Crypto exchange Gemini has created an insured custody service, Gemini Custody for 18 cryptocurrencies. The offering will expand on the five cryptocurrencies already on the exchange, adding a variety of Ethereum-based tokens.
The custody service will help the users store large amounts of their coins at the exchange, securely off-line. This will prevent the risk of funds being stolen in a crypto exchange hack which is a common occurrence for many exchanges. Also, the solution will use a technology called Multi-Sig. The requirement for moving or accessing the funds are the passwords of multiple parties. Additionally, Gemini Custody customers can choose to be one such partner. This will ensure that only the customers can move the funds with their access key. It will be alongside other ones by the exchange which will make hacking more difficult.
Apart from focusing on security, and the safety of coins the exchange also wants to make the whole process more user-friendly. Customers using Gemini Custody can deposit their coins and use them on the exchange simultaneously.
Crypto exchange Gemini will support Ethereum-based tokens at launch as per the source. They are 0x (ZRX), Augur (REP), Basic Attention (BAT), Bancor (BNT), Bread (BRD), Dai (DAI), Decentraland (MANA), Enjin (ENJ), Flexacoin (FXC), Gemini dollar (GUSD), Kyber Network (KNC), Loom Network (LOOM), Maker (MKR), and OmiseGo (OMG).