Law360 (January 17, 2020, 8:58 PM EST) — Cameron and Tyler Winklevoss’ cryptocurrency exchange Gemini Trust Company LLC has launched its own insurance carrier to shield customers against the loss of their holdings on the company’s offline servers, with coverage of up to $200 million.
On Thursday, Gemini announced that it had established its own captive insurer, Nakamoto Ltd., to cover risks faced by its so-called cold storage custody service, through which customers can store on offline servers the private keys that permit access to their digital currencies. Cold storage contrasts with “hot storage” systems, which are linked to the internet and therefore more vulnerable to hackers.
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