Since cryptocurrency is becoming an asset by many of the households, insurance coverage would be needed. So, one of the more popular cryptocurrency exchanges, Gemini has secured insurance coverage for the digital assets.
The insurance will be provided by a consortium of insurance companies and arranged by professional service company, Aon.
Gemini has proved itself that it is a leading cryptocurrency exchange that can be trusted. Gemini’s Head of Risk, Yusuf Hussain commented on the insurance coverage –
“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.”
Gemini is extending its reach with latest developments of entering the UK market to compete with exchanges such as Coinbase.
Gemini cryptocurrency exchange and custodian is a New York trust company founded in 2014 by the famous Winklevoss twins. It has notable achievements such as being one of the largest licensed ether exchanges, along with being commended as the world’s first Zcash exchange.
Currently Gemini is the 50th largest cryptocurrency exchange in terms of a 24 hour trade volume according to CoinMarketCap.
Aon is a leading global professional services firm that provides solutions to risk, retirement and health solutions. Aon, claims to occupy 50% of the cryptocurrency insurance market. Currently Aon is focused on understanding Blockchain and Cryptocurrency and collobarating them with the insurance marketplace to develop innovative risk transfer solutions.
The step of Gemini gaining insurance means it will set a path for other cryptocurrency exchanges to protect investors and traders through crypto custody insurance. Twitter user ‘mj’ even commented that Crypto retirement plans will soon be available.
This leads the way for other crypto exchanges to obtain crypto custody insurance. 401K and Pension Funds purchasing crypto for retirement can't be far behind.
— silk (@silkmarketindex) October 3, 2018