Gemini is a cryptoasset exchange located in United States. Their volume over the last 12 months is $7.66B. The exchange is rated “A” which means “Transparent.” They allow trading with the following fiat currencies: USD.
Gemini is a cryptocurrency exchange that was founded in 2014 in New York by the Winklevoss brothers known as those who sued Facebook founder Mark Zuckerberg for stealing their idea. The company was named this way as they are identical twin brothers. The main principles that the exchange is based on include transparency and user empowerment. The venue started its activity at the end of 2015. At the moment of writing, it is available in 45 states of the US, and such countries as Canada, the UK, Singapore, Hong Kong, and South Korea.
While cryptocurrency companies prefer to avoid regulatory bodies, the Gemini exchange has chosen a different way and applied for the status of New York State Limited Liability Trust. It’s a good solution for platforms that plan to serve institutional customers and individuals. The company is officially regulated by the New York State Department of Financial Services (NYSDFS).
The platform uses state-of-the-art matching engines hosting its trading infrastructure on Equinix’s NY5 data center that features the most advanced technology in the world. This is the same data center used by Wall Street Banks and High Frequency Trading firms.
The design of the website is very stylish and convenient. There is some urban New York feel about it. This is an elegant and secure solution for crypto lovers.
The company supports 30 cryptocurrencies for custody and plans to expand the assortment. The customers can buy, sell, and store cryptocurrencies on the platform, but the exchange service is not the basic one. The company also offers a range of other products such as block trading and custody services.
Gemini exchange presents the functionality that caters to different categories of users. WebTrader is a simple trading option that suits most users of the exchange as it was developed with a novice-friendly interface and easy-to-use intuitive functionality.
As for professional traders, they should use ActiveTrader that caters to the needs of those who set larger orders on the exchange book. Being an upgraded version of the Gemini Marketplace, it’s not available for all customers. Users have to create tickets to get access to ActiveTrader that offers advanced functionality for them that includes advanced order types, enhanced trading tools, and resources.
Those who just want to test the exchange can try the “sandbox” available on the platform. It’s possible to create a test account and trade 10 million USD provided for testing.
The company uses a robust protocol keeping the security of the exchange on a high level. Most of the coins are kept in cold storage. The private keys are stored offline to prevent intruders from outside to get access to them. The keys are kept on numerous devices in different locations for better security.
The company employs multi-signature technology to control access known for its high level of security. Thanks to Gemini’s official support of hardware wallet security keys, it’s possible to use the hardware wallet instead of the phone thus removing the risk of SIM swap scam.
The system of internal controls is rather strict in the company. Even the key figures of the team don’t have access to the coins individually. Advanced DDoS protection helps to keep the internal section of the website secure. The platform completed the SOC 2 review, which is an auditing procedure designed for service providers that store customer data in the cloud. It was performed by Deloitte & Touché LLP. It’s worth saying that few cryptocurrency exchanges feature SOC 2 compliance.
Using tiered access controls, two factor authentication, and storing keys in Hardware Security Modules with a high rating, Gemini also provided FDIC insurance for their USD accounts. American traders with dollars on the balance have their funds insured by the Federal government. The insurance covers the amount that reaches 250,000 USD.
In this way, the security philosophy of the company is based upon three principles, protecting it from external threats, against human error and misuse of insider access. Taking into account that the company runs the custody, the robust coin management system is explicable.
Gemini financial details and fees
The exchange issued the Gemini dollar, which is a cryptographic token strictly pegged 1:1 to the US dollar. The coin is an ERC20 standard token built on the Ethereum network. The stablecoin is available on different exchanges and combines the price stability of the US dollar and technological benefits of cryptocurrencies.
The company offers a referral program offering 10 USD in Bitcoin every time a new user registered after your invitation sells or buys 100 USD in case it’s done within 30 days after registration.
The scheme of fees is not that simple on the exchange as the fee schedule depends on the platform used by the trader. The rates vary for users of ActiveTrader, Web trader, and mobile users. Different fees are charged for users who trade on the exchange via API. The fee also depends upon the amount of transaction. Gemini is very efficient in the matters of funding and withdrawals as it has a fast fiat gateway.
Gemini team and partnerships
The exchange has quite a large team. According to data provided on LinkedIn, about 150 people, or even more work in the company. All of them are experienced specialists in such fields as finance and business.
The risk manager of the company is Yusuf Hussein, a highly qualified security expert who has been working in this area since 2005. Probably, this is the reason why the exchange is considered a highly reliable platform that has not suffered from breaches yet.
Gemini partners with Samsung to power the Samsung Blockchain Wallet thus making the use of cryptocurrencies easier for Samsung users. The company is also partnering with an Internet browser Brave that blocks ads, ad trackers, and other identifying software used to trace visitors. Gemini is integrated with Brave for trading and wallet support.
In 2019, the company announced the opening of a new office in Chicago, Illinois, to make it an “engineering hub” for the development of new products and invited former Coinbase employees to it.Read More