This approach has gone over well with institutional investors and those with the utmost concern for being on the right side of the law. That announcement led many to realize the depths that the exchange goes to ensure that every asset on the exchange is fully compliant. In what was a very mainstream event for cryptocurrency at the time, Cuomo declared that Gemini was the first and only fully-licensed and regulated ETH exchange in America. Gemini is the complete opposite of that – everything it does is done to the T and crosses the desk of a New York regulator.Ĭase in point is the 2016 announcement made by NY Governor Andrew Cuomo. You’ll find other exchanges operating in grey areas, straddling between lines, and trying to take the shortcut way to a digital asset listing. That’s because Gemini does one thing, and it does it well. Drama, intrigue, betrayal, and mystery are all missing from the Gemini story, however. Most cryptocurrency exchanges have histories that read like soap operas. Originally, Gemini only handled Bitcoin (like most other exchanges of its era), but over time it grew to include crypto blue-chips like BCH, ETH, LTC, and ZEC. In today’s prices, that sage purchase is worth north of $2 billion.Īn interesting contrast to note is that the Winklevoss twins made their billions investing in decentralized technologies whereas Zuckerberg, their nemesis, made his fortune in concentrating data and surveillance.Īfter investing in early cryptocurrency projects like Charlie Shrem’s BitInstant, the twins decided to have a go of their own by launching Gemini in New York City. With the Facebook suit cash in hand, the twins bought 1% of all circulating Bitcoin for a cool $11 million. The sting felt by Zuckerberg’s plagiarism was surely soothed by the early investments the twins began making in Bitcoin around 2011. The twins sued and were awarded a paltry $65 million. Later, Mark Zuckerberg went on to steal the idea when he started Facebook. Back in 2002, the twins co-founded Facebook predecessor ConnectU with Divya Narendra. Being ahead of the curve is something that Gemini’s founders, the Winklevoss twins, seem to have a knack for.
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