Gemini Custody vs Fireblocks — Head-to-Head Custody Comparison

An independent, data-driven comparison of Gemini Custody and Fireblocks across security, insurance, fees, regulatory compliance, and more.

Verdict

Quick Verdict

Gemini Custody scores 7.7 vs Fireblocks's 6.4. Gemini Custody leads in 4 of 8 categories.

Gemini Custody is better suited for Institutions, Funds, Family offices. Fireblocks is better suited for Exchanges, Fintechs, Banks.

7.7

GoodCustody Score

Gemini Custody

6.4

FairCustody Score

Fireblocks

Scores

Score Comparison

Weighted scores across all 8 custody criteria.

Criterion	Weight	Gemini Custody	Fireblocks	Winner
Security	20%	8.5	9.0	Fireblocks
Insurance	15%	7.0	2.0	Gemini Custody
Regulatory	15%	9.0	5.0	Gemini Custody
Fee Transparency	10%	7.5	5.0	Gemini Custody
Track Record	15%	7.0	8.5	Fireblocks
Withdrawal Flexibility	10%	7.5	8.0	Fireblocks
Reporting & Audit	10%	9.0	8.0	Gemini Custody
Counterparty Diversification	5%	2.0	4.0	Fireblocks
Overall Score	100%	7.7	6.4	Gemini Custody

Visual

Score Radar

Visual overlay of Gemini Custody and Fireblocks across all categories.

Gemini CustodyFireblocks

Deep Dive

Category-by-Category Analysis

A deeper look at how each provider performs in every scoring criterion.

Security (8.5 vs 9.0)

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..

Fireblocks uses MPC-CMP (no single private key exists) key management with Configurable (hot/warm/cold) in cold storage and regular penetration testing. Compliance: SOC 2 Type 2. Incident history: No incidents affecting client funds.

Insurance (7.0 vs 2.0)

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.

Fireblocks offers Not applicable directly — provides technology, not custodial services via N/A. Institutions using Fireblocks arrange their own insurance. Fireblocks provides the secure infrastructure layer.

Regulatory (9.0 vs 5.0)

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.

Fireblocks holds Technology provider — regulatory compliance is on the institution using Fireblocks and is not a qualified custodian operating in Global. Fireblocks itself is not a custodian. It provides technology to custodians and exchanges. Institutions must pair Fireblocks with a regulated entity.

Fee Transparency (7.5 vs 5.0)

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.

Fireblocks charges SaaS subscription model in annual custody fees with Per-transaction fees vary per transaction. Fireblocks is infrastructure, not a direct custodian. Pricing is B2B SaaS. End users don't interact with Fireblocks directly.

Track Record (7.0 vs 8.5)

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..

Fireblocks was founded in 2018 and is headquartered in New York, NY. AUM: $6T+ transferred through platform (not custodied directly). Incident history: No incidents affecting client funds.

Withdrawal Flexibility (7.5 vs 8.0)

Gemini Custody withdrawal fees: Network fees. Minimum account: Contact for pricing. Supported assets: Bitcoin, Ethereum, 70+ assets.

Fireblocks withdrawal fees: Network fees. Minimum account: Enterprise only. Supported assets: Bitcoin, Ethereum, 1,500+ tokens.

Reporting & Audit (9.0 vs 8.0)

Gemini Custody: SOC compliance is SOC 1 Type 2 + SOC 2 Type 2. As a qualified custodian, it meets SEC reporting requirements.

Fireblocks: SOC compliance is SOC 2 Type 2. Not classified as a qualified custodian.

Counterparty Diversification (2.0 vs 4.0)

Gemini Custody is a qualified custodian provider. Key management: Proprietary cold storage system with HSMs and multi-layer security protocols..

Fireblocks is a custody technology provider provider. Key management: MPC-CMP (Multi-Party Computation with Cryptographic Multi-Party protocol). No single point of compromise..

Fees

Fee Comparison

Side-by-side fee breakdown for Gemini Custody and Fireblocks.

Fee Type	Gemini Custody	Fireblocks
Setup Fee	Contact for pricing	Enterprise pricing
Annual Custody	0.40% AUM annually (40bps) — tiered	SaaS subscription model
Transaction	Varies by volume	Per-transaction fees vary
Withdrawal	Network fees	Network fees

Gemini Custody: Lower than Coinbase Custody's 50bps for comparable service.

Fireblocks: Fireblocks is infrastructure, not a direct custodian. Pricing is B2B SaaS. End users don't interact with Fireblocks directly.

Features

Feature Comparison

Checklist of features across both providers.

Feature	Gemini Custody	Fireblocks
1,500+ token support	✗	✓
70+ asset support	✓	✗
API-first for developers	✗	✓
Available in all 50 US states	✓	✗
Cold storage custody	✓	✗
DeFi access and Web3 connectivity	✗	✓
Hardware security key support (WebAuthn)	✓	✗
Integration with Gemini exchange	✓	✗
MPC key management (no single key ever exists)	✗	✓
Policy engine for governance workflows	✗	✓
SOC 1 & SOC 2 Type 2 certified	✓	✗
Treasury management	✗	✓
Used by 1,800+ institutions	✗	✓

Recommendation

Who Should Choose Which?

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

Fireblocks is better if you…

✓Are a exchanges
✓Are a fintechs
✓Are a banks
✓Are a custodians building their own solutions
✓Want: Industry-leading MPC technology — no single private key ever exists
✓Want: Powers 1,800+ institutions and $6T+ in transfers
✓Want: SOC 2 Type 2 certified

FAQ

Frequently Asked Questions

Is Gemini Custody or Fireblocks better for Bitcoin custody?

Gemini Custody scores 7.7 vs 6.4 in our weighted Custody Score. Gemini Custody leads in 4 of 8 scoring categories. However, the best choice depends on your specific needs: Gemini Custody is best for Institutions and Funds, while Fireblocks suits Exchanges and Fintechs.

What is the difference between Gemini Custody and Fireblocks?

Gemini Custody is a qualified custodian provider, while Fireblocks is a custody technology provider provider. Gemini Custody excels in Regulatory, whereas Fireblocks is strongest in Security.

How do Gemini Custody and Fireblocks fees compare?

Gemini Custody charges 0.40% AUM annually (40bps) — tiered annual custody fees with Varies by volume transaction fees. Fireblocks charges SaaS subscription model annual custody fees with Per-transaction fees vary transaction fees.

Which is more secure, Gemini Custody or Fireblocks?

Gemini Custody scores 8.5/10 for security while Fireblocks scores 9.0/10. Gemini Custody uses HSM-based cold storage key management, and Fireblocks uses MPC-CMP (no single private key exists).