Gemini Custody announced today that it will allow customers to store Filecoin when the network is ready.

In addition, it is working to obtain approval from the New York State Department of Financial Services (NYSDFS) to offer Filecoin trading.

Which represents a win for Filecoin in an ongoing battle and competition with blockchain-based storage service providers.

Filecoin is a decentralized storage system that divides and hides the data that users want to store in different places across the network, thus protecting against data breaches.

Through encryption, the network can bring everything together again.

Daily users who save storage space on their computers receive a FIL token as a reward.

Read:Dubai Chamber of Commerce signs a memorandum of understanding with a promising crypto project

Conversely, those who need to purchase storage space provide the code to use the service.

We are excited to announce our upcoming support for #Custody from Filecoin FIL dollar. Filecoin is the reward and incentive token for the InterPlanetary File System (“IPFS”), a decentralized cloud storage network ☁️

Learn more about Filecoin here ⬇️

– Gemini (@ Gemini) February 25, 2020

The protocol labs that created Filecoin are the same ones behind the IPFS file system.

While IPFS is a voluntary open source data storage system, Filecoin aims to incentivize the storage process.

The two protocols are different but work side by side.

Although IPFS has been in the works for a while, it was integrated into the new decentralized web browser “Unstoppable Domains” this month.

Filecoin has been around for a long time.

It raised $257 million in an initial offering from August to September 2017.

The launch of the mainnet was scheduled to begin at the end of 2019 to be postponed to later March 2020.

Read:A new project built on the Cardano blockchain is preparing to enter the DeFi space

Then the scheduled date was pushed back again and this time to between June and July 2020, investors were worried, but they seemed to have some relief after the beta launch in December 2019.

Apparently, the test went well enough to placate Gemini.

FileCoin Project Announces Listing Date

FileCoin is positioned as a storage option within Gemini’s custodian services. The latter manages and stores 23 cryptocurrencies, including major currencies such as:

Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Zcash.

Filecoin will be the 24th, although it is not the first token in the decentralized cloud space, having preceded the platform’s STORJ token in November 2019.

It is not clear how much of the market is available for blockchain-based data storage.

Read:Singapore gives green light to two cryptocurrency exchanges to offer their services

On February 19, Storj Labs, which raised $30 million over three days in its 2017 ICO, reported that it has paid $2 million in tokens so far to community members that store data and that it has 5,500 active storage node operators.

After selling at 50 cents, it is now trading at $0.16, according to CoinMarketCap.

By comparison, FIL sold for $5 at the time of the ICO in August 2017.

Filecoin is currently selling for $5.05.

As part of Gemini’s announcement, it said that Filecoin initial offer participants can get FIL directly into their Gemini deposit account once the network is up and running.

Read also:

After raising more than $250 million, Project Filecoin prepares for official launch

Coinbase is studying the possibility of including 17 new digital currencies