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Winklevoss Twins’ Gemini Exchange Now Has a New Custodial Service

New York-based regulated digital currency exchange Gemini will start offering a digital asset custody service via a new dedicated offshoot called Gemini Custody. Expansion in full swing Gemini Custody will work as a registered and qualified custodian for 5 major cryptocurrencies and 13 ERC-20 based tokens. It includes the likes of Bitcoin, Bitcoin Cash, Ethereum, Zcash, and Litecoin. The custodial service will initially be available for only 18 currencies. However, the Winklevoss twin-led company is planning to expand aggressively into other digital currencies as well. Gemini is responding to the increasing demand for custodial solutions in the crypto industry, which is not limited to major coins like Bitcoin and Ethereum. There is an increasing appetite for altcoin custody in the market which could provide long-term security from a wide array of risks. Note that small cryptos are more prone to bigger risks. Tyler Winklevoss commented on the solution, saying, “The maturation of crypto as an asset class depends heavily on the safety and soundness of the custodians that hold individual and institutional funds.” Paving the way for institutional investments The exchange is also responding to the higher number of institutional investments in this space. Institutional investments are larger and need better protection from theft and losses owing to operational issues. Gemini is uniquely positioned to fulfill this responsibility. The firm is headquartered and registered in the state of New York and comes under the state regulator’s jurisdiction. The state is known to high standards of regulatory control over cryptocurrency businesses because of which Gemini’s custodial service provides a safer way for investors to hold their assets. The exchange’s director of operations, Jeanine Hightower-Sellitto commented on the launch of the new service and said that institutional investors had improved their appetite for digital coins. However, they have lacked a solution that could provide them security alongside robust regulatory support. The custodial solution will support multi-signature access, hardware security modules (HSMs) alongside access-controlled facilities. The users will be allowed to create a whitelist of addresses which could receive withdrawals from their custodial accounts. Their assets will be locked using hardware security keys, adding more security to the mix. As Gemini is a cryptocurrency exchange, it will also let users trade in assets held in the custodial accounts without transferring them to their exchange hot wallets. This will add additional perks for institutional investors who will get easy trading and secure storage of assets. The post Winklevoss Twins’ Gemini Exchange Now Has a New Custodial Service appeared first on - Daily Cryptocurrency and FX News.

Winklevoss’ Gemini Launches Custody Product Supporting 18 Cryptos

Coinspeaker Winklevoss’ Gemini Launches Custody Product Supporting 18 CryptosGemini, the New York-based crypto exchange has launched an institutional-grade crypto custody solution as reported on September 10. The exchange was founded by twin brothers Cameron and Tyler Winklevoss in 2014. They have named the new solution as Gemini Custody.In a news release on Tuesday, Gemini confirmed that its newly launched custody solution will enable users to do various things. It will let them download account statements, check balances, and initiate withdrawals. Moreover, it will let users grant auditors view-only access to confirm balances, transactions, and activity.Gemini Custody is offered through the Gemini Trust Company which is a regulated custodian administered by the New York Department of Financial Services (NYDFS). Customers can also trade their assets instantly on the platform since the Custody offers them credits. That means that they will not need to wait for funds to be transferred from cold storage when trading.In the past, clients had to wait for more than 24 hours to access and trade assets. Now, Gemini customers can trade assets held offline without needing to wait to access them using this new system. According to the press release, users can set up white lists. These white lists will ensure that their crypto holdings can only move as withdrawals to certain addresses.Through these white lists, clients will grant auditors access to confirm activity and balances. The white lists will also let the customers create various sub-accounts that have different permission levels as required. Jeanine Hightower-Sellitto, the Gemini managing director of operations, described Gemini Custody as a “crypto-native solution”. It offers both security and liquidity for clients. She added:“Institutional investors have demonstrated a clear and growing demand for crypto. But, they’ve struggled to find a solution that fully meets their complex regulatory and security requirements.”The Supported AssetsReports suggest that Gemini Custody now supports 18 cryptocurrencies. These include Litecoin (LTC), Bitcoin (BTC), Ether (ETH), and Bitcoin Cash (BCH). Other supported ERC-20 tokens include OmiseGo (OMG), 0x (ZRX), Augur (REP), Loom Network (LOOM), Maker (MKR), Augur (REP), Basic Attention Token (BAT), Gemini dollar (GUSD), Kyber Network (KNC), Bread (BRD), Dai (DAI), Enjin (ENJ), Flexacoin (FXC), and Decentraland (MANA).Tyler Winklevoss, the Gemini CEO, said that the much-necessary maturation of cryptocurrency as an asset class heavily relies on custodial security. He explained:“From day one, Gemini recognized the need for a world-class custody solution that is secure, compliant, and easy to use for individuals and institutions around the world.”As we published recently, Tyler and Cameron Winklevoss said that they are ready to partner with Mark Zuckerberg on Facebook’s Libra stablecoin project. Cameron believes that Libra represents a step forward in the mass adoption of cryptos. Gemini plans to add support for other virtual currencies as well.While most of the new ERC-20 tokens did not entirely get approval via the NYDFS, the NY financial regulator approved Gemini’s Listing, Custody and Issuance Framework. The tokens are added in accordance with the framework. This launch is only the latest move in Gemini’s efforts to offer regulated services to institutions.In early July, the exchange announced that it was preparing to file for a broker-dealer license via the Financial Industry Regulatory Authority (FINRA). FINRA is the self-regulatory organization that oversees securities dealers in the United States. Should Gemini get a broker-dealer approval, it can then apply to become an alternative trading system that will enable it to provide digital securities for approved traders.Winklevoss’ Gemini Launches Custody Product Supporting 18 Cryptos
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Token Swap: Tether Announces Token Burn Of Over 400 Million USDT

Tether has shared a piece of information about a forthcoming token burn which according to announcement would take place shortly. According to a tweet from their official Twitter handle, Tether plans to shortly move 400 million Tether USDt as part of its Omni authorized but not issue pool to the issuance address in order to burn/revoke them. Tether will shortly move 400m Tether USDt as part of its Omni authorized but not issue pool to the issuance address in order to burn/revoke them. — Tether (@Tether_to) September 16, 2019 Tether Minted 300 million USDT Few Days Ago Few days ago, Tether took to Twitter to inform its users that it was coordinating with a third party to perform a chain swap. This was planned in order to convert some tokens from their original Omni to an Erc 20 protocol. At the time of the initial announcement, 300 million Tether USDt was announced to have been minted for the swap. However, these conversions took place few days ago as Tether promised the token swap wouldn’t disrupt the total supply. In few hours Tether will coordinate with a 3rd party to perform a chain swap (conversion from Omni to ERC20 protocol) for 300M USDt. Tether total supply will not change during this process. — Tether (@Tether_to) September 12, 2019 Whale Alert, a twitter account dedicated to alerting the community of big cryptocurrency transactions, noted the coinage described above in a tweet published on Sept. 12. As per a second tweet submitted as an answer to the first one, Whale Alert offered an explanation of the type of transaction: “This USDT mint is part of a swap. The corresponding burn on Omni has not taken place yet.” And finally, Tether is burning the Omni Tether that was already converted to ERC20. Until now, no token burn has taken place on Omni blockchain. In July, it was reported that Tether accidentally minted and burned 5 million USDT tokens. However, Tether long-standing controversy about issues relating to transparency and market manipulation. The post Token Swap: Tether Announces Token Burn Of Over 400 Million USDT appeared first on Coingape.

Zero-Knowledge Proof Solution from QEDIT Implemented Into Kaleido Blockchain For Transaction Privacy

Kaleido, a startup blockchain solution from ConsenSys Venture Studio has gone on record to become the first blockchain platform to implement the zero-knowledge proof solution from QEDIT—the crypto private company. A Non-compulsory Feature On September 13th, 2019 QEDIT shared a paress released with Cointelegraph where it stated that the partnership it had developed with Kaleido […]
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Cryptocurrency Exchange OKEx Korea Removes Privacy Altcoins

According to an official announcement made by the South Korean branch of OKEx, the popular exchange will delist five privacy coins as early as October 10, 2019. Complications for Privacy Coins Trading of Monero (XMR), Dash (DASH), ZCash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC) on OKEx Korea will be suspended on October 10, 2019,Read MoreRead More. The post by Edoardo Vecchio appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
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