In a recent press release, the United States based cryptocurrency exchange Gemini announced that the exchange has partnered with the leading insurance company Aon to provide the coverage on custodial digital assets. The partnership was arranged through a global consortium of industry-leading insurers.
Aon is a London based leading global professional service company which provides risk, retirement, and health consulting services. Aon is serving 120 countries all over the world. In 2011, Aon was ranked as the largest insurance broker in the world based on revenue.
The coverage has already started since 1st October 2018. The insurance cover is applicable on the digital assets which are held in custodial service of Gemini. Gemini is one of the most regulated cryptocurrency exchanges and again Gemini has proved that the crypto exchange is focusing on adding services which legitimize the crypto trading industry. Gemini is developing the features which are consistent with traditional financial institutions. The crypto industry is prone to hacks; there is regular news of hacks of crypto exchanges. This step taken by Gemini will provide more security to cryptocurrency custodianship.
According to the Head of Risk at Gemini, Yusuf Hussain consumers are looking for the same level of insurance protection which they are used to with traditional financial institutions. It is important to educate the insurers to provide the customers that kind of protection. The step taken by Gemini will also set the expectation for consumer protection across the crypto industry.
Gemini is known for working towards creating a legitimate environment for the crypto industry. The crypto exchange has also launched a new stablecoin, Gemini Dollar (GUSD) which is more transparent and auditable than other available coins. The mission of Gemini is to build future money by providing a safe and secure platform to buy, sell, and store digital assets.
Because of the increasing hacks in the crypto world customers and business do not feel comfortable in investing in cryptos. Winklevoss twins want to create such an environment where customers can buy, sell, and store digital assets in a secure, regulated, and compliant manner.