By
Steve Muchoki
April 9th, 2024
Winklevoss brothers are waiting for application to be approved by the NYDFS to start Gemini exchange.
The names of Tyler and Cameron Winklevoss have been associated with Facebook scandal for quite a long. As a reminder the brothers accused Mark Zuckerberg of using their idea for creation of the most popular social network. They managed to win, received $65 million and their brilliant entrepreneur career started. At the age of 33 they are already known as founders of exchange traded fund (ETF) and bitcoin exchange emini. They willingly talk about their passion to bitcoin and consider it to be their lifetime project.
The topic of Gemini, the first regulated bitcoin exchange in the USA according to the idea, has been discussed much recently. The name of the exchange comes from the Latin word “twins”. Cameron explains the nonrandom choice of the name in its blog pos: “The concept of duality underlines the two worlds of money (old and new) that will intersect on the Gemini platform as well as the two-way nature of trade that it will facilitate. But that’s not all. Once we picked our name, a fun fact emerged. We realized that NASA’s Project Gemini was a spaceflight program focused on laying the groundwork for Apollo’s later mission to land man on the Moon. As such, it was coined (no pun intended) man’s “bridge to the moon”. In this spirit, we’ve built Gemini to be “your bridge to the future of money”. Oh, and Tyler and I just happen to be identical twin brothers.”
Winklevoss brothers have earlier underlined that the company was cooperating closely with regulators. They managed to get a bank account with an American bank. The twins strongly focused on the regulatory base for bitcoin.
Finally Gemini application was filed to the New York State Department of Financial Services the other day. The measure won’t definitely make the exchange equal to a bank. But if the application is approved, it will level Gemini up. The company will be authorized to accept deposits, issue loans and serve as an agent for government institutions.
A spokesperson announced the opening of Gemini once the Certificate of Authorization from the NYDFS is received.
Actually it’s not the first time a bitcoin exchange gets a license from the Department. In the end of spring ItBit, New York-based bitcoin exchange, got its charter and status of banklike company after almost a year of attempts to create a procedure of virtual currencies control.
The process was complicated and expensive but the company believes that it will pay for itself as the activity is intended first of all for large investors and financial organizations. ItBit has already started providing services for customers in the USA and Singapore.