BitGo vs Gemini Custody — Head-to-Head Custody Comparison
An independent, data-driven comparison of BitGo and Gemini Custody across security, insurance, fees, regulatory compliance, and more.
Verdict
Quick Verdict
BitGo scores 8.2 vs Gemini Custody's 7.7. BitGo leads in 5 of 8 categories.
BitGo is better suited for Institutions, Exchanges, Funds. Gemini Custody is better suited for Institutions, Funds, Family offices.
Scores
Score Comparison
Weighted scores across all 8 custody criteria.
| Criterion | Weight | BitGo | Gemini Custody | Winner |
|---|---|---|---|---|
| Security | 20% | 9.0 | 8.5 | BitGo |
| Insurance | 15% | 8.5 | 7.0 | BitGo |
| Regulatory | 15% | 9.0 | 9.0 | Tie |
| Fee Transparency | 10% | 6.5 | 7.5 | Gemini Custody |
| Track Record | 15% | 9.0 | 7.0 | BitGo |
| Withdrawal Flexibility | 10% | 8.0 | 7.5 | BitGo |
| Reporting & Audit | 10% | 8.5 | 9.0 | Gemini Custody |
| Counterparty Diversification | 5% | 3.0 | 2.0 | BitGo |
| Overall Score | 100% | 8.2 | 7.7 | BitGo |
Visual
Score Radar
Visual overlay of BitGo and Gemini Custody across all categories.
Deep Dive
Category-by-Category Analysis
A deeper look at how each provider performs in every scoring criterion.
Security (9.0 vs 8.5)
BitGo uses Multi-signature + MPC key management with Majority cold in cold storage and regular penetration testing. Compliance: SOC 2 Type 2. Incident history: No major incidents. Minor service disruptions reported..
Gemini Custody uses HSM-based cold storage key management with Majority cold in cold storage and regular penetration testing. Compliance: SOC 1 Type 2 + SOC 2 Type 2. Incident history: Gemini Earn program issues in 2022 (separate from custody). No custody-specific incidents..
Insurance (8.5 vs 7.0)
BitGo offers $250M policy limit via Lloyd's of London syndicate. Covers assets in hot and cold storage against theft and security breaches. Institutions should confirm per-asset limits and exclusions.
Gemini Custody offers Insurance on all crypto stored in hot wallet. Cold storage coverage varies. via Top insurance providers. Gemini is one of few exchanges offering insurance on online assets. Cold storage insurance details available to institutional clients.
Regulatory (9.0 vs 9.0)
BitGo holds South Dakota Trust Charter, New York BitLicense and is a qualified custodian operating in United States. BitGo Trust Company is a qualified custodian regulated by the South Dakota Division of Banking.
Gemini Custody holds New York Trust Charter, SOC 1 Type 2, SOC 2 Type 2 and is a qualified custodian operating in United States. New York State Department of Financial Services regulated trust company. First crypto exchange to achieve both SOC 1 and SOC 2 Type 2.
Fee Transparency (6.5 vs 7.5)
BitGo charges Based on AUM — tiered pricing in annual custody fees with Varies per transaction. Enterprise pricing available. BitGo Go for smaller clients.
Gemini Custody charges 0.40% AUM annually (40bps) — tiered in annual custody fees with Varies by volume per transaction. Lower than Coinbase Custody's 50bps for comparable service.
Track Record (9.0 vs 7.0)
BitGo was founded in 2013 and is headquartered in Palo Alto, CA. AUM: $64B+ in custody. Incident history: No major incidents. Minor service disruptions reported..
Gemini Custody was founded in 2019 and is headquartered in New York, NY. AUM: Not publicly disclosed. Incident history: Gemini Earn program issues in 2022 (separate from custody). No custody-specific incidents..
Withdrawal Flexibility (8.0 vs 7.5)
BitGo withdrawal fees: Network fees. Minimum account: Contact for pricing. Supported assets: Bitcoin, Ethereum, 700+ tokens.
Gemini Custody withdrawal fees: Network fees. Minimum account: Contact for pricing. Supported assets: Bitcoin, Ethereum, 70+ assets.
Reporting & Audit (8.5 vs 9.0)
BitGo: SOC compliance is SOC 2 Type 2. As a qualified custodian, it meets SEC reporting requirements.
Gemini Custody: SOC compliance is SOC 1 Type 2 + SOC 2 Type 2. As a qualified custodian, it meets SEC reporting requirements.
Counterparty Diversification (3.0 vs 2.0)
BitGo is a qualified custodian provider. Key management: Multi-signature (2-of-3) with optional MPC. Keys split between client and BitGo..
Gemini Custody is a qualified custodian provider. Key management: Proprietary cold storage system with HSMs and multi-layer security protocols..
Fees
Fee Comparison
Side-by-side fee breakdown for BitGo and Gemini Custody.
| Fee Type | BitGo | Gemini Custody |
|---|---|---|
| Setup Fee | Varies by plan | Contact for pricing |
| Annual Custody | Based on AUM — tiered pricing | 0.40% AUM annually (40bps) — tiered |
| Transaction | Varies | Varies by volume |
| Withdrawal | Network fees | Network fees |
BitGo: Enterprise pricing available. BitGo Go for smaller clients.
Gemini Custody: Lower than Coinbase Custody's 50bps for comparable service.
Features
Feature Comparison
Checklist of features across both providers.
| Feature | BitGo | Gemini Custody |
|---|---|---|
| 70+ asset support | ✗ | ✓ |
| 700+ token support | ✓ | ✗ |
| Available in all 50 US states | ✗ | ✓ |
| Cold storage custody | ✗ | ✓ |
| DeFi and Web3 access | ✓ | ✗ |
| Hardware security key support (WebAuthn) | ✗ | ✓ |
| Hot and cold storage options | ✓ | ✗ |
| Integration with Gemini exchange | ✗ | ✓ |
| Multi-signature wallets (2-of-3) | ✓ | ✗ |
| Policy engine for governance workflows | ✓ | ✗ |
| Portfolio and tax reporting | ✓ | ✗ |
| SOC 1 & SOC 2 Type 2 certified | ✗ | ✓ |
| Staking services | ✓ | ✗ |
Recommendation
Who Should Choose Which?
BitGo is better if you…
- ✓Are a institutions
- ✓Are a exchanges
- ✓Are a funds
- ✓Are a fintechs
- ✓Want: Industry-leading institutional track record since 2013
- ✓Want: $250M insurance coverage
- ✓Want: SOC 2 Type 2 compliant
Gemini Custody is better if you…
- ✓Are a institutions
- ✓Are a funds
- ✓Are a family offices
- ✓Are a fiduciaries
- ✓Want: First crypto exchange to achieve SOC 1 + SOC 2 Type 2
- ✓Want: Competitive custody fee at 40bps
- ✓Want: Available in all 50 US states
FAQ
Frequently Asked Questions
Is BitGo or Gemini Custody better for Bitcoin custody?
BitGo scores 8.2 vs 7.7 in our weighted Custody Score. BitGo leads in 5 of 8 scoring categories. However, the best choice depends on your specific needs: BitGo is best for Institutions and Exchanges, while Gemini Custody suits Institutions and Funds.
What is the difference between BitGo and Gemini Custody?
BitGo is a qualified custodian provider, while Gemini Custody is a qualified custodian provider. BitGo excels in Security, whereas Gemini Custody is strongest in Regulatory.
How do BitGo and Gemini Custody fees compare?
BitGo charges Based on AUM — tiered pricing annual custody fees with Varies transaction fees. Gemini Custody charges 0.40% AUM annually (40bps) — tiered annual custody fees with Varies by volume transaction fees.
Which is more secure, BitGo or Gemini Custody?
BitGo scores 9.0/10 for security while Gemini Custody scores 8.5/10. BitGo uses Multi-signature + MPC key management, and Gemini Custody uses HSM-based cold storage.
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