Cryptocurrency exchange and custodian Gemini Trust Company, LLC (Gemini) has secured insurance coverage for custodied digital assets from lending services firm Aon, according to a press release published Oct. 3. Founded in 2014 in New York by Tyler and Cameron Winklevoss, Gemini is now the 50th largest digital currency exchange by 24 hour adjusted trade volume, according to data from CoinMarketCap. Per the press release, Gemini’s digital insurance coverage will complement the already available Federal Deposit Insurance Corporation (FDIC)-insured U.S. dollar deposits. Yusuf Hussain, Gemini’s Head of Risk, said: “Consumers are looking for the same levels of insured protection they’re …
Major business magazine Forbes has featured Gemini co-founders Cameron and Tyler Winklevoss as the richest Bitcoin (BTC) billionaires. Compiled by Forbes crypto-focused reporter Michael del Castillo, the ranking provides a list of Bitcoin investors that won the most from Bitcoin’s massive surge up to $42,000 in early January. The ranking includes three Bitcoin investors with an estimated crypto net worth above $1 billion, including the Winklevoss brothers, major industry investor Tim Draper and Matthew Roszak, chairman and co-founder of blockchain firm Bloq. The twins topped the list with an estimated cryptocurrency net worth of around $1.4 billion apiece. Roszak and …
Gemini, a cryptocurrency exchange founded by the Winklevoss twins, aims to improve user privacy with a major privacy token, Zcash (ZEC). Starting Sept. 29, Gemini will support shielded withdrawals of ZEC, which allows users to hide their transaction data. Gemini representatives said that the new feature is the “first time shielded ZEC withdrawals are available on a regulated exchange.” The new option comes in line with Gemini’s mission to strengthen financial privacy and “empower the individual through crypto,” Gemini executives said. Launched in 2016, Zcash is a major privacy-focused cryptocurrency, enabling two user privacy levels through two types of addresses …
Stablecoins attempt to be fiat currencies among cryptos. They can be a medium of exchange, a means of storing value and a unit of account. Unlike other digital coins, stablecoins are tied to some kind of stable asset — such as the United States dollar, euro or even gold. Linking to such assets confirms the coin’s stability and mitigating the volatility of cryptocurrencies. Related: Stablecoins Explained With this type of a token, an equal amount of fiat currency should be stored by the issuing company to back the value of the token. The owner of this token should be able …
Private transactions cryptocurrency PIVX and over 200 other blockchains are vulnerable to attackers obtaining disproportionately high staking rewards. A major staking vulnerability Cryptocurrency consulting firm Lunar Digital Assets claimed in a post published on its website on Aug. 12 that a staking vulnerability is being used across PIVX and its forks. The weakness reportedly allows the attacker to obtain mathematically impossible staking rewards on vulnerable proof-of-stake (PoS) chains. According to the post’s author, the PIVX development team claimed to have solved the issue in January. Nonetheless, a core developer of PoS altcoin BitGreen (BITG) noticed that the vulnerability in question …