Gemini supports Filecoin custody services and simultaneously seeks listing opportunities without pre-mining.

The cryptocurrency exchange Gemini has announced that it will soon support token (FIL) custody services for the decentralized cloud storage network Filecoin. In addition, Gemini is actively collaborating with regulatory authorities to launch FIL trading in the near future.

Gemini Supports Custody and Actively Pursues Listing Opportunities

Cryptocurrency exchange Gemini announced on February 25th that it will be offering custody services for Filecoin (FIL) tokens. Following the mainnet launch, investors who participated in the token sale can choose to store their tokens in Gemini's custody accounts. In addition to custody services, Gemini also made another announcement.

Gemini has been known for its strict listing process, and so far, the exchange has only offered trading services for five cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Zcash. However, in a recent statement, Gemini stated that they are in close communication with the New York State Department of Financial Services (NYSDFS) to obtain approval to offer token trading services for Filecoin to their customers.

Slow Development Progress

Filecoin, developed by Protocol Labs, is a decentralized storage network built on the InterPlanetary File System (IPFS). Users of the Filecoin network pay miners to store their files or data on the network, and miners are rewarded with tokens for fulfilling storage requests from clients.

Similar to Bitcoin, Filecoin miners must compete for block rewards, but in Filecoin, it is not based on computational power but rather on their mining and active storage capabilities, incentivizing miners to collect and rent out as much storage space as possible.

Filecoin offers a promising alternative to existing centralized cloud storage systems and raised over $200 million from investors in its 2017 token sale, making it one of the most successful ICO projects of that year. However, the project has progressed quite slowly.

According to the project's initial roadmap, the mainnet was expected to launch around March 2020. However, in a recent announcement on February 19th, the team stated that due to the need to allow sufficient time for the final version of the protocol and the inability of the Chinese development team to return to work due to the COVID-19 outbreak, the mainnet launch has been postponed to the third quarter. Despite this, the team still cannot guarantee that the mainnet will launch as scheduled:

"These dates are best estimates and are subject to change at any time."

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