Gemini will support Filecoin custody at launch with the potential to offer trading, pending regulatory approval

Winklevoss-led Gemini announced the crypto exchange’s custody arm would support Filecoin (FIL) once the decentralized storage network goes live. Gemini also mentioned it is in talks with the New York State Department of Financial Services (NYSDFS) to offer FIL trading.

Why it matters:

• Gemini is well known for taking a conservative, regulatory-cognizant approach to listing new assets. Therefore, Gemini’s efforts to list Filecoin could eventually provide some clarity on how the U.S. government views the project’s 2017 SAFT sales, which raised over $250 million.
• Filecoin is still in the testnet stages of development (Phase 1 of 2 to be exact) with an anticipated mainnet launch sometime between Jun. 15 and Jul. 17. The project recently pushed back the release of its mainnet and latter testnet stage by as much as six weeks to account for necessary development milestones (including cross-client interoperability) and the impact of coronavirus on Filecoin’s China-based community members.