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Gemini exchange now has $20 billion in crypto under custody

Updated: Aug 23, 2024
Published: Mar 17, 2021
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Cryptocurrency exchange Gemini has reportedly surpassed $20 billion in crypto under custody as it continues to witness an influx of users.

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Gemini's crypto under custody surpasses $20 billion

Gemini announced yesterday that it now has more than $20 billion in cryptocurrency under custody. The crypto exchange founded by the Winklevoss twins, Tyler and Cameron, has been one of the world's leading crypto platforms.

The exchange in its blog post said, "We are thrilled to announce that Gemini now has more than $20 billion in cryptocurrency under custody. Tracking with the impressive growth of the crypto market this year and increased participation from institutional investors, we have doubled our crypto under custody in just over two months."

Gemini's massive growth is due to the drastic influx of retail and institutional traders over the past few months. The exchange said its crypto under custody doubled since the start of the year. Gemini now provides services to a wide range of investors, including hedge funds, trading firms, and asset managers.

It has become a key option for several investors since it uses cold storage wallet and hardware security keys to ensure maximum security of funds. Gemini also adopted SOC 2 Type 2 compliance, showing how the company safeguards customer's data.

The company's custody services appeal to several investors because of its constant innovation. Earlier this month, the company launched the Gemini Fund Solutions, a new platform specially designed to provide services to fund managers. The platform handles custody, clearing, and trade execution.

Currently, the Gemini Funds Solutions provide services to leading companies such as BlockFi, CoinList, CI Global Asset Management, Eaglebrook Advisors, and WealthSimple. Gemini also played a crucial role in helping Purpose Invest launch the first Bitcoin ETF in North America.

Cryptocurrency custodians recording huge influx

The cryptocurrency market's extended bull cycle has seen crypto custodians record a massive influx over the past few months. Bitwise surpassed $1 billion in assets under management last month, while Grayscale's assets under management went up drastically over the past year. Grayscale now has more than $25 billion in assets under management and could be planning to launch its Bitcoin ETF soon.

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