Gemini

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Gemini
Gemini-logo.png
Headquarters New York, NY
Key People Cameron Winklevoss, Tyler Winklevoss, Robert Cornish
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, and bitcoin.[1][2][3][4]

Background

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.[5]

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.[6]

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.[7][8]

Gemini added trading services for Zcash in July 2018.[9]

On August 20, 2018 Gemini joined Bitstamp, bitFlyer USA, and Bittrex to announce the formation of the Virtual Commodity Association Working Group.[10]

Products and Services

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.[11]

Block trading is a type of trade order[File:Marketswiki.gif|25px|link= http://www.marketswiki.com/wiki/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.[12]

Gemini Dollar

In September 2018, Cameron and Tyler Winklevoss received approval from the New York Department of Financial Services to launch the Gemini dollar, a stablecoin backed by funds held by the State Street Corporation.[13][14]

Key People

References