Winklevoss twins’ crypto exchange offers insurance to its customers

Winklevoss twins' crypto exchange offers insurance to its customers.

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Tim Haldorsson

tim.haldorsson@trijo.co

Gemini introduces insurance coverage for its customer's digital assets. That means that cryptocurrencies stored on the platform are insured.

The American cryptocurrency exchange Gemini was founded in 2014 by the twins Cameron and Tyler Winklevoss. The exchange is based in New York and offers trading with cryptocurrencies like bitcoin, ethereum and zcash.

Now, Gemini has been approved for an insurance that applies to cryptocurrencies that are stored on the exchange’s platform. The insurance comes from the risk management and insurance company Aon, writes Gemini in a press release.

“Hot wallets” biggest risk for theft

The insurance applies to the crypto exchanges so-called “hot wallets”, a crypto wallet that is connected to the internet. These wallets are now insured against hacker attacks and thefts. The insurance company has approved Gemini for its insurance after the crypto exchange showed that they have a high safety standard and a leading position in the crypto industry, Gemini writes on its blog.

“Costumers are looking at the same levels of insured protection they’re used to being afforded by traditional financial institutions”, said Yusuf Hussain, head of risk management at Gemini, in a statement.

The news comes just weeks after Gemini launched a new cryptocurrency that is meant to follow the price of the U.S. dollar, Coindesk reports.

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