Gemini, the “truly American” bitcoin exchange has finally received clearance from the New York State Department of Financial Services to launch in the State of New York.
Founded by Cameron and Tyler Winklevoss, Gemini will now be operating as a chartered limited liability trust company. Unlike many other bitcoin businesses so far, Gemini will be operating along with a United States Federal Deposit Insurance Corporation (FDIC) approved bank, increasing the trust factor among investors.
Gemini is designed to cater to both first time bitcoin users and seasoned investors. Users can deposit both bitcoin and fiat currency on the platform. The company’s partnership with the FDIC eligible bank will allow Gemini to store fiat currency deposits in the bank. Whereas bitcoin deposits will be safely held in a secure cold storage facility the company has set up.
Unlike BitLicense the current approval received by Gemini as a chartered limited liability trust company requires adherence to more stringent regulations. The New York State Department of Financial Services will be conducting regular inspections of company’s financial records.
With Gemini, the Winklevoss twins have set out to create a bitcoin platform that is on par with other fiat currency related financial institutions. According to reports, Gemini will be charging 25 basis point fee per transaction to both buyers and sellers. Working along the lines of conventional financial institutions, Gemini is sure to gain the trust of Wall Street honchos.
Over time Gemini has built a strong team, with who’s who from fintech and information technology on it. Winklevoss twins are heavily invested in bitcoin segment. They have, on multiple occasions spoken about bitcoin and made their positive view about bitcoin public. They have been waiting for approval for a while now, and now that they have received it, there is no stopping them. The platform will be operational by the 8th of this month. However, its reception among the bitcoin community is yet to be seen.