The most important thing we do is ensure customer account security.” “We deploy information security resources that include a broad spectrum of security disciplines, and use only reputable third-party partners to provide architecture developed especially for our customers. “This is a highest-stakes problem,” said Breu. It’s very likely the end of the business. In the digital asset world, however, a security failure means the loss of all customer funds and customer trust. “Unlike many other exchanges, we have regulatory approval and are currently one of the three largest regulated exchanges in the U.S.” Highest-Stakes Securityįor most enterprises, consequences of a security breach do not threaten the existence of the business in its entirety. “We want our customers to have confidence in the security of our funds,” said Breu. Gemini has a higher level of compliance and regulatory oversight than other exchanges, many of which are licensed only as money transmitters. We waited until we received regulatory approval from the New York Department of Financial Services to begin operating and accepting customers in October of 2015.” We took our time building a team, building our technology, and building security architecture and compliance program from the ground up, with a diligent and thoughtful approach. We saw a void in the marketplace for a safe, secure and trustworthy bitcoin exchange, so we built one.”īreu recalled that in 2013, when Gemini was conceived, “soon after we received regulatory approval, we launched Gemini with a security-first mentality. “We wanted to be the platform that had both the licensing and regulatory oversight to give people confidence about digital money,” said Michael Breu, “without fear that we would be hacked and lose their funds. Gemini set out to be most secure, compliant digital asset exchange possible. “What the market needed,” said Michael Breu, Gemini’s Chief Compliance Officer, “was a super-secure exchange platform that legacy financial institutions would trust with their assets just like they would a custodian or bank.” Brokering Trust The trouble is, most consumers don’t want that kind of approach from a bank. Early Bitcoin businesses were experiments in the same way that most early technology is: iterative and disruptive. Where others saw failure, Gemini saw an opportunity. Many in the industry thought this incident spelled the end of digital assets altogether. Gox, the biggest player in the space, lost hundreds of millions of dollars in value after being breached. Gemini’s founders had been long interested in the digital asset market but were put off by massive industry failures, hacking, insider malfeasance, and the fact that many businesses were neither secure nor compliant. Gemini operates like a bank for people with digital assets who don’t want the challenge of securing it themselves. Gemini serves retail customers and institutional firms looking to trade in digital assets (e.g., Bitcoin and Ether) just as they trade in different foreign currencies, stocks, bonds and debt. Building a Secure Platform for Digital Assets With a platform built to provide a secure, frictionless way to buy, sell and store digital assets, Gemini needed an integrated 2FA solution to match. Gemini, a New York-based digital asset exchange that currently supports Bitcoin and Ether, is the first digital asset business to be regulated and secured to the same standards as banks and other financial institutions.
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