Gemini

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Gemini
Gemini-logo.png
Headquarters New York, NY
Key People Cameron Winklevoss/Tyler Winklevoss, co-founders; Robert Cornish, CTO; Jeanine Hightower-Sellito Managing Director of Operations; Nick Vigier, CIO
Products Digital currency exchange
LinkedIn Profile

Gemini is a New York-based digital asset exchange founded by Cameron and Tyler Winklevoss (aka "the Winklevoss twins"). It is registered and regulated by the New York State Department of Financial Services. Gemini hosts daily auctions for ether (the cryptocurrency of the Ethereum network), Zcash, Litecoin, and bitcoin.[1][2][3][4][5]

History

In 2015, the New York State Department of Financial Services ("NYDFS") granted a charter under the New York banking law to Gemini Trust Company, LLC, a Bitcoin exchange based in New York City and founded by Cameron and Tyler Winklevoss.[6]

Because Gemini is registered as a trust company, it is exempt from having to register with the Financial Crimes Enforcement Network (“FinCEN”)*, a bureau of the U.S. Department of Treasury. It does, however, have an account with FinCEN for filing compliance reports.[7]

In June of 2018, Gemini announced that Robert Cornish would be joining its team as its first chief technology officer. Cameron Winklevoss made the announcement on the company's blog. The story was also reported by Bloomberg in early July.[8][9]

Gemini added trading services for Zcash in May 2018.[10]

On August 20, 2018 Gemini joined Bitstamp, bitFlyer USA, and Bittrex to announce the formation of the Virtual Commodity Association Working Group.[11]

In October 2018, Cameron Winklevoss posted on the company's blog that Jeanine Hightower-Sellito would be joining Gemini as managing director of operations to "build the Gemini Marketplace and our (Gemini's) new Client Services Team."[12] Also that month, Gemini announced during the Litecoin Summit that it planned to support Litecoin deposits on October 13th, and that trading would be supported starting October 16th.[13]

In October, Omniex announced that it had partnered with Gemini.[14]

In January 2019, Gemini launched a new ad campaign in New York promoting the adoption and regulation of cryptocurrency. The ad campaign featured slogans like "The Revolution Needs Rules," and "Crypto Without Chaos" on subways and on taxis, as well as a full-page ad in the New York Times. The campaign was created with the New York-based branding agency Interesting Development.[15]

SOC 2 Certification

In January 2019, Gemini became the first cryptocurrency firm to have completed the System and Organization Controls (SOC) 2, Type 1 examination from Deloitte, a certification that requires thorough testing of the systems used to process user data. Gemini's digital platform, user database, privacy and security functions were all tested during this process. Representatives from Gemini said the company plans on clearing the SOC 2, Type 2 examination later in 2019.[16]

Products and Services

Mobile App

In December 2018, Gemini launched a mobile app allowing customers to buy or sell cryptocurrencies, view price charts, and view their personal portfolio. The app also featured similar security measures to the Gemini exchange.[17]

Block Trading

Gemini offers block trading through the Gemini Block Trading service, allowing its users to buy or sell large quantities of bitcoin or other cryptocurrencies without upsetting the cryptocurrency market. This went live on April 12th, 2018.[18]

Block trading is a type of trade order through which registered users on the Gemini exchange can trade large amounts of BTC, ETH, or ZEC. It involves submitting an indication of interest (IOI), similar to a buy order for a security on a traditional exchange. The IOI goes through the exchange, where vetted traders, called "Market Makers," approve or reject the order. If the order is approved, the trade is carried out at an agreed-upon price, and added to Gemini's blockchain.[19]

Market Makers

Market Makers are Gemini customers who participate in block trades by receiving and responding to IOI messages. Market Makers are required to be directly connected to Gemini's data center, certify their ability to receive IOI messages over FIX, and bid on two-way markets when receiving IOIs.

Gemini Dollar

In September 2018, Cameron and Tyler Winklevoss received approval from the New York Department of Financial Services to launch the Gemini dollar (GUSD), a stablecoin backed by funds held by the State Street Corporation.[20][21] Gemini dollar prices broke the peg to the U.S. dollar on October 15 and 16, 2018 hitting $1.14 and $1.19, respectively.[22] By October 19, the Gemini dollar price had receded to $1.01.[23] Later that month, Cameron Winklevoss wrote on the company's official blog that GUSD has been adopted by 25 exchanges.[24]

Two OTC trading desks reported on February 5, 2019, that Gemini had closed their accounts after requesting large redemptions of GUSD into U.S. dollars.[25]

Cryptocurrency insurance

In October 2018, Gemini announced that it had secured insurance contracts for its customer's digital assets. The insurance came from a global consortium of insurance providers organized by Aon Plc, which will hold virtual currencies in "hot" wallets on behalf of customers.[26]

Gemini joins Radianz Cloud

In February 2019, Gemini announced that it had joined the Radianz Cloud platform (created by BT Radianz), enabling quicker and less complicated connection to financial institutions also on the Radianz Cloud network. According to Nick Vigier of Gemini, existing Radianz customers will be able to access Gemini's FIX interface through their Radianz connection.[27]

Key People

References

  1. What is Gemini?. Gemini.
  2. Fully Regulated, Fully Compliant: Gemini Now Licensed in Washington. Cointelegraph.
  3. DFS AUTHORIZES GEMINI TRUST COMPANY TO PROVIDE ADDITIONAL VIRTUAL CURRENCY PRODUCTS AND SERVICES. NY State Dept. of Financial Services.
  4. Winklevoss Crypto Exchange Wins Approval to Trade Zcash. Coindesk.
  5. Gemini Latest Exchange To Offer Litecoin. Forbes.
  6. NYDFS GRANTS CHARTER TO “GEMINI” BITCOIN EXCHANGE FOUNDED BY CAMERON AND TYLER WINKLEVOSS. New York State Department of Financial Service.
  7. Is Gemini licensed and regulated?. Gemini.
  8. Welcoming Our First Chief Technology Officer. Medium.
  9. Winklevoss Crypto Exchange Hires NYSE Technology Executive. Bloomberg.
  10. Winklevoss Crypto Exchange Wins Approval to Trade Zcash. Coindesk.
  11. The Biggest Digital Exchanges Are Teaming Up To Police the Crypto Space. Bloomberg.
  12. Building a World-Class Marketplace and Client Services Team. Gemini Blog.
  13. Gemini Latest Exchange To Offer Litecoin. Forbes.
  14. Omniex and Gemini partner to deliver high-performance infrastructure to support institutional investors. Omniex.
  15. Winklevosses’ Cryptocurrency Exchange Says the ‘Revolution Needs Rules’. The Wall Street Journal.
  16. Crypto Exchange Gemini Passes Security Audit Conducted by Deloitte. The Coindesk.
  17. Gemini Launches New Mobile App for Crypto Traders. Coindesk.
  18. Winklevosses' Gemini to Offer Cryptocurrency Block Trading. Bloomberg.
  19. Winklevosses' Gemini to Offer Cryptocurrency Block Trading. Gemini.
  20. Winklevoss Twins Receive New York Approval to Launch New Crypto Coin. Bloomberg.
  21. Winklevoss Twins Receive New York Approval to Launch New Crypto Coin. Gemini.
  22. Winklevoss-Backed Stablecoin Soars Above $1 as Tether's Market Cap Plunges. Coindesk.
  23. 24 Hour Volume Rankings (Currency). CoinMarketCap.
  24. Gemini dollar (GUSD) Is Now Supported by 25 Exchanges. Gemini.
  25. Winklevoss Exchange Gemini Shuts Down Accounts Over Stablecoin Redemptions. Coindesk.
  26. Winklevoss's Gemini Obtains Insurance for Crypto-Assets. Bloomberg.
  27. Gemini joins BT Radianz Cloud community. Hedgeweek.