Winklevoss’ Gemini Introduces Sub-Accounts Feature for Institutions
New York-based cryptocurrency exchange Gemini has introduced a sub-accounts feature for institutional customers enabling the creation of multiple accounts under one master account.
In a Sept. 3 announcement, the Winklevoss brothers-led crypto exchange revealed a new feature enabling its institutional customers to create and manage an unlimited number of sub-accounts under a single master account. Gemini claimed it to be the world’s first crypto exchange and custodian to support such an option.
“Most commonly requested feature”
Once a user creates a set of sub-accounts, they can segregate trading strategies, funds and end customers, as well as earn volume-based trading fee discounts in a simpler way. The announcement further explained:
“Each sub-account can have its own distinct set of users permissioned for specific roles, as well as its own account balance and unique, independently verifiable crypto addresses. A master account administrator can view and perform actions for any user of any sub-account.”
The feature also allows to instantly transfer digital currency or fiat currency between sub-accounts at no charge as such transfers are off-chain and not broadcast to a given blockchain.
Gemini’s services expansion
The announcement comes in the wake of the news that Gemini joined crypto-friendly bank Silvergate’s Silvergate Exchange Network to speed fiat transfers. The main benefit of the exchange’s partnership with Silvergate is ostensibly that Gemini’s institutional investor clients can withdraw and deposit United States dollars from their accounts at any time.
Also, in late August the exchange revealed its expansion to Australia, enabling residents of the country to use its platform to buy, sell and store crypto.