Gemini Surpasses $30 Billion in Crypto Under Custody

Gemini now has more than $30 billion in cryptocurrency under custody, the digital currency exchange and custodian announced Tuesday. 

“Tracking with the impressive growth of the crypto market this year and increased participation from institutional investors, we have more than tripled our crypto under custody since the beginning of 2021,” Gemini said in a statement. 

Founded in 2014, the New York-based company offers custody and trading services to institutional clients and retail investors. 

The rapid growth of Gemini’s crypto under custody coincides with unprecedented institutional and retail interest in digital assets. 

A variety of venture capital firms are expanding crypto-related fund offerings, including  Andreessen Horowitz, Dragonfly Capital and Pantera Capital. Major financial institutions are also getting involved. Citigroup and Goldman Sachs have both announced plans to offer cryptocurrency services to clients in recent months. 

“Institutional sentiment is increasingly positive and demand is increasing daily,” said Haohan Xu, CEO of Apifiny. “Bitcoin and ETH have had a tremendous move as compared to the S&P 500. The need for private equity and family offices to perform for their clients is opening new doors for digital assets.” 

The news came shortly after Gemini announced the details of its cryptocurrency rewards credit card, to launch this summer. Mastercard will be the exclusive card network and Salt Lake City, UT-based WebBank will issue the card, Gemini said. 

Cardholders will receive cash back, up to 3%, in the form of cryptocurrency. Clients will be able to choose from 30 different digital currencies.