Cameron and Tyler Winklevoss’ Gemini Trust Co. announced in a press release this week that it has secured insurance coverage for client cryptocurrency holdings maintained by the exchange, according to a press release. The coverage was secured through “a global consortium of industry-leading insurers and arranged by Aon” and complements the Federal Deposit Insurance Corporation that protects customers’ U.S. dollar holdings.
According to the release,
Gemini was approved for coverage after successfully demonstrating to underwriters that the company is a leading, best-in-class exchange and custodian. The digital asset insurance coverage further bolsters confidence and protection for consumers transacting on the Gemini platform.
Gemini Trust Head of Risk Yusuf Hussain stressed the importance of providing customers with the same type of peace-of-mind they enjoy with their bank holdings. He suggested that part of that process involves educating the insurance industry to enable cryptocurrency exchanges to better protect their customers’ investments:
“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.”