Gemini secures insurance for digital assets

Gemini Trust Company, the cryptocurrency exchange and custodian, has secured insurance coverage for custodied digital assets through a global consortium of insurers.

The digital asset insurance, which was arranged by global professional services firm Aon, is in addition to Gemini’s existing Federal Deposit Insurance Corporation (FDIC)-insured US dollar deposits.

Gemini says it was approved for coverage “after successfully demonstrating to underwriters that the company is a leading, best-in-class exchange and custodian”. It claims the insurance further bolsters confidence and protection for consumers transacting on the Gemini platform.

https://dev.coinrivet.com/gemini-seeks-expansion-into-european-cryptocurrency-market/

“Consumers are looking for the same levels of insured protection they’re used to being afforded by traditional financial institutions,” says Yusuf Hussain, Gemini’s Head of Risk. “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.”

In July, Aon told Bloomberg it occupies half of the crypto insurance market and is seeing more crypto-specific protections catering to the industry from insurers such as AIG, Allianz, Chubb and XL Group.

Gemini was founded in 2014 by Tyler and Cameron Winklevoss and is now the 50th largest digital currency exchange by 24 hour adjusted trade volume. It recently hired advisers to consult on a move into the European crypto market.