The Gemini exchange, owned by Tyler and Cameron Winklevoss, announced a major milestone on Tuesday when all cryptocurrency in custody exceeded $ 25 billion for the first time.
In portraying its impressive growth, Gemini announced 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.
Outspoken Tyler Winklevoss tweeted about the milestone on Tuesday:
. @ Gemini now has over $ 25 billion in crypto custody. To the moon! https://t.co/SQahRISOsH
– Tyler Winklevoss (@tyler) April 20, 2021
By Tuesday, Gemini’s 24-hour trading volume had dwarfed $ 381 million and was ranked 13th, according to Messari.
Gemini has built a reputation for being one of the most compliant digital currency exchanges out there. While most major exchanges sought to delist XRP following a lawsuit from the Securities and Exchange Commission, Gemini was never persuaded to list the controversial cryptocurrency.
In 2020, Gemini became the first digital currency exchange to complete a SOC 2 Type 2 assessment, which has proven its operational security. The company completed its SOC 2 Type 1 compliance review in January 2019.
In addition to its main 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.