Winklevoss Twins Announce the Release of Gemini Custody – A Cryptocurrency Custody Service

Less advanced custody services for cryptocurrencies have been offered for a while now, but at this time, proper custody services are needed more than ever granted that the digital currency market is actively maturing. With this in mind, recent reports indicate that the Winklevoss twins have just announced a new custody service for the Gemini cryptocurrency exchange, named Gemini Custody.

According to the Gemini exchange, the custody service will offer users the possibility to check balances, initiate quick withdrawals, download account statements, but also offer auditors easy access to a well-organized space that offers data in transactions, user activity and balances. Additionally, it has also been reported that customers will be able to trade their crypto-based assets directly on the Gemini exchange via the custody service, without having to wait for cold storage transfers to confirm.

So far, Gemini Custody supports a total of 18 digital currencies, including the well-known Bitcoin, Bitcoin Cash, Ethereum and Litecoin. The custody service will also support 14 ERC-20 tokens, including but not limited to: 0x, Bread, Dai, Loom Network, Basic Attention Token, Augur, Decentraland, Flexacoin, Gemini Dollar and more.

In a press statement announcing Gemini Custody, the company’s CEO, Tyler Winklevoss has stated: “From day one, Gemini recognized the need for a world-class custody solution that is secure, compliant, and easy to use for individuals and institutions around the world.” As such, it seems like the CEO believes that crypto maturation is also linked with custodial security.

The managing director for operations at the Gemini Exchange has talked about the growing demand of institutional investors, who will likely be very pleased with the new custody service. For a while now, institutional investors have been facing challenges when it comes down to pulling balance sheets, or having their investments audited by third parties. In fact, keeping track of all operations is difficult at an individual level nonetheless.

As part of this release, it is also important to mention that the Winklevoss twins have expressed their openness towards the idea of partnering with Facebook to work on the Libra coin project. Cameron Winklevoss seems to think that Libra represents a good step towards the mass adoption of digital currencies worldwide, despite the numerous controversies surrounding this project.