Gemini exchange crypto custody doubled since January, reaching $25B
The Tyler and Cameron Winklevoss-owned Gemini exchange announced a major milestone on Tuesday, as total cryptocurrency held in custody surpassed $25 billion for the first time.
In charting its impressive growth, Gemini touted growing participation from institutional investors over the past year. Gemini Custody’s assets have more than doubled since the start of 2021.
“Our custodial services are used by some of the worlds largest asset managers including BlockFi, Blockchange CoinList, CI Global Asset Management, DAiM, BTG Pactual, Caruso, Eaglebrook Advisors, and WealthSimple,” the company said in a statement.
The outspoken Tyler Winklevoss tweeted about the milestone on Tuesday:
— Tyler Winklevoss (@tyler) April 20, 2021
As of Tuesday, Gemini’s 24-hour trade volumes had eclipsed $381 million, putting it in the 13th spot, according to Messari. Gemini has carved out a reputation as being one of the most compliant digital currency exchanges on the market. Whereas most major exchanges scrambled to delist XRP in the wake of a Securities and Exchange Commission lawsuit, Gemini was never persuaded to list the controversial cryptocurrency.
In 2020, Gemini became the first digital currency exchange to complete a SOC 2 Type 2 evaluation, which proved its operational security. The company completed its SOC 2 Type 1 compliance review in January 2019.In addition to its main exchange and custody solutions, the company introduced Gemini Fund Solutions in March 2021. The new service provides fund managers with a range of tools and capital market services to expand their crypto fund services.