Founded back in 2014 by Cameron and Tyler Winklevoss cryptocurrency exchange Gemini Trust Company, LLC has announced it has launched a captive crypto-focused insurance company called Nakamoto.
According to the official press release, Nakamoto will allow Gemini Custody to increase its insurance capacity beyond the current coverage in the commercial insurance market.
Gemini President Cameron Winklevoss claims insurance is "one of the main barriers to crypto mass adoption."
"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," he added.
The exchange managed to launch Nakamoto thanks to Aon, a captive insurance jurisdiction. With Aon, Gemini will be able to tap into broader insurance markets, the press release states.
Previously iHodl reported that Gemini launched Gemini Custody, its own custody service.
Gemini Custody allows its customers to check balances, download account statements, initiate withdrawals and grant auditors read-only access to confirm balances, transactions, and activities.
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