After announcing their Bitcoin exchange, Gemini, a couple of months ago, Cameron and Tyler Winklevoss have recently made a press statement, saying that the exchange is now live, and that users can go ahead and try it out. Now, they’ve finally received official approval to open their exchange.
The New York State Department of Financial Services, which has been heavily regulating NYC-based Bitcoin exchanges has decided to approve the operation of the Gemini exchange, as it follows all regulatory guidelines, while also having a similar regulatory framework to another firm which was recently accepted into the system.
While there are already a couple of popular exchanges on the market, such as CoinBase, the Gemini exchange is more focused towards banks and other institutions, interested in buying and selling bitcoin. With this in mind, it has been structured as a limited liability trust company, which is the main reason why they’ll be able to service both corporate companies and individuals. Following all regulatory framework was not an easy job for the Winklevoss twins, but according to a recent interview, they’re confident that the exchange is bound to be successful, as long as they use firm business practices and have a complex security programs.
What makes the firm different from other bitcoin exchanges is the fact that they will hold customer money in bank accounts which are federally insured, thus greatly decreasing the risk of currency theft, and improving customer security. Both corporate companies and individuals can request invitation codes, and go ahead and try the service out.
At this moment in time, the company has been licensed to operate in half of the US states, including Washington DC. If Gemini manages to get the required licenses to extent their operation, they have high potential of becoming an important player on the bitcoin exchange market, considering the media buzz that it has received.
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