Winklevoss Brothers’ Exchange Creates Insurer to Protect Crypto

Jan. 16, 2020, 12:00 PM

Cryptocurrency exchange Gemini Trust Co., run by the Winklevoss twins, created its own insurance company to back an offline storage for digital coins.

The captive insurer dubbed Nakamoto Ltd. will back Gemini Custody, the exchange said Thursday in a statement. The insurer, managed by broker Aon Plc and incorporated in Bermuda, will help provide $200 million in coverage.

Busts of crypto exchanges such as Mt. Gox and QuadrigaCX in recent years spurred questions about the safety of digital assets. With cryptocurrencies enjoying a market cap of $242 billion, and many high-net-worth individuals moving in, custodians are trying to offer ...

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