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Gemini Announces New Sub-Account Feature for Institutional Investors

Gemini, the American cryptocurrency exchange (find out more about the best Bitcoin exchanges here) started by the Winklevoss twins, has become the first-ever exchange to support sub-accounts for institutions, it announced via a blog post.

The author of the post and editor of the Gemini publication on Medium, Jeanine Hightower-Sellitto, describes this addition as the following:

“Sub-accounts allow institutions to segregate trading strategies, funds, end customers, and more across multiple sub-accounts under the same master account. They also make it easier for institutions to earn volume-based trading fee discounts because volume for an institution is aggregated across all of its sub-accounts.”

Overall, sub-accounts are meant for helping out institutional investors – one of the groups putting the most money into Bitcoin – such as hedge funds and other partners that need to run a variety of operations and strategies when it comes to cryptocurrency trading on the Gemini platform.

Sub-accounts are then broken into five different features:

  1. Account and User Management
  2. API Functionality
  3. Instant Fund Transfers Between Sub-accounts
  4. Aggregation of Volume for Trading Fee Discounts
  5. Gemini Services for Customers

The first enables account admins to create “an unlimited number of sub-accounts.” From there, these sub-accounts can have different permissions and other sets that help the trading process go faster.

API keys are also introduced, which ensure that sub-accounts can partner up with different services to enhance their experience.

Instant fund transfers are exactly what they sound like – the ability to send crypto or fiat between sub-accounts. However, Gemini doesn’t charge any fees for doing so!

“When we calculate an institution’s volumes for the purposes of volume-based trading fee discounts, we aggregate the trading volume for all of its sub-accounts,” reads the post on the fourth addition. This streamlines the sub-account process for institutional investors.

Finally, the platform now allows institutions to offer these services to their customers via sub-accounts. Each customer would get their own sub-account and go from there.

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Max Moeller

Cryptocurrency and games writer. Looking to the future by studying how these two industries can blend. LinkedIn: https://www.linkedin.com/in/maxwell-moeller-912044b4/