The Winklevoss twins have been known for their innovations in bringing crypto tech mainstream, but the Gemini exchange remains the crown jewel in the empire they built. In promising news, the Gemini exchange is set to support insurance cover for consumer assets.
Consumers are looking for the same levels of insured protection they’re used to being afforded by traditional financial institutions. 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.
Yusuf Hussain – Head of Risk at Gemini
Insurance remains a important question for many institutional investors concerned regarding the number of exchanges becoming compromised over the recent months. With millions at risk, Wall street investors remain apprehensive in trusting their capital in the hands of exchanges. With the aid of Aon, known internationally for its risk and health solutions aided in the structuring of the insurance measures by forming a “global consortium of industry-leading insurers” to cover the exchanges crypto assets.
To conclude the Gemini Exchange, one of the biggest projects launched by the Winklevoss twins is set to become one of the first ever crypto exchanges in the USA to obtain insurance on its assets. By revealing the number of steps and procedures taken to secure user details and minimize the risk posed to consumer funds, Gemini was able to secure insurance partnerships. The question of credibility also had to be answered considering the likes of MtGox being exposed for malicious trading and a handful of Asian exchanges hit by insider trading claims which would pose increased risk for any company looking to insure commercial funds.