Cryptocurrency exchange and custodian Gemini has published a statement citing that it has acquired Shard X. Shard X is a London-based startup created for developing technology for crypto custodians with the main aim of boosting the security of the services.
According to Shard X, it is the first company to offer multi-party computation on hardware security modules. Gemini did not talk about the terms or any details of the deal.
Gemini noted that Shard X will become part of Gemini’s UK affiliate. Gemini’s statement indicates that the Shard X will work with the safety aspects of Gemini to ensure a higher level of security. In addition, Shard X will also expand Gemini’s reach to decentralized finance as well as other applications.
Acquisition of Shard X will help Gemini to transfer customer assets in a more time-effective manner, as well as provide needed support for new asset listings. It was also noted that the founders of Shard X, Yaniv Neu-Ner, Nikita Lensikov, and Navaho De Wet are joining Gemini.
How will Shard X support Gemini?
The adoption of Shard X can be very helpful for Gemini. This technology will provide the company with super safe and secure custody with quicker access. The Chief Operating Officer of Gemini told reporters that the company is excited about the acquisition and is looking forward to working with the team.
Gemini was founded by brothers Cameron and Tyler Winklevoss back in 2014 and the company employs more than 400 people. The company has over $30 billion worth of crypto assets under custody and offers its clients to buy, sell, as well as store cryptos. There are over 40 cryptocurrencies available on Gemini, which include Bitcoin, Ether, and Dogecoin among others.
The acquisition of Shard X could help Gemini to do business in a more time-efficient manner. This can be a huge step forward for the company.
Gemini has been trying to make its services more accessible as well as time-efficient for some time now. Over the past two years, this is the third acquisition for the company. Previously, the company has bought a crypto credit card company Blockrize in January, and back in 2019, it acquired NFT marketplace Nifty Gateway.
Gemini was established in 2014 and has since transformed into a giant company offering digital currency trading, as well as storing. The company is regulated by the New York State Department of Financial Services. Back in 2016, the company became the first licensed Ether exchange in the world. The company operates in many jurisdictions around the world, including the United States, Canada, the UK, and so on.
Making crypto more accessible
Gemini has taken many steps towards making crypto more accessible in society. As the company’s chief operating officer said, Gemini is trying to build products for its customers. He pointed towards the Gemini Earn, which lets people earn interest in their cryptocurrencies. Gemini has partnered with a lot of companies to make crypto rewards more attractive for beginners.
Recently, it has worked with Mastercard to launch a crypto rewards credit card which should be coming later this summer. Thanks to the new offering, the clients of the exchange will be able to earn up to 3 percent back thanks to the crypto rewards. Perlman noted that there are already almost 300,000 people on the waitlist for the card.
The company has also created a special site for beginners to learn more about crypto trading and the market in general. Cryptopedia of Gemini helps people to learn more about crypto trading, investing as well as the security of the market.
Gemini has also partnered with several many companies to make trading crypto easier. Due to the growing interest in the crypto trading market, this was of utmost importance. Thanks to a partnership with leading software companies, Gemini customers can use crypto trading bots to better understand the market.
Among the most effective solutions available for Gemini users is the Bitsgap bot for automated cryptocurrency trading, which offers traders the ability to not only analyze the market but also automatically open and close orders.
As the interest in crypto trading around the world is increasing, steps taken by Gemini are very important. Gemini is helping its clients to trade crypto, as well as learn more about the way cryptocurrencies work.
What is Shard X?
Shard X was founded in 2018 and it initially focused on the security of the cryptocurrency ecosystem. The company focuses on generating key fragments that are used in making the crypto market safer for investors.
Although Gemini already has its own custody solution called Gemini Custody, Shard X brings a new multiparty computation technology, which can support the aspirations of Gemini. By using MPC, there is no single key that can unlock a digital asset. Instead, the key is split into fragments that are distributed. This making very hard to hack the system, increasing the security.