Bitcoin and crypto exchange company Gemini, today announced forthcoming support for the custody of Filecoin (FIL). Filecoin is the reward and incentive token of the InterPlanetary File System (IPFS), a decentralized cloud storage network.
The Filecoin network is being developed by Protocol Labs. Users of the Filecoin network pay miners to store their files and data across the network and miners, in turn, must prove (via cryptographic proofs) that they are storing such data in order to receive payment and block reward.
Filecoin believes this decentralized model will reduce storage costs and offer a compelling alternative to existing centralized cloud storage offerings.
The Filecoin mainnet launch is tentatively scheduled for Q3 2020.
If you participated in Filecoin’s token sale, you will be able to start receiving your tokens directly in your Gemini custody account when the network launches. In addition to custody services, we are working closely with the New York State Department of Financial Services (NYSDFS) to obtain approval to offer Filecoin trading for our customers. We are excited to add this cryptocurrency to our platform and continue our mission — to empower the individual through crypto.
– The Gemini Team