Gemini platform announces that it has secured all cryptocurrencies within the platform
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Answer Gemini platform announces that it has secured all cryptocurrencies within the platform
Gemini announced that it has secured insurance coverage for all digital assets it holds within the platform in a statement released on Wednesday.
The company, co-founded by twins Cameron and Taylor Winklevoss, stated that the insurance will be provided through the insurance association organized by Aon, which provides a range of solutions in the areas of health, retirement and risk.
According to the released statement, Gemini received the financial coverage after it was able to establish itself as a leader in the field of cryptocurrency exchanges and the best in its field.
This insurance includes US dollar deposits held by the Gemini platform.Read:A Saudi launches the first cryptocurrency exchange in the Middle East backed by a central bank
In the statement, the director of risk at the platform, Youssef Hussein, stated that the cryptocurrency community is looking for high levels of protection and insurance on their assets similar to what is offered by traditional financial institutions.
He added: “The entry of insurance companies through us allows us to provide high protection for our customers, in addition to being a positive indicator of user protection in the cryptocurrency industry.”
This news comes a few weeks after the platform announced the launch of a stable digital currency – pegged to the US dollar – which has been licensed by the New York Department of Financial Services.Read:Fraudulent Firefox add-on that steals cryptocurrency from users
It is worth noting that Gemini supports stablecoin by depositing insured dollars through the Federal Insurance Institute (FDIC).
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