Gemini cryptocurrency exchange create safety net of funds through big 'captive' moves.
Cameron and Tyler Winklevoss drop the gauntlet and usher in up to $200 Million private insurance for Gemini exchange to insure cold storage cryptocurrency funds.
Winklevii recently announced ‘captive’ insurance to protect customer funds at Gemini cryptocurrency exchange. Cold storage coins are kept offline to protect them from theft, and adding this layer of extra insurance promises a better experience for traders using the exchange.
In combination with outside insurer’s this new captive inhouse insurance for customers of Gemini exchange gives it’s users “the largest limit of insurance coverage currently available by any crypto custodian in the world,” said Yusuf Hussain, who leads the risk department.
Gemini’s captive insurance company is called “Nakamoto” after bitcoin’s anonymous creator, and licensed by the Bermuda Monetary Authority (BMA). Due to the Carribean’s favorable environment for captive insurance and cryptocurrency in general, Gemini staff chose it.
Nakamoto will only be insuring Gemini customers who qualify after KYC. Self insurance, is it good for the future? Only the test of time will tell.Read about margin trading with bitcoin here.
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