Gemini Exchange’s Crypto Custody Doubled – Reaching $25B
Attracting institutional investors has been one of the oldest goals of the entire cryptocurrency industry, and I am sure that we are all glad to see that that dream is slowly coming true. Institutions have been buying digital coins massively over the past year and a half, and it feels that in 2021 at least, many of them are choosing Gemini exchange’s custody service to do their coin holding for them.
Gemini is, of course, owned by Tyler and Cameron Winklevoss — twin brothers who have been extremely successful in crypto trading and investing. So much so, in fact, that they managed to significantly increase their wealth through investments, and they have been in the crypto industry for a long time.
According to Gemini’s recent announcement, the exchange hit a new milestone in late April, with its crypto custody service surpassing $25 billion for the first time since its launch.
Something Worth Celebrating
I absolutely see this as something to celebrate and be proud of, especially since Gemini worked hard to become an attractive solution for institutional investors. But, another thing that I thought was interesting is the fact that Gemini started attracting institutional interest in greater measure only recently. The exchange has actually doubled the amount it has been holding for its clients between January and April of this year.
The company also said that its service is used by some of the largest asset managers in the world, such as BlockFi, CI Global Asset Management, Caruso, Blockchainge CoinList, DAiM, WealthSimple, and many others.
Tyler Winklevoss also shared the milestone in a tweet published on April 20th. Around the same time, the exchange saw its trading volume skyrocket to $381 million, which allowed it to take the 13th spot on the list of the most popular exchanges based on volume.
Gemini has been working hard for a long time to become as influential and as big as it is, and I, for one, am glad to see effort rewarded. But, more than that, I am glad to see institutions coming to crypto in such great numbers, as their participation has always been considered a condition for crypto to take the next step in its evolution.
Do you think that Gemini’s services will attract more institutions to crypto?