GUSD reserve funds

On March 13, Gemini, the cryptocurrency exchange, tweeted that Signature Bank had neither Gemini’s customer funds nor Gemini USD (GUSD) reserve funds. Gemini: No risk exposure to Signature Bank Analysis based on this information:Gemini, a popular cryptocurrency exchange, has become the talk of the town after it sent out a tweet on March 13. The tweet revealed that Signature Bank disclaimed having custody of both Gemini’s customer funds and reserve funds for Gemini USD (GUSD), the exchange’s stablecoin. The tweet, which has caused a stir in the cryptocurrency community, has prompted several questions about the safety of cryptocurrency exchanges and the credibility of banks. Gemini, founded by the Winklevoss twins, has been one of the most trusted and highly-regarded cryptocurrency exchanges since its inception in 2014. The exchange, which is fully licensed by the New York State Department of Financial Services, prides itself on providing a secure and compliant platform for users to trade cryptocurrencies. On the other hand, Signature…