Gemini has officially incorporated digital asset insurance into its trading platform on top of the already FDIC fiat currency insurance. The insurance company Aon has provided this crypto coverage, although, the amount a user is covered for has yet to be explicitly disclosed. Ranked 55thwith regards to volume, Gemini is a leading, regulated cryptocurrency exchange that supports Bitcoin, Ethereum and Zcash trading. The addition of cryptocurrency insurance will only further solidify them as one of the best in business. This news comes just weeks after Gemini deployed their own stablecoin, the Gemini dollar. Cameron and Tyler Winklevoss, Gemini’s founders, appear to be on a mission to be the most trusted and liquid exchange available.
I have used Gemini for the past year and have had quite a pleasurable experience relative to other centralized exchanges. They have minimal fees and also support block trades or the buying and selling of more than 10 bitcoin. They do limit ACH bank deposits to $2,500/day, however, bank wire deposits are not limited. Bank wire withdrawals are limited to $100,000/day for personal accounts. Although, getting a bank to accept a wire of $100,000 without question is highly unlikely. Nonetheless, Gemini is the most user-friendly, centralized exchange I have used, and the addition of insurance only further supports this.
Gemini’s acquisition of digital asset insurance coverage will give hesitant users greater peace of mind when investing in the crypto-space should they choose to use Gemini as their exchange. This peace of mind is of utmost importance in an industry perceived to be riddled with fraud, manipulation, hacking, stealing etc.