Gemini on Its Way to Become a Trust Company

Gemini on Its Way to Become a Trust Company

The exclusive United States specific bitcoin exchange, Gemini is one step closer to beginning its operations from New York. The company founded by Tyler and Cameron Winklevoss, better known as the Winklevoss Twins has filed the necessary paperwork with the New York State Department of Financial Services. According to Gemini's spokesperson, the Winklevoss twins are said to have completed the formality of filing the trust application with the government so that they can start operating as a trust company. A trust company, according to the definition of the State of New York is a financial....


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Winklevoss Twins File Trust Application with NYDFS for Gemini Bitcoin Exchange

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The Winklevoss Twins have announced the launch of their long-awaited Bitcoin exchange, Gemini. Somewhat like itBit, which applied for a banking license rather than wait for the completion of the BitLicense, Gemini Trust Company, LLC is regulated as a fiduciary. This means they can service both individual and institutional clients, among other things. Meeting the high-water mark of banking compliance is no small task, especially for a startup, but we felt that doing so was crucial - Bitcoin is an island right now, and, if we are going to build a bridge to the financial mainland, then Gemini....

Quotes

I do think Bitcoin is the first [encrypted money] that has the potential to do something like change the world.

Peter Thiel, Co-Founder of Paypal