BY CNA team - October 4, 2018
Gemini’s digital assets under custody now have insurance
Digital assets under the custody of the Gemini Trust Co, which also operates the Gemini exchange, will now have insurance coverage.
The company’s head of risk, Yusuf Hussain, says in a press release that the coverage begins from Oct 1.
He says that the company secured the coverage for the assets under custody through a global consortium of industry-leading insurers arranged by Aon.
Hussain says the coverage was in addition to the already available Federal Deposit Insurance Corp (FDIC)-insured US dollar deposits, noting that the insurance coverage further bolsters confidence and protection for investors transacting through the Gemini exchange.
The company launched in early September the New York State Department of Financial Services-approved Gemini dollar, a stablecoin pegged to the greenback, and have these US dollar deposits FDIC-insured.
“Consumers are looking for the same levels of insured protection they’re used to being afforded by traditional financial institutions,” Hussain says.