Gemini Exchange has Developed its Own Insurance Company

Posted on Jan 16, 2020

Crypto exchange Gemini, founded by the Winklevoss twins, has announced the development of its own insurance company, ensuring clients have protection against potential coin loss from its crypto cold storage service. The captive insurance company is named Nakamoto, in reference to bitcoin’s cryptic creator, and it will insure Gemini Custody clients only. The captive will provide an astounding coverage limit of $200 million, which is the highest limit “currently available by any crypto custodian in the world”, according to Yusuf Hussain, the company’s Head of Risk. Ordinarily, cold storage policies will protect from losses caused by the likes of insider theft or private keys destroyed from natural disasters.