Gemini is an exchange that was founded by the Winklevoss twins in 2015 It is a Bitcoin and Ether exchange platform. The exchange is based in New York and has become one of the most sought after and respect crypto exchanges in the digital currency space. It holds the credit of being the first licensed Ether exchange in 2016.
In the latest development, Gemini which catered only these two currencies is now opens trading for 4 new crypto pairs that include:
This announcement came in last week when trading on these 4 new cryptos started on the platform. The twin founders of the platform welcomed the 4 cryptocurrencies to the exchange. The adoption of these 4 coins into the systems comes after the huge popularity of these 4 coins. Take the case of LINK which over a one year period has received a 62% upward gain or Chainlink which holds the title of top-performing currencies this year paving the way for a huge adoption rate across all the major exchanges and blockchain ventures.
DAI crypto by Maker protocol also has seen a huge surge in the number of assets it is presenting as collateral. Users can now use wrapped BTC as the latest collateral and seek DAI in exchange. The wrapped bitcoin is a new token which is backed one-to-one by Bitcoin and currently live on the Ethereum Blockchain. This project is a collaborative effort of Decentralized exchange, Kyber Network, Republic protocol and the custody company BitGo. This asset’s main intention is to bring in liquidity to the Ethereum system and now can be exchanged for DAI tokens.
Coming to Orchid, it is a decentralized, VPN that lets users browse by protecting its IP address and location. BAT too is similar by providing private browsing for users. It also provides incentives for the user for effective interaction with the content.
By including all the 4 major currencies in its exchange, Gemini has opened up trading opportunities for people and an easy platform for buying and selling the tokens.
Gemini Trust Company, a prominent digital assets exchange company founded by the Winklevoss brothers, claims to have secured insurance coverage for the digital assets placed under their custody.
Uplifting consumer confidence through insurance coverage
The insurance coverage will be provided by a globally-renowned consortium of elite insurers arranged by Aon, a professional service provider with extensive international footprint providing a range of health, retirement and risk solutions. Gemini was able to achieve this remarkable feat after successfully demonstrating their exceptional custodial capabilities to the underwriters. This development will help in bolstering investor confidence in making transactions through the Gemini platform.
“Consumers demand same levels of insurance protection as those provided by traditional financial platforms and institutions,” said Yusuf Hussain, Head of Risk at the Gemini Trust. “We are able to provide better protections to our customer by educating our insurers. Moreover, it raises the standard of consumer protection within the whole digital currency sector.”
About Gemini Trust Company
The company was established in the year 2014 by Tyler and Cameron Winklevoss. Their aim was to transform the existing digital assets market and develop a bridge to the future of money. As a digital asset exchange, Gemini provides various options for crypto enthusiasts. Customers can sell, buy and store their digital assets with ease. Being a New York Trust company, Gemini is subject to all the NYDFS capital reserve requirements, banking compliance standards and cyber-security guidelines. In December last year, first-ever Bitcoin future contracts were launched by Gemini in collaboration with Cboe Futures Exchange.
Last month, Gemini received NYDFS approval for the launch of their Ethereum blockchain-based Gemini Dollar stablecoin. It is world’s first regulated stablecoin and is backed by US dollar. Stablecoin’s 1:1 backing of fiat currency curtails the price fluctuations associated with conventional digital coins.
Lets take a look at the trading volume across the top bitcoin exchanges.
Bitfinex leads the way, followed by Bitflyer, Bitstamp, Coinbase, Geimni, Hitbtc, Itbit and Kraken. Volume distribution amongst exchanges hasn’t changed much over the past 30 days compared to the past 6 months with most exchanges maintaining their rank. We have seen overall bitcoin volume drop dramatically over the same time period beginning to decline in February and seemingly finding a floor over the past couple months.
Great graphic from Howmuch.net showing the top crypto exchanges in terms of revenue.
Talk about printing money. Forget shitcoin trading, investing in an exchange was the best move to make during this cryptocurrency craze. Binance, only one year after its launch, is generating $3.5 million in revenue…PER DAY!!! Not sure you could even print money that fast. Coming in second is Korean exchange UPbit with $3.42 million per day. Rounding out the top 5 are Huobi, Bittrex (yup, even with all the declining volume) and Bithumb. And last but not least, Poloniex with $0.07 million per day. Things sure do change fast in the cryptosphere. A year ago Poloniex was top dog, dominating altcoin trading, and not 12 months later has fallen 20 spots.
Olympic rowers, internet entrepreneurs, and ‘pre-crash’ crypto-billionaires, Cameron and Tyler Winklevoss make for an interesting pair in the cryptocurrency space.
So who the hell are they?
In case you hadn’t guessed, they come from a wealthy background. Their father Howard is a successful entrepreneur, founder of Winklevoss Technologies and formerly an adjunct professor at the University of Pennsylvania. His sons, both of whom are aged 36 (it’s a twin thing) have a long list of achievements, ventures, and court battles – let’s get started.
The Facebook Thing
The twins were portrayed in The Social Network, a movie depicting Mark Zuckerberg’s rise to fame and infamy as the founder of Facebook – which the twins claim he stole from them. They learned HTML at age 13 and hired Zuckerberg to create their social media platform ConnectU, before he allegedly stole the code they created and ultimately used it to make Facebook.
Apparently their partner and fellow student Divya Narendra contacted Zuckerberg on behalf of the twins and himself to enlist Zucks help in creating their platform, saying:
“We’re very deep into developing a site which we would like you to be a part of and … which we know will make some waves on campus.”
Zuckerberg was given access to their material and wrote to the twins saying the task at hand was relatively simple and wouldn’t take too long to complete. However, after that he put them off with a series of emails often a week apart making excuses like
“Sorry I was unreachable tonight. I just got about three of your missed calls. I was working on a problem set.”
“The week has been pretty busy thus far, so I haven’t gotten a chance to do much work on the site or even think about it really, so I think it’s probably best to postpone meeting until we have more to discuss. I’m also really busy tomorrow so I don’t think I’d be able to meet then anyway.”
“I’m washing my hair, site soon tho promise.”
OK, I made that last one up, but you get the idea. While Mark was claiming work was going slow, seemingly the opposite was true and having realized the potential of the twins’ idea he had been working tirelessly to put it together on his own, for himself, finally releasing it under the name “Mark Zuckerberg Productions”.
The twins sued Zuckerberg, obviously, for stealing both their idea and the literal code they gave him access to. If the allegations are true, they had invented something truly innovative that went on to disrupt the world as we know it. The lawsuit wasn’t a total failure, and the twins reportedly netted a cool $65 million settlement. Great!
Facebook is now worth $69 billion though.
Life goes on though, and the while the twins missed out on their claim to creating and owning one of the most influential and profitable companies, like, ever, they carried on with their entrepreneurial endeavors, eventually turning to cryptocurrency.
Bitcoin Holdings and Gemini Exchange
The twins made what was considered a risky move at the time and invested $11 million of the settlement money in Bitcoin in April 2013 at $120 per Bitcoin. They HODL’d their way to glory and hung on to their holdings which skyrocketed to a value of $1.3 billion in 2017 when Bitcoin was worth $11,700 per coin, making them bonafide crypto-billionaires. Well… unless you count them separately. The market value has dropped significantly since then, but the twins plan to HODL some more, foreseeing the crypto-ecosystem of the future as a “multi-trillion dollar market.”
Incredibly, the twins are said to have owned 1% of the entire circulating supply of Bitcoin at one time. The New York Times reported that the twins also had $350 million in other cryptocurrencies like Ethereum. They sold some of that to fund the creation of the Gemini cryptocurrency exchange, ranked 36 in the world’s exchanges on coinmarketcap.com at the time of writing.
After investing so much in Bitcoin in 2013, they understandably faced a lot of skepticism. In this intevriew, hosted by a hilariously un-hilarious and inappropriate interviewer, Tyler (Cameron?) describes how every time Bitcoin shot up in price, people laughed and commented on how it was bound to burst, nothing can go up forever, etc.
When people inevitably came to them to ask how to take out a large position in Bitcoin, they found it difficult to give advice, citing darkpool OTC trading, etc. Then came the idea for their own exchange.
Gemini was launched in 2015 and provided rapid payment options, allowing users to acquire cryptocurrency before their fiat funds were even approved. The approval is needed to withdraw funds, but the option allows users to capitalize on sudden opportunities in the crypto-market without having to wait for fund clearance.
The twins actually funded the exchange personally, unlike most startup ventures, taking a hands on approach due to the difficulty they faced in finding a team experienced in financial regulation and everything that goes along with crypto exchanges. At the moment Gemini trades Bitcoin, Ethereum, and Zcash.
The Winklevoss brothers have actually made great strides in the cryptocurrency space, winning their crypto exchange patent this year to allow ETF trading among other things. The ETF is essentially a security tied to the asset it represents, in this case cryptocurrencies, setting regulatory precedents in the US.
While we cryptotonians are a contrary bunch, the twins are generally well-regarded in the space as passionate Bitcoiners who have weathered the storms since the early days, albeit with millions of dollars to fall back on if their portfolio doesn’t go back up. They held a Reddit AMA where they seemed to embrace the crypto communities habit of referring to them as Winklevii for short, and all in all seem like pretty nice guys.