Gemini launches ‘institutional-grade’ custody solution

Cryptocurrency exchange launches custody solution alongside fully-electronic clearing and settlement for off-exchange and OTC trades.

The Winklevoss twins-owned cryptocurrency exchange, Gemini, has launched an ‘institutional-grade’ custody solution developed by a team of global finance and regulatory compliance experts.

The solution comes just days after Gemini also launched a fully-electronic clearing and settlement solution for off-exchange, or over-the-counter (OTC), crypto trades.

Both initiatives show the exchange has firmly set its sights on luring in institutional investment to crypto assets.

“Institutional investors have demonstrated a clear and growing demand for crypto, but they’ve struggled to find a solution that fully meets their complex regulatory and security requirements,” said Jeanine Hightower-Sellitto, managing director of operations at Gemini, and the former chief operating officer of US options trading venue, the International Securities Exchange (ISE).

“I have spent my career in financial services seeking to bring to my customers best of breed solutions. Gemini Custody is no exception. Gemini’s philosophy follows my own: delivering quality, striving for excellence, following the rules, and not compromising. Practicing this philosophy is paramount when delivering a custody solution.”

In a blog, Hightower-Sellitto explained that the new custody solution has enhanced features that are based on what its customers have told Gemini they need. These include a new user-friendly intuitive interface, the ability to instantly trade on our exchange from offline storage, and expanded support of digital assets.

The solution also supports 18 different cryptocurrencies.

“The maturation of crypto as an asset class depends heavily on the safety and soundness of the custodians that hold individual and institutional funds,” said Tyler Winklevoss, CEO of Gemini.

“From day one, Gemini recognised the need for a world-class custody solution that is secure, compliant, and easy to use for individuals and institutions around the world. We are thrilled to continue our security-first tradition by providing our customers with Gemini Custody, an expanded offering of our state-of-the-art custody solution.”

In addition, Gemini’s new clearing service allows trades that are negotiated off-exchange or OTC to settle between Gemini accounts. Such trades can either be arranged bilaterally between two parties or brokered via a third party.