Gemini Launches Its Own Custody Service
Image courtesy of 123rf.

Gemini Launches Its Own Custody Service

Gemini, one of the largest cryptocurrency exchanges, has announced its own custodial service. Gemini Custody will support 18 digital assets.

Gemini has been expanding aggressively in the past year to better compete with Coinbase. Now, they have their own custodial service which can rival even Coinbase Custody.

Gemini Custody will provide investors with protection, storing crypto-assets using hardware security modules, multi-signatures, and distributed facilities. So far, 18 digital assets will be supported by Coinbase Custody.

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Ether (ETH)
  • Litecoin (LTC)
  • Zcash

The remaining 13 supported digital assets are ERC-20 tokens: 0x (ZRX), Augur (REP), Basic Attention Token (BAT), Bread (BRD), Dai (DAI), Decentraland (MANA), Enjin (ENJ), Flexacoin (FXC), Gemini dollar (GUSD), Kyber Network (KNC), Loom Network (LOOM), Maker (MKR) and OmiseGo (OMG). According to Gemini, additional crypto-assets are expected to be added soon.

The competition is heating up between custodial services. However, there’s also some indication that the cryptocurrency exchange is looking to expand into the security token sector. In July, it applied for a FINRA broker-dealer license so it could trade security tokens. It’s also been expanding its stablecoin, the Gemini Dollar (GUSD), so that it becomes a staple on exchanges specializing in tokenized securities.

Do you believe that Gemini could someday rival Coinbase? Let us know your thoughts in the comments down below.