- Nakamoto Ltd is a captive insurance firm licensed by the Bermuda Monetary Authority to insure Gemini Custody.
- This insurance solution gives $200 million in insurance coverage to Gemini Custody.
Nakamoto Ltd is a captive insurance firm licensed by the Bermuda Monetary Authority to insure Gemini Custody, according to a press release from Gemini. This is to be the world’s first captive insure crypto custody which will allow the platform to increase their insurance limit over the coverage that is currently available in the insurance market.
This insurance solution gives $200 million in insurance coverage to Gemini Custody.
As it says in the post, written by Yusuf Hussain, Head of Risk at Gemini:
“Gemini customers can now also purchase additional insurance for their segregated crypto assets. In addition, we have Hot Wallet insurance coverage for your crypto we hold in our online Hot Wallet. Lastly, U.S. dollar deposits held at Gemini are eligible for FDIC “pass through” deposit insurance.”
Hussain goes onto add that insurance is a vital thing for financial markets. Not just for them to grow but also for their health as a space. Hussain furthermore says that they are excited to bring insurance to the crypto market which will help fulfil their mission of bringing power to the individual via crypto.
As previously reported by CryptoDaily, Cameron Winklevoss, one of the two brothers who founded Gemini spoke on the growth of the platform last year.
In a CD report, we wrote at the time:
“Cameron suggested that investors who cannot deal with the price movements which should rather stay away from investing. He also stated that the exchange launched Gemini ‘would be as successful as Amazon in ten years’”.
It will be interesting to see how Nakamoto Ltd plays out. For more news on this and other crypto updates, keep it with CryptoDaily!