Gemini, short for the Gemini Trust Company, LLC, is a digital currency exchange that allows customers to buy, sell, and store digital assets in a secure environment.
It serves as a highly regulated cryptocurrency exchange, as well as a wallet and a custodian. As a private exchange, Gemini has grown exponentially in the last couple of years.
Today, it stands right next to some of the leading cryptocurrency exchanges in the world such as Kraken and Coinbase. As a retail cryptocurrency service, Gemini also allows users to spend cryptocurrencies in over 30 000 retail stores across the United States.Here are the pros and cons of using this exchange system:
As a New York trust company, Gemini is regulated by the State Department of Financial Services. Thanks to such a high level of regulations, Gemini is considered a safe-to-use cryptocurrency exchange and custodian.
It was founded back in 2014 by twins Cameron and Tyler Winklevoss, hence the name “Gemini” (which translates into “twin” in latin)
Gemini started its operation in the US and eventually expanded to other regions including Europe and Asia. The core principle of the exchange from the very beginning included security, liquidity, and trust.
The Winklevoss twins built their exchange network on four pillars: product, security, licensing, and compliance.
Their main goal was to build simple and intuitive crypto products that would be as accessible to newcomers as they are to seasoned traders.
The main goal behind Gemini was to merge two financial worlds: the old fiat currencies and the new, modern cryptocurrencies.
Only a few years after the launch, Gemini became a well-known exchange in the crypto industry. It won the “Best Crypto Exchange” Markets Choice Award in 2019, as well as became the world’s first SOC 2 Type 2 certified crypto exchange and custodian.
Is Gemini Safe?
Since Gemini offers an institutional level of custody services, it is considered a highly secured environment for crypto assets.
In other words, yes, Gemini is safe to use, although there are a few things you should keep in mind before transfering your currencies to this private exchange.
Let’s not forget that Gemini is indeed the first exchange in the industry to pass the SOC 2 security standards, which says enough about safety of use.
Moreover, all funds and assets deposited into Gemini are protected by FDIC insurance and strong security measures such as multi-signature identification that reduces potential cybersecurity threats.
Gemini offers a variety of services including the following:
Gemini Mobile App
Gemini's Mobile App Section
The Gemini mobile app was launched in 2018 to allow users to take their trading on the go. The app offers all of the same features and analytics available on the desktop platform.
With high levels of security and a simple, clutter-free interface, the Gemini app allows traders with any experience level to get the best value out of their crypto assets.