Fri, August 19, 2022

Gemini Founders Comfortable with Cryptocurrency Winter

Gemini founders

Cryptocurrency trading Gemini founders Tyler and Cameron Winklevoss have launched a mobile crypto trading app together with a new investment vehicle, according to an official blog post that was published on December 11.

As the post says, the new app enables users to buy and sell crypto and monitor real-time and historical crypto market prices for bitcoin, Ethereum, Litecoin, Bitcoin Cash, and ZCash. Users can also see the total value of their current portfolio, and set price and percentage value change alerts for their chosen coins.

Further functions include a “recurring buy” feature, as well as support for a newly-launched investment vehicle named “The Cryptoverse” – a basket of cryptocurrencies weighted by market capitalization, to be bought as a single order.

In an interview, the twins adopted a bullish tone with regards to the recent crypto market slump. Tyler stated that “we’re totally at home in winter,” while his twin Cameron added that it “gives us time to build internally, and refine and catch our breath.”

“A lot of our decisions have perhaps given off a perception that we’re more institutional-based. The reality of the situation is that we have a diverse customer base. And the retail story is just beginning,” said Cameron during an interview.

The twins also disclosed their 2019 target of expanding to the Asian crypto market, where they will face stiff competition from a thriving exchange industry that includes the likes of Bitfinex, Binance, and Huobi.

Gemini’s expansion plans have also been rumored to include possible entry to the United Kingdom market, as previously reported in September.

The twins are known for their checkered history with regulators. Successes include a recent seal of approval from the New York State Department of Financial Services (NYDFS) to launch their own US dollar-backed stablecoin, the Gemini dollar.

Gemini also acquired insurance coverage for custodied digital assets from lending services firm Aon, which will complement Gemini’s already available Federal Deposit Insurance Corporation (FDIC) coverage for US dollar deposits.

The Winklevoss brothers nevertheless faced a high profile setback this July, when their application to launch bitcoin exchange-traded fund received its second rejection from the US Securities and Exchange Commission.

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