A new collaboration between financial services firm State Street Corporation and the Winklevoss’ Gemini cryptocurrency exchange will launch a reporting pilot for cryptocurrency holdings under custody.
Per a press release published on Dec. 17, the two entities launched a new pilot that would combine Gemini Custody — the exchange’s custody wing — with State Street’s back-office reporting. The project enables users to consolidate the reporting of their digital assets processed by Gemini with their traditional assets serviced by State Street.
Small, but growing demand
Initially, the pilot will produce reports on two cryptocurrencies 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.
Commenting on the development, Ralph Achkar, 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.”
Gemini CEO Tyler Winklevoss said, “Traditional investors will more seamlessly be able to allocate capital in their portfolio to digital assets through trusted and regulated financial institutions.”
Gemini Custody rolled out in September, allowing customers to trade their assets in custody on the Gemini exchange without waiting for them to be transferred from cold storage.
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).
Also in September, Gemini introduced a sub-accounts feature for institutional customers — enabling the creation of unlimited multiple accounts under one master account.