Cameron and Tyler Winklevoss have announced they are sending out invitations for their Gemini platform in a recent reddit post. The brothers have proudly stated in the past that the exchange will be the “NASDAQ of Bitcoin.” Emails were sent out sets of various traders asking them to begin account registration.
“Gemini is laying the foundation for the new world of money, where assets will be sent around the globe in an instant and at no cost. And who wouldn’t want to live in that world?”
Gemini was announced a while back with the Winklevoss twins filing with the State of New York. The filing of this business is filed under a trust service which would enable the company to be exempt from the BitLicense. So don’t expect a letter from Gemini saying they won’t service New Yorkers. In fact Tyler and Cameron have been very open to regulation during the announcements of the License.
The Winklevoss LLC website claims it’s holding the business exclusively in the United States, saying that the service works directly with US banks. The web page states: “Your dollars never leave the country.” The descriptions at the Gemini website also report a very strong security with the company. Hiring “top security experts and financial engineers” to thwart off attacks and compromise. It reads “Gemini stays secure”. The website also says the startup is “Fully compliant” with United States regulatory policies such as KYC and AML. There’s been no statement from the brothers on why they used trust status, and skipped the BitLicense. Trusts are legal financial institutions, but can also hold and lend money. Cameron invited customers to begin signing up through a reddit post with an attached imgur image.
“Hey guys, Cameron here. Just wanted to clarify that the emails sent out today were sent to institutional customers (who signed up to our early access list) in order to begin the process of setting up their account — there’s more KYC work to do to get institutions onboarded than individual customers, hence why we have started to get the process started with these folks earlier. We’ll be sending out invites to individuals once we’re ready to launch, which we expect to be quite soon.” — Cameron Winklevoss via reddit
The type of trust the brothers applied for is not known. The first trust who acquired a State-chartered bank to back them, ItBit has also filed its company this way. ItBit was the first trust to start operating in the U.S. as a limited trust organization. The Winklevoss twins have also built a relationship with a State-chartered bank and announced this last year:
“We are also thrilled to announce that we have secured a banking relationship with a New York State-chartered bank.”
In an interview last January the brothers announced the Gemini team is compiled from various software giant businesses. Members of the team came from the likes of AirBnB, Microsoft, and Google operations. This includes the hiring of Cem Paya, former CSO of AirBnB, and Michael Breu head of security at Bridgewater Investment. The startup seems to have all the right roles filled with the top innovators in the industry.
The Brothers have been very open about working with regulators. “We’re not launching until we are licensed” said Tyler Winklevoss. Geminis founders have initiated discussions with financial regulators and those involved with the BitLicense. The public has been skeptical about their first business concept the Bitcoin ETF which is said to still be on track. ETFs have a harder regulatory policy design regarding its services. The ETF is hoped to be launched by the first quarter of 2016 being traded under the name “coin”. Coin will operate with investors able to purchase Bitcoin without having to hold the digital currency. Regarding Bitcoin being traded by the likes of Gemini or with Coin the Winklevoss believe the currency’s trading will be just as prolific as Gold.
“Anyone who believes that gold is an important asset to hold in their portfolio should seriously consider adding bitcoin to their portfolio.”
Gemini has begun accepting applications from institutional investors. Once confirmed investors get a chance to review the system’s user interface. So far trading spots are empty and a few tests are being committed. There has been no official announcement on when Gemini will break out from the stable. The horse in this race has been talked about for quite some time with the brothers and many Bitcoin pundits. With an acquired wealth of over 1% of the Bitcoins in existence the two brothers are ones to watch. Whether it’s the talks of building a Bitcoin ETF like no other, or the current release in the future of the Gemini exchange people are watching these brothers closely. The two have made their fame through the early beginnings of Facebook and have also made their mark in the early stages of Bitcoin.
What do you think about the Winklevoss Exchange Gemini? Let us know in the comments below.
Images courtesy of Gemini, IBtimes, and Redmemes