Winklevoss brothers, initially famous for their legal battles with Mark Zuckerberg, open bitcoin exchange Gemini and share their positive expectations about further bitcoin development.
As a reminder Cameron and Tyler Winklevoss managed to get $65 million after they had filed a suit against Facebook’s founder Mark Zuckerberg for stealing their ConnectU idea and creation of the most popular social network on its basis. The brothers dived into the idea of bitcoin afterwards and in April 2013 even claimed to own nearly 1% of all bitcoin in existence at that time.
Now the project of the brothers – bitcoin exchange Gemini – is growing in strength. The plan is to create a great exchange for Wall Street to use. Tyler Winklevoss spoke about their intentions with IBTimes and expressed confidence that “the positive price action can be created if more money comes into Bitcoin and starts using it as a financial instrument.” Thus the more new money, not miners’, are invested, the highest chances the industry has to start a price movement up.
When asked about the approximate volume of trading Gemini can have, Winklevoss said: “I wish I had enough data to answer that. I think our whole thesis all along has been that whatever the volume is for Bitcoin, it could be orders of magnitude larger if there were the correct on-ramps and gateways for the large players to get involved.”
In terms of bitcoin future Gemini is believed to be able to act as a catalyst for the market. Winklevoss brothers admit to choose New York as a location for their exchange mostly because of the favorable legal conditions. Besides New York is an ideal place to gain highly-skilled specialists having enough experience in the sphere of information technologies. San Francisco was also seriously considered for “its talent and tradition.”
Gemini is a pioneer in bitcoin sphere in some way. There wasn’t such a bridge for institutions to get into bitcoin in the USA before. Winklevoss evaluate this project as “the first or second stage of the necessary infrastructure that basically the deepest pockets in the room can travel to and get involved in Bitcoin.”
Cameron and Tyler talk about enhanced security system their exchange provides. Knowledge-based authentication multiple choice questions are used with a time limit so that a person has no opportunity to search for necessary answers. The system offers multiple checks as well. People’s identities are verified in the Office of Foreign Assets Control lists. Remarkable that the first specialists hired at Gemini were security experts. People with focus on security seem to know the business well enough to create a worthy product.