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JAN 16, 2020

Gemini Launches Captive Insurance Company - Now Has the Most Custody Insurance Coverage in the Crypto Market

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Blog Header - Gemini launches captive insurance company

We are excited to announce that we have 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 us to increase our 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. Our policy insures against the theft of digital assets from Gemini Custody that results from a direct security breach or hack of Gemini’s Custody systems, or theft by a Gemini employee.

Gemini customers can now also purchase additional insurance for their segregated crypto assets (for inquiries, please reach out to custody@gemini.com). In addition, we have Hot Wallet insurance coverage for your crypto we hold in our online Hot Wallet. Lastly, U.S. dollar deposits held at Gemini are eligible for FDIC “pass through” deposit insurance.

Insurance is essential to the health and growth of modern financial markets and we’re proud to bring insurance to the crypto markets — a critical next step on our mission — to empower the individual through crypto.

Gemini Custody™ is regulated by the New York State Department of Financial Services (NYDFS) and is SOC 2 Type 1 compliant. For more information on Gemini Custody™ or our custody insurance solution please reach out to custody@gemini.com.

Onward and Upward,

Yusuf Hussain, Head of Risk

Note: Our policy does not cover any losses resulting from any unauthorized access to your user account. You agree and understand that you are solely responsible (and you will not hold us responsible) for managing and maintaining the security of your user account login credentials and any other required forms of authentication, including your API keys. You further agree and understand that we are not responsible (and you will not hold us responsible) for any unauthorized access to or use of your user account and/or your Gemini account. Please refer to our User Agreement for further details.

Updated: April 11, 2022

Group 2020-01-13 CaptiveInsurance photo01 Hon. Curtis L. Dickinson, JP, MP, Minister of Finance; Sydney Schaub, Chief Legal Officer, formerly General Counsel, Gemini; Tyler Winklevoss, CEO, Gemini; Hon. E. David Burt, JP, MP, Premier of Bermuda; Cameron Winklevoss, President, Gemini; Yusuf Hussain, Head of Risk, Gemini; Denis Pitcher, Chief Fintech Advisor to the Premier of Bermuda.