Thu, July 18

Gemini Holds $30B Worth of Cryptocurrency Under Custody

Gemini Holds $30B Worth of Cryptocurrency Under Custody Exchange News
  • Crypto exchange Gemini now holds $30 billion worth of cryptocurrencies.
  • Winklevoss Twins will consider taking Gemini public listing on Nasdaq like Coinbase.
  • Other exchange listings could significantly impact the share of Coinbase price

Gemini, the Winklevoss Twins crypto exchange now holds $30 billion worth of cryptocurrencies under custody as competition increased among top US exchanges.

According to the blog post on Gemini, the exchange gained impressive growth this year with strong demand from institutional clients.

The blog post adds,

“Tracking with the impressive growth of the crypto market this year and increased participation from institutional investors, we have more than tripled our crypto under custody since the beginning of 2021.”

Gemini works with big asset managers. These include BlockFi, Blockchange, CoinList, CI Global Asset Management, DAiM, BTG Pactual, Caruso, Eaglebrook Advisors, and WealthSimple. 

Moreover, Gemini is a New York-based company, founded in 2014 by Tyler and Cameron Winklevoss. However, the twins told Bloomberg that they will consider taking Gemini’s public listing on Nasdaq like Coinbase.

Notably, other exchanges listing could significantly impact the share of Coinbase price. For instance, Coinbase’s price has dropped from $328.28 on its first day of trading to $288.46.

Coinbase’s Share Expected to Drop Over $100

David Trainer is the CEO of New Constructs and an Analyst at Veteran Wall Street. The trainer said that he expects Coinbase’s share price will decrease to over $100 due to increasing competition. Currently, Coinbase is overvalued as per Trainer. Also, representing its current valuation indicates it will overtake the joined annual revenue of Intercontinental Exchange and Nasdaq.

Q1 earnings of $3.07 per share on revenue of $1.82 billion of Coinbase expected to report on Thursday. In addition, Trainer explained that in case it exceeds expectations, this will attract more competitors and drive down future revenues.

In April, Trainer warned the raised $100 valuation of Coinbase was far too huge due to strong competition from Gemini, Bitstamp, Kraken, and Binance. By the end of 2020, Coinbase Custody had over $90 billion assets under custody, according to the report released in March.

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Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.