UTC-05:00,Tuesday , January 28th 2020

Winklevoss-Led Gemini Exchange Now Has Its Own Insurance Company

07:10 Thursday , January 16th 2020
Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, has created its own insurance company to protect clients against the potential loss of coins from its offline vaults – with a possibly record-breaking $200 million coverage limit.
Announced Thursday (Jan 16), the new "captive" will provide insurance for customers of Gemini Custody, the crypto cold storage service of Gemini Trust Company. Typically, cold storage policies cover losses due to insider thefts and collusion, as well as the destruction of private keys by natural disasters like floods, earthquakes and so on. Cold storage refers to the practice of keeping the cryptographic keys controlling a crypto wallet offline on a hardware device disconnected from the Internet or a slip of paper locked in a safe.
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