Gemini to offer Filecoin Custodian Services

Gemini cryptocurrency exchange and custodian announced support for Filecoin custodian services.

The Filecoin mainnet is slated to launch on Q3 2020. Filecoin raised around $257 million in its initial coin offering (ICO) between August and September 2017.

Executive Opinion

Managing Director of Operations, Jeanine Hightower-Sellitto, Gemini, said, "We are excited to add this cryptocurrency to our platform and continue our mission — to empower the individual through crypto." He further added, "If you participated in Filecoin’s token sale, you will be able to start receiving your tokens directly in your Gemini custody account when the network launches."

Gemini and Filecoins

Filecoin is digital currency behind distributed cloud storage network is called InterPlanetary File System (“IPFS”). The goal of IPSF is to provide a decentralized network for digital storage. Users can rent their spare storage capacity to the IPSF network and receive Filecoins as an incentive.
Gemini in its announcement also noted their plans to offer trading services for Filecoin. In that direction, the company is working with the New York State Department of Financial Services (NYSDFS) to obtain approval for Filecoin trading on the Gemini exchange.