New York-based cryptocurrency exchange Gemini has introduced a sub-accounts feature for institutional customers — enabling the creation of unlimited multiple accounts under one master account.
In a Sept. 3 announcement, the company led by Cameron and Tyler Winklevoss claimed to be the world’s first crypto exchange and custodian to support such an option.
“Most commonly requested feature”
Once a user creates a set of sub-accounts, they can segregate trading strategies, funds and end customers, as well as earn volume-based trading fee discounts in a simpler way. The announcement further explained:
“Each sub-account can have its own distinct set of users permissioned for specific roles, as well as its own account balance and unique, independently verifiable crypto addresses. A master account administrator can view and perform actions for any user of any sub-account.”
The feature also allows to instantly transfer digital currency or fiat currency between sub-accounts at no charge, as such transfers are off-chain and not broadcast to a given blockchain.
Gemini’s services expansion
The announcement follows news that Gemini has joined the Silvergate Exchange Network to speed up fiat transfers. The main benefit of the exchange’s partnership with the crypto-friendly bank is ostensibly that Gemini’s institutional investor clients can withdraw and deposit United States dollars from their accounts at any time.
In late August, the exchange revealed its expansion to Australia — enabling residents of the country to use its platform to buy, sell and store crypto.