The future of bitcoin will be bright if the Winklevoss brothers have anything to do with it. The Internet entrepreneurs revealed their plans to create a US bitcoin exchange named Gemini. The exchange would be fully-regulated, and the two plan on financing the venture themselves.
Gemini, the zodiac sign for twins, is a fitting name for the exchange, and the brothers promise that the exchange will be a “next generation bitcoin exchange”. Gemini hopes to change the minds of individuals and institutions in the US who have been skeptical of bitcoin’s legitimacy.
The exchange will focus on US investors. The company’s website stresses the fact that Gemini was born and bred in New York, and emphasizes that investor dollars will never leave the United States.
Furthermore, Gemini will also use compliance and security as a way to appeal to US investors. The company promises that it will launch in full compliance with consumer protection laws and bitcoin regulations. It also markets itself as a “security-first” exchange, which eases investor fears that bitcoin is vulnerable to hacking attempts.
The Winklevoss brothers are working with engineers from some of the top hedge funds, and are rumored to have built a relationship with a chartered bank in New York State. A banking partnership would mean that all dollars on the Gemini exchange would be covered under FDIC insurance.
The only thing standing in Gemini’s way is the final approval from the New York State Department of Financial Services. When and if the approval goes through, the exchange can finally open for business.
The Winklevoss brothers are believed to be some of the largest holders of bitcoin on the planet, and this is not their first venture into bitcoin exchanges. Through Winklevoss Capital, the brothers led a seed funding round for Charlie Shrem’s BitInstant. After Shrem’s arrest in early 2014, the brothers stated that they were merely “passive investors” and that they supported “clearer regulation” on the sale and purchase of bitcoin.