Gemini Custody
Qualified CustodianGemini Custody is the institutional cold storage solution from Gemini, the Winklevoss twins' cryptocurrency exchange. SOC 1 and SOC 2 Type 2 certified — the first crypto exchange to achieve both. Offers cold storage custody with insurance.
Quick Verdict
With a Custody Score of 7.7/10, Gemini Custody is ranked #5 of 11 among qualified custodian providers. Its strongest category is Regulatory and its weakest is Counterparty Diversification.
Analysis
Score Breakdown
The Custody Score is a weighted average across 8 criteria, each rated 1-10.
| Criterion | Score | Weight | Weighted |
|---|---|---|---|
| Security | 8.5 | 20% | 1.70 |
| Insurance | 7 | 15% | 1.05 |
| Regulatory | 9 | 15% | 1.35 |
| Fee Transparency | 7.5 | 10% | 0.75 |
| Track Record | 7 | 15% | 1.05 |
| Withdrawal Flexibility | 7.5 | 10% | 0.75 |
| Reporting & Audit | 9 | 10% | 0.90 |
| Counterparty Diversification | 2 | 5% | 0.10 |
| Total | 100% | 7.7 |
Key Features
- ✓Cold storage custody
- ✓SOC 1 & SOC 2 Type 2 certified
- ✓Hardware security key support (WebAuthn)
- ✓Integration with Gemini exchange
- ✓Available in all 50 US states
- ✓70+ asset support
Fee Breakdown
| Setup Fee | Contact for pricing |
| Annual Custody Fee | 0.40% AUM annually (40bps) — tiered |
| Transaction Fee | Varies by volume |
| Withdrawal Fee | Network fees |
| Notes | Lower than Coinbase Custody's 50bps for comparable service. |
Security Details
Key Management
HSM-based cold storage
Cold Storage
Majority cold
SOC Compliance
SOC 1 Type 2 + SOC 2 Type 2
Penetration Testing
Yes
Incident History: Gemini Earn program issues in 2022 (separate from custody). No custody-specific incidents.
Insurance Coverage
Coverage
Insurance on all crypto stored in hot wallet. Cold storage coverage varies.
Carrier
Top insurance providers
Details
Gemini is one of few exchanges offering insurance on online assets. Cold storage insurance details available to institutional clients.
Regulatory Status
Licenses
- New York Trust Charter
- SOC 1 Type 2
- SOC 2 Type 2
New York State Department of Financial Services regulated trust company. First crypto exchange to achieve both SOC 1 and SOC 2 Type 2.
Pros & Cons
Pros
- First crypto exchange to achieve SOC 1 + SOC 2 Type 2
- Competitive custody fee at 40bps
- Available in all 50 US states
- Strong regulatory credentials (NYDFS regulated)
- Good asset diversity (70+ tokens)
Cons
- Single custodian — concentrated risk
- Gemini Earn issues in 2022 damaged brand trust
- Exchange and custody are same entity
- Insurance details somewhat opaque for cold storage
- Smaller institutional presence than Coinbase or Fidelity
How Gemini Custody Compares
Top qualified custodian providers ranked by Custody Score.
| Provider | Custody Score | Compare |
|---|---|---|
| Fidelity Digital Assets | 8.4 | Compare → |
| BitGo | 8.2 | Compare → |
| Coinbase Custody | 8.2 | Compare → |
| Anchorage Digital | 7.9 | Compare → |
| Zodia Custody | 7.2 | Compare → |