Tyler and Cameron Winklevoss’ Gemini exchange announced a major milestone on Tuesday as the cryptocurrency in custody exceeded $ 25 billion for the first time.
Gemini pointed to its growing growth and noted growing institutional investor participation over the past year. Gemini Custody’s net worth has more than doubled since early 2021.
“Our custody services are used by some of the world’s largest asset managers, including BlockFi, Blockchange CoinList, CI Global Asset Management, DAiM, BTG Pactual, Caruso, Eaglebrook Advisors and WealthSimple,” the company said in a statement.
The outspoken Tyler Winklevoss tweeted about the milestone on Tuesday:
.@Twins Now over $ 25 billion in crypto are under custody. To the moon! https://t.co/SQahRISOsH
– Tyler Winklevoss (@tyler) April 20, 2021
By Tuesday, Gemini’s 24-hour trading volume had exceeded $ 381 million and was in 13th place, according to Messari.
Gemini has built a reputation for being one of the most compliant digital currency exchanges on the market. While most of the major exchanges have attempted to delist XRP following a lawsuit filed by the Securities and Exchange Commission, Gemini has never been persuaded to list the controversial cryptocurrency.
In 2020, Gemini became the first digital currency exchange to carry out a SOC 2 Type 2 assessment, which proved its operational security. The company completed its SOC 2 Type 1 compliance assessment in January 2019.
In addition to its key exchange and custody solutions, the company launched Gemini Fund Solutions in March 2021. The new service offers fund managers a range of tools and capital market services to expand their crypto fund services.