Crypto exchange and custodian Gemini Trust Company, LLC (Gemini) has secured insurance coverage through Aon for custodied digital assets. Aon is a global professional services firm that provides a plethora of retirement, risk and health solutions. This digital asset insurance coverage of Gemini is in addition to the already available FDIC-insured U.S. dollar deposits.
The Gemini exchange received the approval for coverage after it successfully demonstrated to underwriters that the company is a leading, custodian and best-in-class exchange. This digital asset insurance coverage bolsters confidence and protection for Gemini’s customers who transact on its platform.
Yusuf Hussain, crypto exchange Gemini’s Head of Risk, said that customers are seeking for the same levels of insured protection that they are used to being afforded by traditional financial institutions. He further added that by educating their insurers, it not only allows them to offer such protection to their customers, but it also helps in setting the expectation for consumer protection across the crypto industry at large.
Gemini is a custodian and a digital asset exchange that facilitates customers to sell, buy and store digital assets such as Ether, Bitcoin and Zcash. The exchange is a New York trust company that is subject to cybersecurity requirements, capital reserve requirements and banking compliance standards set forth by the NYDFS. Founded in 2014 by Cameron and Tyler Winklevoss, Gemini was launched with the intention of building a bridge to the future of money, as stated in the Business Wire report.
Crypto exchange Gemini is presently the 50th largest digital currency exchange in terms of 24-hour trading volume, according to CoinMarketCap. Aon claimed in July to occupy 50 percent of the crypto insurance market while another insurance brokerage firm, Marsh & McLennan reportedly said that the year 2018 had been brisk for crypto insurers. The firm revealed that it had formed its first-ever team dedicated to broker policies for blockchain startups, as stated in the Cointelegraph report.
The post Gemini Crypto Exchange Secures Insurance Coverage Through Aon appeared first on OWLT Market.
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