Trading and Storing Cryptocurrency – Envysion and Gemini Partnership

Bit Coin Block Chain

Cryptocurrency is no longer a strange and unfamiliar term. When mentioned, it is always associated with bitcoin and blockchain. For the developers, the blockchain concept is one revolutionary technology that will provide a ubiquitous digital portal through which all transactions will occur. Bitcoin is an asset that has provided tremendous returns for the investors that no asset class has ever given. By all accounts, the 1300% return for Bitcoin in 2017 has put it within the annals of one of the best return asset class ever. 

However, as digital currency acceptance gains momentum, we see increased fraud, hacking, and cyber theft in digital currencies. Keeping cryptocurrency secured can be a tall order, and security is always in the mind of investors.

Envysion is proud to partner with Gemini in offering clients access to cryptocurrency trading. This partnership was cemented as a result of the inadequacies in the crypto world. In today’s context, there are multiple platforms that investors can trade crypto. In fact, clients in Singapore can even buy a crypto currency from a vending machine. This is not ideal particularly in the security and confirmation of the trade aspects. 

Who is Gemini?

Gemini is a cryptocurrency exchange that is founded by the Winklevoss Twins (Cameron Winklevoss and Tyler Winklevoss) in 2014. It is a US-based company with FDIC protection, that operates on a simple platform that is easy to use with an enhanced level of security. Gemini has a track record of zero security breaches.

The Story Behind Gemini's Security

The secret to Gemini’s high-level security lies in its proprietary cold storage technique. Cold storage keeps digital wallets offline from the network, which protects them from any hackers. In the past, exchanges that were hacked are usually due to the over-storage of hot wallets. Assets under hot wallets are connected to a network and this leaves them vulnerable to hackers. Gemini is aware of this and their digital assets are mostly stored in air-gapped cold storage systems which are offline. While Gemini does manage hot wallet funds, they are FDIC insured. This means that even in the event of a hack, the digital assets will remain safe. As such, for those who value security, Gemini is the right place to go to.

With security being its main selling point, Gemini crypto exchange is suitable for investors focused on the above-mentioned cryptocurrencies. Clients who are making large volume trades or exchanging between fiat and digital currency, would certainly enjoy the enhanced security that Gemini can provide in protecting both fiat and digital currency account.

Why Gemini?

So why did Envysion choose to partner Gemini? Here are the reasons:

  1. Gemini offers over 47 cryptocurrencies and growing. This gives investors a wide range of options to select the crypto to trade.

  2. There are multiple platforms. Gemini provides the level of security expected by regulators.

  3. They have bought insurance to ensure the security relating to both the system functionality and custody.

  4. They provide 24 / 7 service.

  5. Trade confirmations are available within 5 minutes from the moment the trade is done.

  6. They are subjected to audit, compliance, and capital reserve requirements equivalent to a financial institution in the US.

  7. They provide updated news on the crypto world. This will aid investors in making informed decisions.

  8. Gemini accepts fiat currencies such as USD, AUD, CAD, EUR, GBP, and HKD as well.

  9. Gemini is a New York trust company regulated by the New York State Department of Financial Services (NYSDFS).

  10. With increasing interest from retail and institutional clients, regulators are paying a lot more attention, and sometime in the future, these platforms will be regulated eventually. It is advisable for clients to make the first move onto a recognized regulated Exchange.

  11. Trading Liquidity on Gemini’s Exchange is ample.

  12. There are tools on Gemini’s platform to assist in trading strategies.

Comparison of Avenues to Trade Crypto

 GeminiCoinbaseDBS
Trading Hours24/7
24/70900 to 1800 on weekdays
Number of Currencies47 types of Cryptocurrencies
41 types of tradeable crypto currencies assets
Only four: BTC, ETH, BCH and XRP
Execution ModeScreen trading and OTC execution capability for block trades with algos
Screen Trading, OTC execution capability for block trades with algo, Multiple execution options, Direct access to exchange
Only screen-trading available
Trade in CustodyMore seamless liquidity with Gemini exchange. No more waiting 8-24 hours to move your crypto from your cold wallet.UnclearNot available
CustodyQualified custodial offering with more than five years of track record, US $200mil insurance and trade-in-custody functionality.

Coinbase Custody – Qualified custodial offering

Separate Standalone independent, NYDFS-regulated entity built on Coinbase’s crypto-first DNA.
In-house custody with no mention of insurance coverage
UX/UITrading and custody are all within one single user interface
Trading and custody are all within one single user interface

Trading and custody of assets likely not within the same single user interface
AccessibilityAnyone with a Gemini account
Anyone with a Coinbase accountOnly for Institutional and AI clients next week
SecurityCompleted third-party industry-grade security testing (SOC 1 Type 1, SOC 2 Type 1 and SOC 2 Type 2) by Deloitte 
Completed the SOC 1 Type 2 (“SOC 1”) and SOC 2 Type 2 (“SOC 2”) examinations by Grant Thornton LLP
In-house
AuditedGemini custody is regularly audited and subject to the capital reserve requirements and compliance standards of a traditional financial institution in the US
Coinbase custody is regulated by Grant Thornton under rigorous audits and is subjected to capital reserve requirements and compliance standards of a traditional financial institution in US
Not disclosed
Crypto-NativeDeeply connected to the crypto financial markets with a global coverage (NY, UK and SG) with a pipeline of innovative products (to be announced in 2021). 

Enhanced security systems in managing both fiat and digital currency accounts
Global platform coverage for crypto-markets.
Supported Areas: All US states except Hawaii. Canada, Hong Kong, Singapore, South Korea
Traditional bank

Gemini, the better choice

Lastly, Gemini provides a full suite of local coverage (i.e Relationship Managers, Customer and Tech Support), which other platforms may not have. Gemini takes a regulatory-first approach in listing tradeable tokens rather than a commercial approach. Gemini is also the only regulated exchange that did not list Ripple (XRP), which is now charged by SEC in US.

Prioritising security and regulation, Gemini maintains a good working relationship with regulators. Gemini works with 3iQ (first Canadian regulated ETF fund), Raiz Invest (Australia based) as well as State Street to globally to offer custody to institutional clients which makes Gemini attractive.  

注意:以上内容不是要点的详尽列表。本说明仅供进行初步讨论。本文中包含的信息不应解释为专业建议。

Important Information

This document is prepared for clients of Envysion Wealth Management (“Envysion”) only. Information has been obtained from sources believed to be reliable but Envysion or its affiliates and/or subsidiaries do not warrant its completeness or accuracy except with respect to any disclosures and it should not be relied on as such. The information, opinions, estimates and forecasts contained herein are as of the date of this document and are subject to change without notice.

We have not considered any individual’s portfolio, investment objectives, risk tolerance, portfolio diversification or particular needs and are not intended as recommendations of particular securities, financial instruments or strategies to particular clients. The recipient of this communication must make his/or own independent decisions regarding whether this communication and any securities or financial instruments mentioned herein, is appropriate in the light of its existing portfolio holdings and/or investment needs.

The information in this document cannot disclose everything about the nature and risks of the above mentioned product. This is not an exhaustive list of the risks involved, nor should it be regarded as offering advice on the suitability of these investments for you. In addition to considering your own circumstances and needs, please read carefully and make sure you understand this product’s objectives, risks, charges and expenses, as well as the contents of any term sheet or such equivalent documentation before you make any investment.

Before making any investment, you should consider all risks carefully and consult an independent financial adviser as necessary before dealing with any financial products mentioned in this document.

免责声明

This document may contain information proprietary to Envysion which may not be reproduced or redistributed in whole or in part without Envysion’s prior consent. It is not an offer or a solicitation nor an advice or by itself a recommendation with respect to such investment products. It does not have regard to the specific investment objectives, investment experience, financial situation and the particular needs of any recipient or customer. You should exercise caution in relation to any potential investment. You should independently evaluate the presented product and consider the suitability of such investment, considering your own specific investment objectives, investment experience, financial situation and/or particular needs. You will need to decide on your own as to whether or not the contents of this document are suitable for yourself. If you have any doubt about the contents of this document and/or the suitability of any investment products mentioned herein, you should obtain independent financial, legal and/or tax advice from your professional advisers as necessary.

免责声明

Envysion is not in the business of providing, and do not provide, tax, accounting or legal advice to any clients. The material contained herein is prepared for informational purposes and is not intended or written to be used, and cannot be used or relied upon for tax, accounting or legal advice. You are responsible for consulting your own independent advisor as to the tax, accounting and legal consequences associated with your investments/transactions based on your particular circumstances. This document and other related documents have not been reviewed by with the Monetary Authority of Singapore nor any regulator elsewhere.

This document may not be published, circulated, reproduced or distributed in whole or in part to any other person without Envysion’s prior written consent. This document is not intended for distribution to, publication or use by any person in any jurisdiction outside Singapore, where such distribution, publication or use would be contrary to applicable law or would subject Envysion and its related corporations, connected persons, associated persons and/or affiliates (collectively, “Affiliates”) to any registration, licensing or other requirements within such jurisdiction.

 Investments carry significant risk, including the possible loss of the principal amount invested. Financial instruments or other products denominated in a foreign currency are subject to exchange rate fluctuations, which may have an adverse effect on the price or value of an investment in such products. No liability is accepted by Envysion for any loss (whether direct, indirect or consequential) that may arise from any use of the information contained in or derived from this document.

Past performance is not a guarantee or indication of future results. Any prices provided in this document (other than those that are identified as being historical) are indicative only and do not represent firm quotes as to either price or size. You should contact your advisor directly if you are interested in buying or selling any financial instrument or other product or pursuing any trading strategy, investment strategy or wealth planning structure that may be mentioned in this document.

While reasonable efforts have been made to ensure that the contents of this document have been obtained or derived from sources believed by Envysion to be reliable, neither Envysion nor its Affiliates has independently verified the accuracy of such source(s). Envysion and its Affiliates and their respective officers, employees, agents and representatives do not make any express or implied representations, warranties or guarantees as to the accuracy, timeliness or completeness of the information, data or prevailing state of affairs that are mentioned in this document and do not accept any liability for any loss or damage whatsoever, direct or indirect, arising from or in connection with the use of the contents of this document.

免责声明

Envysion and its Affiliates may have issued other reports, analyses, or other documents expressing views different from the contents hereof and all views expressed in all reports, analyses and documents are subject to change without notice. Envysion and its Affiliates reserve the right to act upon or use the contents hereof at any time, including before its publication herein. The author of this document may have discussed the information contained therein with others within or outside Envysion and the author and/or other personnel may have already acted on the basis of this information (including communicating the information contained herein to other customers of Envysion). Envysion, its personnel (including those with whom the author may have consulted in the preparation of this communication), and other customers may be long or short the financial instruments or other products referred to in this document, may have acquired such positions at prices and market conditions that are no longer available, and may have interests different from or adverse to your interests.

This document is not intended for circulation or distribution outside Singapore, other than to whom such circulation or distribution is permitted by, or is exempt from the requirements of, the applicable laws and regulations of Singapore.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

Newsletter

subscribe