Crypto Exchange Gemini Obtains Insurance Coverage

One of the most popular Crypto exchanges Gemini has obtained insurance coverage for the digital assets it holds in custody.

The Gemini Trust Company said in a press release that its insurance will be provided through a consortium of insurers arranged by Aon, which is famous for providing “a broad range of risk, retirement and health solutions.”

This insurance comes on top of the Federal Deposit Insurance Corporation-insured dollar deposits that the exchange holds.

Gemini head of risk Yusuf Hussain said in a statement that “consumers are looking for the same levels of insured protection they’re used to being afforded by traditional financial institutions.”

It was recently announced that the exchange was launching a dollar-pegged stablecoin approved by the New York Department of Financial Services.

Gemini is backing its stablecoin with dollar holdings similarly insured through the FDIC, it said last month.

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