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Quick Take

• Gemini was founded by the Winklevoss twins in 2015 – the company grew from a New York-based Bitcoin exchange to a global crypto-asset services provider
• Gemini was founded on the ethos of asking for permission, not forgiveness, and has been actively working with regulators around the world to obtain proper licensing and comply with evolving regulations (expansion efforts in EU and APAC regions)
• Due to Gemini’s focus on compliance, Gemini exchange and custody had a short select list of supported crypto-assets – the company started to accelerate its asset listing process in early 2021, but the current offerings are still quite limited compared to its competitors like Binance
• Product security has been a key appeal for Gemini products, but this was called into question when IRA Financial Trust sued Gemini for its alleged role in the breach of customer retirement accounts (theft of $36 million of crypto-assets in February 2022)

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