Gemini Exchange announced today that they have surpassed $20 billion of crypto assets under their custody.
The Winklevoss twins, Tyler and Cameron, founded Gemini. The company announced that the amount of crypto assets in its custody doubled in the past two months. Gemini now manages around $20 billion worth of cryptocurrencies.
Bitcoin’s growth accounts for the drastic influx of retail and institutional traders. Gemini currently caters to a wide range of investors. They include hedge funds, trading firms, and asset managers.
Gemini adopts the most secured means of storage for its clients. Its cold wallet coupled with hardware security keys ensures maximum security. It also adopts the SOC 2 Type 2 compliance. This records how a company safeguards customer’s data.
Also, the company recently introduced the Gemini fund solutions on March 4, 2021. The new platform provides services for fund managers. These include custody, clearing, and trade execution. It will introduce “rapid, reliable, and comprehensive access to the world of crypto”.
Digital Asset Custodians Record Massive Influx
The rush on digital assets led to record jaw-dropping portfolio additions for asset managers. Bitwise crossed a landmark $1 billion in assets under management last month.
Additionally, Grayscale’s asset under management skyrocketed in the past year. It grew by over $23 billion since January last year. Its AUM recently hit the $25 billion mark. Spurred by the success of its bitcoin trust, Grayscale is looking towards other digital assets. It made the announcement late last month.