In just the first three months of this year, the Winklevoss twins backed Gemini digital assets platform has more than doubled the amount of assets it has under management, which have now reached a value of more than $25 billion.
The fast-growing Gemini crypto platform founded by the Winklevoss twins has doubled its assets under management in a matter of only three months. The news was released in a statement from Gemini on Tuesday.
"Tracking with the impressive growth of the crypto market this year and increased participation from institutional investors, we have more than doubled our crypto under custody since the beginning of 2021,"
The Winklevoss brothers were very early investors into Bitcoin and launched their Gemini exchange back in 2014. Along with providing crypto services to institutional investors, Gemini also supports fund managers with products that include crypto ETFs. Gemini lent its support to the first ETFs for Bitcoin and Ethereum in Canada.
The Gemini custody solution offers custodial services to customers for a wide range of cryptocurrencies. The exchange broadly takes on the role of a bank for these assets, allowing clients to move their assets around, trade them on the Gemini exchange, and relax in the knowledge that their assets are fully insured and secure.
The exchange is a fully licensed New York trust company and has regular bank exams and cybersecurity audits. It holds SOC 1 type 2 and SOC 2 type 2 certification and is the first cryptocurrency exchange worldwide to have achieved this.
Given the surge in popularity of Bitcoin and cryptocurrencies over the last few months, this has certainly helped Gemini to grow its business. The custody arm of the company doubling in size is a testament to this, and also to Gemini’s reputation among institutional investors for its security and regulatory compliance.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.