Winklevoss twins plan regulated Bitcoin exchange

Gemini will be a New York market with cash deposits backed by a chartered bank

The most famous twins in social media and cryptocurrency want to launch a regulated Bitcoin exchange -- named Gemini, of course.

Cameron and Tyler Winklevoss want their "next-generation exchange," to be based in New York, to be fully regulated and in compliance with financial laws, a stance that goes against the anonymous, anti-establishment philosophy under which Bitcoin was born six years ago.

As major investors in Bitcoin, the brothers see the exchange as a way to secure the digital currency's future amid continued price declines, hacking incidents and criminal cases. To bolster confidence, they said they have formed a relationship with a chartered bank in the state of New York.

"This means that your money will never leave the country," the twins wrote in a blog post. "It also means that U.S. dollars on Gemini will be eligible for FDIC insurance and held by a U.S.-regulated bank," they wrote, referring to the U.S. Federal Deposit Insurance Corporation, which guarantees the deposits in member banks.

The team behind Gemini currently consists of 14 people including the brothers. They did not say when Gemini might receive regulatory approval from New York state authorities, who held public hearings on regulations a year ago.

"It's true that Bitcoin's promise is a new, frictionless money, but that all becomes academic if we don't build towards an ecosystem that is free of hacking, fraud and security breaches," the twins wrote on their Gemini blog.

The so-called Winklevii are believed to be one of the largest holders of Bitcoin in the world. They're also known for their disputes with Facebook CEO Mark Zuckerberg as well as for another cryptocurrency plan -- a NASDAQ Bitcoin investment trust under which the coins would apparently be protected in vaults like gold bars.

Tim Hornyak covers Japan and emerging technologies for The IDG News Service. Follow Tim on Twitter at @robotopia.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags internetInternet-based applications and servicesGemini

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Tim Hornyak

IDG News Service
Show Comments

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Andrew Teoh

Brother MFC-L9570CDW Multifunction Printer

Touch screen visibility and operation was great and easy to navigate. Each menu and sub-menu was in an understandable order and category

Louise Coady

Brother MFC-L9570CDW Multifunction Printer

The printer was convenient, produced clear and vibrant images and was very easy to use

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Walid Mikhael

Brother QL-820NWB Professional Label Printer

It’s easy to set up, it’s compact and quiet when printing and to top if off, the print quality is excellent. This is hands down the best printer I’ve used for printing labels.

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?