RATE Group | How a captive can bring cryptocurrencies to the mainstream
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How a captive can bring cryptocurrencies to the mainstream

23 Mar How a captive can bring cryptocurrencies to the mainstream

Posted at 20:13h in Cryptocurrency News by

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Regulation is important to Gemini Trust Company, the cryptocurrency exchange and custodian that launched a captive insurance company, Nakamoto, in January.  

Nakamoto is thought to be the first captive to insure crypto custody. It allows Gemini Custody to increase its insurance capacity beyond the coverage currently available in the commercial insurance market. The captive was only possible because of Gemini’s commitment to strong regulation.

The captive addresses a problem that Cameron Winklevoss, president of Gemini, has argued is one of the main barriers to crypto mass adoption: the availability of insurance.

Gemini had originally launched in 2015 with a trust license and a mandate to provide a safe place to buy, sell and store digital assets, such as bitcoin and other cryptocurrencies. The business is regulated by the New York State Department of Financial Services, but operates in an industry in which trading on unregulated exchanges is rife – a fact with implications…

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