Digital asset exchange Gemini has introduced sub-accounts for its institutional customers.
Gemini is a "a licensed digital asset exchange and custodian built for both individuals and institutions." It is also "a New York trust company regulated by the New York State Department of Financial Services (NYSDFS)." It was founded in 2014 by Cameron and Tyler Winklevoss, the famous identical twin brothers who in 2008 "settled for $65 million in a case where they sued Facebook founder Mark Zuckerberg for stealing their ConnectU idea to create Facebook back in 2004."
In a Medium blog post published on Tuesday (September 3), the Gemini team explained that this new feature "allows our institutional customers to create and manage multiple accounts under a single master account," and that it makes it possible for institutions to "segregate trading strategies, funds, end customers, and more across multiple sub-accounts under the same master account."
Gemini says that sub-accounts "also make it easier for institutions to earn volume-based trading fee discounts because volume for an institution is aggregated across all of its sub-accounts."
Late last month, Gemini announced that it had joined the Silvergate Exchange Network (SEN) in order to allow its institutional clients to" deposit and withdraw U.S. dollars to and from their Gemini account in real-time; 24 hours a day, 7 days a week, and 365 days a year."