Gemini Exchange opens Nakamoto insurance company with $ 200 million collateral

Cryptocurrency exchange Gemini, founded by the Winklevoss brothers, opened an insurance company Nakamoto Ltd with collateral$ 200 million for Gemini Custody’s own custodian service.

This means that customers holding assets in thisservice, they can additionally insure them in the new company. Gemini's risk management director Yusuf Hussain said Nakamoto was launched with the participation of major traditional insurance brokers Aon and Marsh. According to Hussein, today $ 200 million is the largest provision for custodial services in the cryptocurrency industry.

Gemini management believes that insurancedigital assets will protect the rights of institutional investors, increase their confidence in cryptocurrencies and ensure compliance with regulatory requirements. Gemini President Cameron Winklevoss said cryptocurrency insurance remains a challenge for the industry, but captive insurance company Nakamoto will expand Gemini's capabilities and further the development of the crypto industry.

Custody service Gemini Custody,supporting 18 cryptocurrencies and a number of tokens of the ERC-20 standard, was launched in September last year. In addition, in November, the Gemini Exchange announced the purchase of the Nifty Gateway platform, where users can purchase non-replaceable tokens (NFT). The Winklevoss brothers have high hopes for them, calling them “unique assets.”

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