Gemini Custody is the service offered by the cryptocurrency exchange, Gemini, which is now a certified custodian for cryptocurrency.
The news about Gemini Custody was released by the cryptocurrency exchange in a blog post today. The exchange supports a large number of crypto coins and with the trust, it has built for itself over the years. This new project will work out just fine.
Gemini has been offering their custody services from October 2015. They have just upgraded the system, given it a name and added more features like the support for many more cryptocurrencies.
What will Gemini Custody be keeping?
The exchange will be keeping eighteen (18) cryptocurrencies in its vaults. The exchange also promises to add more in the future. Currently, storage is available for Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Zcash (ZEC).
The remainder of the list is filled with ERC-20 token such as 0x (ZRX), Augur (REP), Basic Attention (BAT), Bread (BRD), Dai (DAI), Decentraland (MANA), Enjin (ENJ), Flexacoin (FXC), Gemini dollar (GUSD), Kyber Network (KNC), Loom Network (LOOM), Maker (MKR), and OmiseGo (OMG).
What’s more is that Gemini Trust Company, LLC is approved by the New York State Department of Financial Service (NYDFS) since it is a New York Trust company. The Gemini Trust Company gets a green signal when viewed by the law because it complies with section hundred (100) of the New York Banking Law.
To give the consumers another credibility report, Gemini exchange has allowed their project to be examined. Gemini custody is also undergoing a Type 2 examination because it has already been approved in the Service Organization (SOC)-2 Type 1 exam.
Offline storage on the consumer’s consent will be on standby. The storage units will employ hardware security modules (HSMs) along with multi-signature technology while the funds will be divided geographically.
The ability to make and manage sub-accounts to monitor your main account is certainly a treat but what is truly worth noting is the WebAuthn integration to protect digital assets coupled with a fresh new UI designed to give a seamless UX.
