Gemini Custody™ Offers $200 million in Insurance for Offline, Segregated Custody
NEW YORK, — Gemini Trust Company, LLC (Gemini), a cryptocurrency exchange and custodian, today launched Nakamoto, Ltd. (Nakamoto), a captive insurance company licensed by the Bermuda Monetary Authority (BMA) to insure Gemini Custody™. Nakamoto — the world’s first captive to insure crypto custody — allows Gemini Custody™ to increase its insurance capacity beyond the coverage currently available in the commercial insurance market. This insurance solution gives Gemini Custody™ $200 million in insurance coverage — the largest limit of insurance coverage purchased by any crypto custodian in the world.
“Insurance is one of the main barriers to crypto mass adoption,” said Cameron Winklevoss, President of Gemini. “Gemini has created a captive insurance company to address this. Obtaining meaningful insurance in the crypto industry remains a challenge, and our captive will help to increase our insurance capacity and move the industry forward.”