Bitcoin bulls the Winklevoss twins have revealed they’re planning on to add more tokens to their crypto trading platform, Gemini Exchange. They also confirmed the new additions would be bitcoin cash (BCH) and litecoin (LTC).
Subscribe to the Bitsonline YouTube channel for more great interviews featuring industry insiders & experts
Tyler Winklevoss, shedding light on possible crypto additions to its platform, said the obvious candidates for expansion “are from the Satoshi Nakamoto family tree — bitcoin cash, litecoin”.
The Winklevoss twins started Gemini in 2015 and as reported by CNBC in the past, Gemini was world’s first licensed ether (ETH) exchange. Its main competitors include Coinbase, Kraken, and Bitstamp.
The biggest exchange in the United States, Coinbase, had an upper hand in the competition as it already supports both LTC and BCH. However, it will also boost Gemini Exchange’s business if it adds the two popular cryptocurrencies to its platform, while Coinbase is tangled in two class-action lawsuits.
Gemini and Cboe Partnership to Expand With the Addition
The Winklevosses’ expansion plans also weigh on Gemini’s Bitcoin Futures partner — Chicago based Cboe Global Markets Inc.
Cboe is the company that started offering Bitcoin futures in December, and has signaled on several occasions its plan to move to new cryptocurrency futures, likely Ethereum. Cboe claimed, “futures have gotten off to an incredible start.”
New York-based Gemini is exclusively responsible for providing the data used to work out Cboe’s bitcoin contracts. Therefore, Gemini’s expansion plans could also lead to Cboe offering other crypto futures.
Tyler Winklevoss told Bloomberg “the licensing agreement with Cboe is scalable, and they entered into the deal knowing it could expand in terms of offerings.”
Winklevoss Twins Applaud SEC Stance
The Winklevoss twins also praised the recent stance of the U.S. Securities and Exchange Commission — which states that crypto exchanges will have to register as a national exchange with the SEC in order to protect investors from frauds. Gemini exchange is licensed and regulated by the New York State Department of Financial Services (NYSDFS) under its “Bitlicense” laws.
The SEC’s Division of Enforcement and Trading and Markets released a public statement, defining who needs to apply:
“If a platform offers to trade of digital assets that are securities and operates as an “exchange,” as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration.”
The Winklevoss twins said institutional investors are more involved in the crypto space than ever before, which highlights the growing demand for cryptocurrencies.
Tyler Winklevoss said: “In 2018, you’re really going to see institutions and Wall Street really get in, and it’s going to look very different,”
Moreover, the bitcoin bulls are not worried about the slowdown in BTC volume. Just last month they suggested the bitcoin price will grow by 40 times its value, which would equate to $350,000 at the time. Even more doors will likely open for institutional investors when Gemini exchange adds support for BCH and LTC.
Will Gemini Exchange’s partnership with Cboe Global Markets Inc. draw in more institutional investors? Let us know your views in the comments section.
Images via Wikimedia Commons, Pixabay