Carbon Credit Futures.”
The Fund offers a unique opportunity “for investors to diversify their portfolios, balancing the innovative nature of Bitcoin with the progressive realm of Carbon Credit Futures. In doing so, the Fund provides investors with an integrated single-trade approach to digital assets and environmental sustainability.”
Founded in 2021, 7RCC is said to be known “for its pioneering spirit in the realm of investment products. The company continues to demonstrate its commitment to offering unique and forward-thinking investment opportunities to a global clientele.”
The team’s vision that blockchain presents “a profound philosophical shift in how society collaborates is well aligned with our mission to unlock the next era of financial, creative, and personal freedom through crypto.”
Gemini are also working “with Tidal Financial Group, which has partnered with 7RCC to serve as the platform facilitating the creation, operation, and growth of the ETF. As of October 31, 2023, Tidal manages over $8.5 billion and partners with more than 54 ETF issuers that have launched a combined total 118 ETFs.”
Gemini continues to play a major role in “the effort to list a spot bitcoin ETF in the US. Our Gemini Fund Solutions (GFS) platform is a leading provider of custody, clearing/settlement, trading, and other capital markets services specifically designed for crypto ETFs and other funds.”
GFS is said to be fully prepared “to support both in-kind and cash creation/redemptions depending on fund issuer needs and in accordance with requirements from the SEC. In addition, Gemini is working on API integrations with market makers, fund administrators, and issuers to create optimized end-to-end workflows.”
GFS meets the industry’s “highest” financial and security compliance standards. Gemini has 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 separated from other users’ assets.”
Gemini is fully committed to “maintaining the highest regulatory standards as the industry evolves.”
Supporting the 7RCC spot bitcoin ETF as “the fund’s custodian is an important development for our global crypto platform as we continue on our mission to unlock the next era of financial, creative, and personal freedom.”
