State Street Corporation, a financial services firm, and Gemini, a cryptocurrency exchange, will launch a reporting pilot for cryptocurrency holdings under custody.
Gemini, State Street Launch Cryptocurrency Reporting Pilot https://t.co/oGiRCWNPDa pic.twitter.com/2Mm8cvKvs6 — Krupte (@OfficialKrupte) December 17, 2019
On December 17, it has been reported that the two entities launched a new pilot that would combine Gemini Custody, the exchange’s custody wing, with State Street’s back-office reporting.
However, 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 that 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.
⚡Gemini, State Street Launch Cryptocurrency Reporting Pilot ⚡#Crypto #Blockchain #cryptocurrency #CryptoCrunchApphttps://t.co/4YJGrJY2MA — CryptoCrunchApp (@GoCryptoCrunch) December 17, 2019
Ralph Achkar, the 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.”
Likewise, Tyler Winklevoss, the CEO of Gemini, said:
“Traditional investors will more seamlessly be able to allocate capital in their portfolio to digital assets through trusted and regulated financial institutions.”
It has been analyzed that Gemini Custody rolled out in September 2019, allowing customers to trade their assets in custody on the Gemini exchange without waiting for them to be transferred from cold storage.
<img src="https://i0.wp.com/www.cryptonewspoint.com/wp-content/uploads/2019/12/since-otmetkaid-is-first-block-in-a-blockchain-partners-can-provide-own-protected-information-where-additional-data-protected.jpg?fit=1024%2C451&ssl=1" alt="" class="wp-image-7107 lazyload" width="505" height="222" />
However, Gemini Custody reportedly supports 18 cryptocurrencies including Bitcoin (BTC), 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).
Thus, in September itself, Gemini introduced a sub-accounts feature for institutional customers, enabling the creation of unlimited multiple accounts under one master account.
Source: cointelegraph
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