Gemini, the cryptocurrency exchange and custodian led by Cameron and Tyler Winklevoss, today announced that its Gemini Custody clients will now be able to store five additional coins: Chainlink (LINK), Golem (GNT), Numeraire (NMR), Orchid (OXT), and Storj (STORJ).
It’s the latest move in a series of rapid expansion plays that the firm has made as of late in an attempt to further widen and legitimize the crypto market among institutional investors.
The startup calls itself “the world’s first crypto exchange and custodian to demonstrate the highest level of security compliance in the industry.” Earlier this year, Gemini announced the creation of an insurance company that will cover client’s crypto to the tune of $200 million.
Perhaps the most interesting addition to Gemini Custody today is LINK, which aims to act as a money transfer bridge between different crypto networks and the traditional banking system. One purported use case for Chainlink is that it allows traditional banking services like SWIFT to send real-world money transfers into blockchain networks like Bitcoin and Ethereum.
Another addition, Golem’s GNT, aims to take on the cloud computing industry by allowing users to buy and sell underused computing power on a global marketplace.
Gemini’s expansion comes as the market for custody solutions targeting institutional investors heated up last year with the release of Bakkt Bitcoin Futures. The New York-based startup also announced plans in recent months to expand its presence in Europe and Australia.
Today’s news means that the exchange’s custody solution now supports 23 cryptocurrencies, including Bitcoin, Gemini’s stablecoin GUSD, and other Ethereum-based tokens like 0x (ZRX), Augur (REP) and Maker (MKR).