The crypto assets under the custody of platform Gemini founded by the Winklevoss twins have more than doubled so far this year, according to Markets Insider.
- Gemini said crypto assets under custody have grown to over $25 billion, driven by the growth of the market and higher participation from institutional investors.
- The platforms institutional investors include asset managers, hedge funds, trading firms, and corporate treasuries.
- Gemini Custody takes hold of digital currencies for clients, similar to lenders offering savings accounts.
- Through the platform, clients can store and withdraw crypto assets, move them into sub-accounts, or trade them on Gemini’s exchange.
- Gemini launched its Fund Solutions in March, aiming to support fund managers with digital asset based funds such as crypto exchange traded funds. It also assisted in the launch of the first Bitcoin and Ether ETFs in North America.
- Services offered include crypto trading and asset storage in wallets. It also offers its dollar-backed stablecoin Gemini which could be used in retail stores and custodianship.