Gemini

What Is Gemini?

Gemini is a U.S.-regulated cryptocurrency exchange, custodian, and financial platform founded in 2014 by Cameron and Tyler Winklevoss and launched publicly on October 25, 2015. Headquartered in New York City and operating as Gemini Space Station, Inc. (with the trust entity Gemini Trust Company, LLC), it was among the first fully licensed cryptocurrency businesses in the United States. Gemini holds a Limited Purpose Trust Charter from the New York Department of Financial Services (NYDFS), granted in October 2015, and was the first licensed U.S.-based Ethereum exchange when it expanded to ETH in May 2016. In September 2025, Gemini listed on Nasdaq under the ticker GEMI.

The platform's founding thesis was to bring institutional-grade compliance and security to cryptocurrency markets at a time when the space had very few regulated venues. Its tagline — "Turn your money into crypto assets" — reflects a user-oriented on-ramp positioning, but the platform has grown into a full-stack infrastructure provider serving retail traders, institutional investors, and ETF sponsors alike.

Core Mechanism and Products

Gemini operates as a full-reserve exchange and custodian: all customer assets are held 1:1 and are not rehypothecated. This structure, reinforced by NYDFS oversight and annual SOC 1 Type 2 and SOC 2 Type 2 audits, distinguishes Gemini from exchanges that commingle or lend customer funds.

Spot Trading: Gemini's standard interface supports trading across hundreds of tokens in multiple fiat pairs (USD, GBP, EUR, CAD, AUD, HKD, SGD). A separate ActiveTrader interface offers an order-book-driven, exchange-grade experience with maker/taker fees starting at 0.60%/1.20% at base tier and declining to 0.00%/0.02% at $250 million trailing 30-day volume.

Perpetuals and Margin: Perpetual futures trading is available in select regions alongside margin products, catering to traders seeking leveraged exposure.

Institutional Custody: Gemini Custody provides segregated cold-storage custody for institutional clients including corporations, ETF sponsors, and high-net-worth individuals. Assets are held in individually segregated wallets, and the custody infrastructure underpins several regulated financial products.

Staking: Users and institutions can earn staking rewards on supported proof-of-stake assets. Solana staking is available in the U.K. with up to 6% APR. Institutional Solana staking launched from Gemini Custody in June 2025.

Gemini Dollar (GUSD): Launched in September 2018, GUSD is a regulated U.S. dollar stablecoin issued by Gemini Trust Company, LLC. It is backed 1:1 by USD reserves held at State Street Bank and Trust and audited by a registered public accounting firm.

Prediction Markets: Gemini operates a prediction market platform where users place yes/no contract trades on outcomes in categories including sports, crypto, commodities, economics, politics, and technology. Correct positions pay out $1.00 per contract. Recent additions include combo contracts, team watchlists, and a tournament tab.

Nifty Gateway: Gemini acquired the NFT marketplace Nifty Gateway in 2019, extending its product footprint into digital collectibles and art.

Solana Ecosystem Integration

Gemini added Solana (SOL) support in February 2022, enabling spot trading across multiple fiat pairs and custody of SOL in exchange wallets. The integration has since expanded considerably:

SOL Spot Trading: SOL/USD and additional fiat pairs are available on both the standard interface and ActiveTrader. Solana-based USDT withdrawals (SPL standard) are supported as a lower-fee alternative to ERC-20 routes.

Solana Staking from Custody (June 2025): Gemini launched an institutional Solana staking product allowing custody clients to earn staking rewards without removing assets from segregated cold storage. A key differentiator is validator flexibility — clients may either designate their own validator or delegate to Gemini's validator, a choice not commonly offered in competing custody staking products.

Two institutional clients were named at launch:

• Purpose Investments (Canada): The $24 billion CAD asset manager launched the SOLL ETF in April 2025, offering physical Solana exposure with staking rewards accruing directly into the fund, using Gemini Custody as the underlying infrastructure.
• DeFi Development Corp. (NASDAQ-listed): The company secured a $5 billion credit line to build a Solana treasury strategy and partnered with Gemini to accumulate and stake SOL while maintaining control over validator selection.

VanEck Solana ETF Custody: A custodial services agreement between Gemini Trust Company, LLC and VanEck's Solana ETF (ticker VSOL) became effective June 13, 2025. Gemini supports VSOL with custody, clearing, and settlement. VSOL tracks Solana's spot price and is structured to pass staking rewards through to fund investors. VanEck waived the sponsor fee on the first $1 billion in assets until February 17, 2026, with a 0.30% fee schedule thereafter.

These arrangements establish Gemini as a primary custody infrastructure layer for regulated Solana investment products in North America.

Security and Compliance

Gemini's security posture is built around several layers:

• NYDFS Charter: Gemini Trust Company, LLC is a chartered limited purpose trust company subject to New York Banking Law. New York's regulatory framework imposes capital requirements, cybersecurity standards, and regular examinations.
• SOC Certifications: The platform maintains SOC 1 Type 2 (financial reporting controls) and SOC 2 Type 2 (security, availability, and confidentiality) certifications from independent auditors.
• Full Reserve: No fractional reserve — all user assets are held 1:1 in cold or segregated storage.
• Account Security: Mandatory two-factor authentication, passkey and hardware security key support, withdrawal device-approval workflows, and an optional address allowlist that restricts crypto transfers to pre-approved destinations.
• Regulatory History: Gemini reached a $1.1 billion settlement in March 2024 returning customer funds affected by the Gemini Earn program's exposure to Genesis Capital, and paid a $37 million fine. A CFTC case from 2022 was settled for $5 million in January 2025. These resolutions closed the major outstanding regulatory actions against the firm.

Team and Ownership

Gemini was founded and is led by Cameron Winklevoss (CEO) and Tyler Winklevoss, who became known in Silicon Valley for their early involvement with Facebook and subsequently became early large-scale Bitcoin investors. The company went public on Nasdaq (ticker: GEMI) in September 2025 at an IPO price of $28 per share, opening at $37.01.

Ecosystem Fit on Solana

Gemini's relevance to the Solana ecosystem is primarily institutional. It serves as the regulated entry and custody layer for several of the first Solana-denominated investment products registered with securities regulators — most notably VanEck's VSOL spot ETF and Purpose Investments' SOLL ETF in Canada. Its staking-from-custody product enables institutional holders to participate in Solana's proof-of-stake security and yield generation without forgoing custody segregation requirements. For retail users, Gemini provides a regulated on-ramp to SOL with broad fiat pair coverage and a U.S.-licensed trading environment.