Leading crypto exchange and custodian, Gemini, has launched a new entity and named it after the pseudonymous Bitcoin inventor, Nakamoto. This initiative will give traders coverage that’s comparable to what is available in traditional financial markets.

The startup is now offering insurance on digital assets through its new Nakamoto captive insurance company. It is licensed by the Bermuda Monetary Authority (BMA) to insure Gemini Custody.

Per the announcement, Gemini Custody now has $200 million in insurance coverage through its collaboration with two of the world’s largest insurance brokers, Aon and Marsh. This is the largest limit of insurance coverage bought by any crypto custodian in the world.

According to the president of Gemini, Cameron Winklevoss, insurance is one of the major hurdles to crypto mass adoption. He claimed Gemini has created a captive insurance company to address this issue. A captive insurance company is a form of corporate self-insurance and is mainly implemented by larger parent corporations.

Winklevoss added that, obtaining meaningful insurance in the crypto industry remains a barrier. He however argues that his company’s captive will help to increase their insurance capacity and move the industry forward.

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