Gemini reveals $601M GUSD backing, 45+ licenses amid global exchange turmoil

Hull Invest

Winklevoss Twins-backed exchange Gemini has announced a “Trust Center” that displays a breakdown of funds held on the platform.of pageHosted on the Gemini website.

However, data from several sources including of crypto slate The coin page shows that GUSD has a market capitalization of $613.98 million, leaving a gap of $12.98 million.

Exchange assets consist of 2,257,474,294 BTC, 1,714,709,859 ETH, and $681,003,276 in other crypto assets. Additionally, in FIAT he has $542,892,356, all held in his FDIC insurance bank. According to the statement, the funds were valid for him as of midnight on November 29.

“Fiat currency assets held for the benefit of clients as of 12:00 AM ET.

The exchange also listed over 45 related licenses in the US, UK and Ireland. The license includes New York Trust License In addition to cryptocurrencies granted in 2015, most states in the United States have granted remittance licenses. Gemini also holds virtual asset and e-money licenses in the UK and Ireland.

Licensing in the notoriously tricky New York State has strict standards. A crypto license in New York is not easy to obtain and “imposes certain excess capital requirements on all assets held in Gemini”.

“At any time, Gemini must hold capital in excess of customer deposits and must report material changes in this capital to NYDFS.”

Unlike Binance’s open margin, Gemini’s “Trust Center” does not include the ability for customers to verify their assets or link them to their on-chain wallets. This page is in static format and is “updated daily”.

Information on specific assets, reserves, licenses, and certifications show a level of regulation comparable to Gemini’s traditional financial counterparties, but the lack of complete transparency has upset some crypto purists. It may not be possible to do so.

The diagram below shows Gemini’s corporate structure as outlined in the Trust Center. Gemini Space Station is the parent company of Gemini Trust, Gemini UK and Gemini Ireland. Each entity has its own board, licenses and registrations. However, only trusts have committees focused on audit, compliance, and executive and manager review.

gemini structure
Gemini Universe

Gemini ended the Trust Center page with a quote central to its mission.

“get permission,
Not for forgiveness.

From day one, Gemini has prioritized the security of our customers’ assets.
We never compromised on that and will never compromise on it. ”

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