Gemini Exchange opens cryptocurrency asset insurance company

Bitcoin exchange Gemini, owned by the Winklevoss brothers, created Nakamoto, Ltd. to insure your own$ 200 million custody service

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Help Launch Nakamoto, Ltd. provided by large insurance brokers Aon and Marsh.

Gemini customers will be able to purchase additional insurance of their own assets to provide even greater coverage for them.

The new service is expected to enable Gemini to remain a secure custodial service and help institutional clients comply with regulatory requirements.

"Getting meaningful insurance in the cryptocurrency industry remains a challenge, so a new internal service will increase our insurance capabilities and move the industry forward."Gemini President Cameron Winklevoss said.

For the first time, Gemini announced its plans for digital asset insurance for users in October 2018.

The custodial service Gemini Custody was launched in September 2019 and allows customers to trade assets that are stored offline through instant loans.