Gemini Rolls Out ‘Nakamoto’ In-House Crypto Insurance Firm With $200 Million In Coverage

The Gemini crypto exchange owned by The Winklevoss’ just announced that it was introducing an insurance firm. This new introduction is meant to cover more than 200 million dollars in crypto assets currently under Gemini Custody. At the moment, it’s believed that this is by far the biggest sum known for any global custody service dealing with cryptocurrencies.

Yusuf Hussain, the head of risk at the firm on January 16th got to share this news with the public through an interview held with Cointelegraph. Yusuf noted that this insurance company will operate under the name Nakamoto Limited. Once operational, it will be charged with ensuring that it gets to secure the custody side of the Gemini company to a tune of two hundred million dollars.

Traditional Insurance Brokers Consulted Before the Launch

Marsh and Aon, which are renowned traditional insurance brokers were some of the companies that assisted with the launch of Nakamoto Limited. It’s expected that existing clients of Gemini Custody will also get an opportunity to purchase extra insurance from Nakamoto.

This will be for clients who would like to provide additional insurance beyond the two hundred million dollars on offer. Hussein went on to state that:

“The advancement in the company’s custodial coverage will allow a number of Gemini’s institutional clients to continue to meet their own regulatory requirements.”

He was also quick to note that:

“The measures that had been taken by Gemini were consistent with its approach of being a security-first, compliance-first, and regulatory friendly exchange and custodian.”

It’s worth noting that the custody wing was first introduced to the public by Gemini in September 2019.

Insurance in the Crypto Verse

Many traditional financiers looking to invest in crypto have in the past been restricted by the lack of insurance services that would help protect their digital assets.

In the past few months, several companies have stepped up to try and bridge this gap with some of the most notable ones being Lloyds which is based in London. Lloyds is tasked with safeguarding crypto asset wallets (hot wallets) for Kingdom’s Trust and Coinbase.

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Author: Daniel W

Justin Sun Announces Upcoming Staking Plan for Tron Partners

Tron is now introducing a new staking incentive plan, announced Tron CEO, Justin Sun on Sept. 21.

This upcoming staking plan, Sun says would involve a fair, decentralized distribution of staking revenues.

For each block, Sun explains, the most voted 127 nodes that is Tron partners will receive TRX rewards in proportion to the votes they receive.

The maximum reward for one block is 160 TRX.

What does this Mean for Tron Network

The idea behind this is to encourage greater user participation and smoother engagement with staking from more exchanges, wallet, and partners.

Furthermore, greater turnout and higher stake ratio across the network, Sun says will bring about a more active community and a more robust network economic system.

This will also increase the lock-up amount from users within the TRON ecosystem, he said.

The long list of benefits of this staking just doesn’t end here.

Sun further states how this TRX incentive plan means fewer unnecessary dividend distribution transactions that will lead to less bandwidth consumption and greater network robustness.

The staking plan for Tron partners would also result in more Tron nodes and partners including increased global and community participants which mean greater decentralization of Tron network.

“A foundation for more complex consensus and incentive plans, signaling more possibilities for future development,”

Sun said.

With Great Rewards, comes Great Responsibility

With cryptocurrencies today trading 70 to 90 percent below their all-time high, staking is becoming a popular way to make easy money, in some cases coin holders score up to 30% rewards.

Coins like PundiX — leading with 18.46% yield, IOStoken, Cosmos, Waves, Qtum, VeChain, NEO, NEM, and EOS are coins that offers staking rewards.

However, staking is not just about making easy money, it has become a powerful incentive for participating in governance.

So, it is vital that coin holders understand the responsibility that comes with locking up their digital currencies.

In other news, MakeDao’s Dai stablecoin will be implemented on the Tron through Loom Network, a layer second scaling solution for the Ethereum blockchain.

Loom believes moving dai — the largest DeFi token with more than $337 million locked away in contracts — to other chains will help it grow.

Price wise, TRX is up 2 percent in the last 24 hours while trading at $0.017 as per Coincodex.

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Author: AnTy

Gate.io To Release Startup Discount Offer With First Project In Association With Lambda

Gate.io To Release Startup Discount Offer With First Project In Association With Lambda

Gate.io recently announced that they will be introducing their Startup Discount Offer and their first project will be with Lambda. The project with Lambda will be launched

Trading service will be enabled once the project fulfills its fundraising goal. In order to participate in Startup Sale, users will need to be a VIP. Participants will have a higher purchase limit with more GT holdings.

With the mission of promoting the decentralized development of the Internet, Lambda aims to build the storage infrastructure for Internet 3.0.

It is a safe, reliable and infinitely extendable decentralized storage network, whilst using data integrity and security verification as well as the operation of market-oriented storage transactions on the Lambda Chain consensus network, and provides the infinitely extensible data storage capacity for the new generation of value Internet.

Details Of LAmbda Startup Sale

The start time will be on June 3rd, UTC 4:00–6:00. The price and the number of orders of Startup Sale will be set 3 hours prior to the sale, based on the market price of GT/USDT within the 3-hour period. Each order is worth $100 — $200 USD, users can place one or a few orders according to the individual purchase limit.

Below is a chart that shows the purchase limit based on the different amount of GT holdings.

Users need to ensure there is sufficient balance (exceeding the purchase value) in accounts for the purchase after placing the orders. An insufficient balance will result in the cancellation of the purchase order.

They will be able to use each type of currency once only. After UTC 6:00, Gate.io will collect all the qualified orders and distribute the tokens according to the individual purchased orders: total purchased orders ratio. The final result will be announced at UTC 8:00 that day.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Sritanshu S