Winklevoss’ Gemini Crypto Exchange Secures Insurance Coverage for Custodied Assets

Cryptocurrency exchange and custodian Gemini Trust Company, LLC (Gemini) has secured insurance coverage for custodied digital assets from lending services firm Aon, according to a press release published Oct. 3.

Founded in 2014 in New York by Tyler and Cameron Winklevoss, Gemini is now the 50th largest digital currency exchange by 24 hour adjusted trade volume, according to data from CoinMarketCap.

Per the press release, Gemini’s digital insurance coverage will complement the already available Federal Deposit Insurance Corporation (FDIC)-insured U.S. dollar deposits. Yusuf Hussain, Gemini’s Head of Risk, said:

“Consumers are looking for the same levels of insured protection they’re used to being afforded by traditional financial institutions. Educating our insurers not only allows us to provide such protections to our customers, but it also sets the expectation for consumer protection across the crypto industry.”