Through the Gemini Trust Company, a regulated custodian overseen by the New York Department of Financial Services (NYDFS), the Winklevoss-backed exchange now offers “Gemini Custody,” a platform which would enable clients to trade assets instantly by offering them credits.
The Gemini exchange is launching an institutional-grade crypto custody solution, according to an announcement Tuesday.
Previously, clients would have to wait more than a day to access and trade assets. Gemini customers will be able to trade assets held offline without waiting to access them using the new system.
According to the release, customers can set up white lists, ensuring their crypto holdings can only be withdrawn to certain addresses; grant auditors access to confirm balances and activity; and set up different sub-accounts with different levels of permission as needed.
In a statement, Gemini managing director of operations Jeanine Hightower-Sellitto said Gemini Custody is a “crypto-native solution” which provides both security and liquidity for clients.
“Institutional investors have demonstrated a clear and growing demand for crypto, but they’ve struggled to find a solution that fully meets their complex regulatory and security requirements.”
As part of its security efforts, Gemini Custody allows for multi-signature offline storage, the release said.
The custodian, which already supported bitcoin, bitcoin cash, ether, litecoin and zcash, now provides support for 0z, Augur’s REP tokens, the basic attention token (BAT), bread (BRD), dai, maker, decentraland’s MANA token, enjin, flexacoin, the Gemini dollar, Kyber Network’s token, Loom Network’s token and OmiseGo.
Gemini plans to add support for other cryptocurrencies as well.
While many of the new ERC-20 tokens were not explicitly approved through the NYDFS, the New York financial regulator approved Gemini’s Listing, Custody and Issuance Framework, according to a spokesperson. The ERC-20 tokens are being added in accordance with the framework.
Tuesday’s launch is only the latest move in Gemini’s efforts to provide regulated services to institutions.
The exchange announced in early July that it would file for a broker-dealer license through the Financial Industry Regulatory Authority (FINRA), the self-regulatory organization overseeing securities dealers in the U.S. Should Gemini secure a broker-dealer approval, it would then be able to apply to become an alternative trading system, which would enable it to offer digital securities for approved traders.
Galatasaray Is the Latest Big-Name Football Club to Announce a Fan Token
Turkish Football Club Galatasaray Spor Kulübü plans to launch Ethereum-based fan tokens in partnership with blockchain sports fan startup Socios based on sports tokenization platform Chiliz.
Socios announces in a press release published on Sept. 16 that as a result of the partnership, The Lions (Aslanlar) – the only Turkish club to have won a major UEFA competition – will release its fan tokens on its platform.
A blockchain sports platform
Furthermore, the team will also be present on the firm’s blockchain-based, influence and rewards mobile app for football fans. These fan tokens will allow fans to vote in club-delegated polls, taking part in deciding on topics that the club will put up for fan vote.
Polls are expected to concern things such as “new official product designs, matchday activities and in-stadium experiences, as well as sponsorship campaigns and collaborations and social media content.”
The number of tokens held by a fan determines the value of their votes.
Also, the more fans interact with the team, the more “rewards they can earn, competing for club-specific once-in-a-lifetime experiences and enjoying exclusive rights.”
The company also promises that in the future fans will be able to access exclusive leaderboards, games and merchandise.
The Fan Token Offering
The token will be sold through Socios.com, in Q1 2020 through a process the company calls as a Fan Token Offering. Galatasaray Spor Kulübü board member Dorukhan Acar commented on the development, saying:
“As Galatasaray, we are very pleased to join forces with Socios.com and start an exciting journey. This new partnership opens a world of new opportunities for us with respect to our fan engagement and global reach as well as being another milestone in our digital transformation strategy.”
The company says that other big-name football clubs including Paris Saint-Germain, Juventus, West Ham United, AS Roma and Atlético de Madrid have joined the Socios platform.
As Cointelegraph reported in May, Chiliz – the sports blockchain company behind Socios – has announced a strategic partnership with Binance Chain, the mainnet of major cryptocurrency exchange Binance.