Gemini Becomes The World’s First Licensed Ether Exchange

Winklevoss Twin’s Cryptocurrency Exchange Gemini announced today the support of Ether trading starting on Monday, May 9th at 9:30 AM EDT. The exchange announced the inclusion of two new trading pairs ETH/BTC and ETH/USD. 

Gemini, the NYC-based Bitcoin exchange announced today the upcoming support of Ether trading, on may 9th, Gemini exchange will open two new order books ETH/BTC and ETH/USD, in their own words, the exchange is a limited liability trust company chartered by the State of New York – the first U.S. exchange to launch in full compliance with all digital asset regulations and consumer protection laws in its entire area of operation. U.S. dollars are FDIC-insured and digital assets are fully protected.

Cameron Winklevoss explained that when they began building Gemini almost two years ago, they envisioned a platform that would allow customers to trade digital assets in addition to bitcoin.

Over the past six months, ether increasingly became a credible candidate for inclusion on Gemini. The Ethereum protocol’s unique features and the wide range of applications being developed by the Ethereum community, along with increased liquidity and market cap, have made ether an obvious addition to the Gemini trading platform.

Gemini has been working closely with the New York State Department of Financial Services (“NYSDFS”) to obtain approval to offer ether storage and trading to the platform’s customers as a fully-licensed New York State-chartered limited liability trust company. This makes Gemini the first licensed ether exchange in the world. It also makes the NYSDFS the first regulatory agency in the world to supervise ether.

In a press release, New York State governor Andrew M. Cuomo announced that the New York State Department of Financial Services has authorized Gemini Trust Company, LLC to offer the trading of Ether, an emerging cryptocurrency, on its virtual currency exchange based in New York City. Cryptocurrencies are alternative decentralized global digital currencies that provide users with a more secure and efficient means of payment.

Governor Cuomo said:

This action continues New York’s long tradition of pioneering new innovations and emerging industries, with robust regulatory oversight, we are maintaining our status at the forefront of this technological revolution and ensuring that users have a safe and secure experience.

This series of announcements continues the recent trend of Ethereum’s inclusion on several major Exchanges.

Image via shutterstock

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