A new collaboration between financial services firm State Street Corporation and the Winklevoss’ Gemini cryptocurrency exchange will launch a reporting pilot for cryptocurrency holdings under custody.
Per a press release published on Dec. 17, the two entities launched a new pilot that would combine Gemini Custody – the exchange’s custody wing – with State Street’s back-office reporting. The project enables users to consolidate the reporting of their digital assets processed by Gemini with their traditional assets serviced by State Street.
Initially, the pilot will produce reports on two cryptocurrencies chosen for liquidity reasons within Gemini Custody. The companies state that eventually, the service will enable clients to receive reports on their holdings of other digital assets such as security tokens.
Small, but growing demand
Commenting on the development, Ralph Achkar, managing director of digital product development and innovation at State Street, said, “There is small, but growing demand from our clients for solutions of this type and many technical, operational, regulatory, and legal considerations to be addressed.”
Gemini CEO Tyler Winklevoss said, “Traditional investors will more seamlessly be able to allocate capital in their portfolio to digital assets through trusted and regulated financial institutions.”
Gemini Custody rolled out in September, allowing customers to trade their assets in custody on the Gemini exchange without waiting for them to be transferred from cold storage.
Gemini Custody reportedly supports 18 cryptocurrencies including Bitcoin, Bitcoin Cash (BCH), Ether (ETH) and Litecoin (LTC), as well as several ERC-20 tokens including 0x (ZRX), Augur (REP), Basic Attention Token (BAT), Dai (DAI), Maker (MKR) and OmiseGo (OMG).
Also in September, Gemini introduced a sub-accounts feature for institutional customers – enabling the creation of unlimited multiple accounts under one master account.
Bitcoin News Summary – July 1, 2019
A video surfaced this week of an Iranian Bitcoin mining operation running inside a mosque, buildings which receive free electricity in the country. It was reported that $260k worth of Bitcoin has been mined inside 100 different Iranian mosques. Meanwhile, the government is shutting off power to identified Bitcoin miners and seized about 1,000 ASIC miners from two abandoned factories.
Square’s Cash App is launching bitcoin deposits. Cash App users can purchase and sell Bitcoin and they can also make cryptocurrency transfers to other wallets. The app might have started rolling out the feature prior to full launch according to Bitcoiners on Twitter as deposits are not yet available for all Cash App users.
The Commodity Futures Trading Commission (CFTC) has cleared Bitcoin derivatives provider LedgerX to offer physically settled Bitcoin futures contracts. Unlike the cash-settled Bitcoin futures, in a physical settlement, the buyer receives Bitcoin when a contract expires, rather than the fiat equivalent. LedgerX is the second company to receive approval to offer physically settled Bitcoin futures.
And finally, Coinbase released a report stating that 58% of Americans are able to identify Bitcoin as a cryptocurrency, whereas 37% are aware of it in general. Also, Bitrefill has unveiled a new Recharge service which allows Lightning Network integration with Coinbase. Coinbase users will be able to easily leverage the full capabilities of the Lightning Network through their Coinbase accounts.