Digital Asset Insurance Coverage Adds to Gemini’s Existing FDIC Insurance for Fiat Funds
As of Oct. 1, 2018, Gemini Trust Company, LLC (Gemini), a leading digital asset exchange and custodian, announced today that the company has secured insurance coverage for custodied digital assets through a global consortium of industry-leading insurers and arranged by Aon, a global professional services firm providing a broad range of risk, retirement and health solutions. Gemini’s digital asset insurance coverage is in addition to the already available FDIC-insured U.S. dollar deposits.
Gemini was approved for coverage after successfully demonstrating to underwriters that the company is a leading, best-in-class exchange and custodian. The digital asset insurance coverage further bolsters confidence and protection for consumers transacting on the Gemini platform.
“Consumers are looking for the same levels of insured protection they’re used to being afforded by traditional financial institutions,” said Yusuf Hussain, Gemini’s Head of Risk. “Educating our insurers not only allows us to provide such protections to our customers, but it also sets the expectation for consumer protection across the crypto industry.”