Winklevoss-led Gemini becomes first crypto-exchange to support sub-accounts for institutions feature
US-based cryptocurrency exchange, Gemini, has announced the introduction of a sub-accounts feature for institutional customers on the exchange’s trading platform. The exchange announced the same through its official Twitter account. The tweet read,
We're excited to introduce Gemini Sub-accounting for our institutional clients!
Sub-accounts allow institutions to segregate trading strategies, funds and end customers across multiple sub-accounts under one master account.
Learn more about it here: https://t.co/kKvbBekYVr
— Gemini (@Gemini) September 3, 2019
The announcement was further confirmed via a blog post which gave a detailed explanation of the feature. According to the blog post, the feature is the “most commonly requested” feature and Gemini adopting the same makes it the first crypto-exchange and custodian in the world to support this feature.
The sub-accounts feature will allow customers to divide different functions like trading strategies, funds, end customers, and many more with sub-accounts, all beneath the same master account. The blog post further suggested that the addition of the feature would be beneficial to institutional customers, along with hedge funds that operate on multiple trading strategies, retail brokers who aim to support self-directed accounts for customers and Registered Investment Advisors [RIAs] seeking to run separate accounts.
The blog post added that the sub-accounts feature focuses on delivering four major specialties, namely, “account and user management, API functionality, instant fund transfers between sub-accounts, and aggregation of volume for trading fee discounts,” while offering Gemini services to a host of customers.
Additionally, the volume for every institution is aggregated over all its sub-accounts, which further allows institutions to easily earn volume-based trading fee discounts.
The exchange has been in the news recently; notably after it was announced that the Cameron and Tyler Winklevoss-led exchange would be allowing Australian users to use its trading platform and its services too.
Subscribe to our Newsletter