Gemini Exchange opens cryptocurrency asset insurance company

by in Cryptocurrency News

Gemini Winklevoss brothers

Gemini bitcoin exchange owned by the Winklevoss brothers created Nakamoto Ltd. for insurance of own custodial service for $200 million.

Help for Nakamoto, Ltd. launch was provided by large insurance brokers Aon and Marsh.

Gemini customers will be able to purchase additional insurance of their own assets to provide even greater coverage for them.

Related: Winklevoss brothers BTC exchange launches custody service

The new service is expected to enable Gemini to remain a secure custodial service and help institutional clients comply with regulatory requirements.

Gemini President Cameron Winklevoss said that getting meaningful insurance in the cryptocurrency industry remains a challenge, so a new internal service will increase their insurance capabilities and move the industry forward.

For the first time, Gemini announced its plans for digital asset insurance for users in October 2018.

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The custodial service Gemini Custody was launched in September 2019 and allows customers to trade assets that are stored offline through instant loans.