OCT 03, 2018
Digital Assets Insurance
After a series of due diligence roadshows with industry-leading insurers, we are pleased to announce that we have secured insurance coverage for the digital assets that we hold on your behalf in our online hot wallet. This furthers our mission to build the future of money by bolstering our commitment to providing you with a safe and secure platform to buy, sell, and store your digital assets. This new coverage complements existing FDIC “pass through” deposit insurance that your fiat funds (U.S. dollars) are eligible for.
Our policy insures against the theft of digital assets from our exchange’s hot wallet that results from a direct security breach or hack of Gemini’s systems or theft by a Gemini employee. Our digital assets insurance does not cover, among other things, theft of digital assets by a third party as a result of an account takeover, a hack of a third party’s systems, or a fraudulent transaction initiated by a user. To learn more about common scams, please visit this blog post.
To date, insurers have been hesitant to insure the crypto industry due to a large number of high-profile hacks that have resulted in catastrophic losses over the years, and the poor security standards, internal controls, and policies and procedures that have unfortunately characterized much of our industry. As a result, many crypto exchanges and custodians have been either (i) unable to obtain insurance or (ii) shied away from it due to the high cost of premiums required by the few insurers willing to insure the industry.
However, we were able to successfully demonstrate to insurers that Gemini, a New York trust company, is indeed a safe and secure exchange and custodian where customers can buy, sell, and store digital assets in a regulated, secure, and compliant manner.
You can learn more about the steps we take to secure our hot wallet and your digital assets in our offline cold storage system here. Additionally, you can read our FAQ here and our User Agreement here.
Not only is this a tremendous win for Gemini customers but this is also a win for the broader crypto industry in furthering consumer protection.
Onward and upward,
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.
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