After Coinbase Steals the Spotlight, Winklevoss Twins Anticipate Approval for Exchange This Quarter

Tyler and Cameron Winklevoss have told Reuters that they expect to get regulatory approval for their planned bitcoin exchange, Gemini,

Tyler and Cameron Winklevoss have told Reuters that they expect to get regulatory approval for their planned bitcoin exchange, Gemini, this quarter.

Shortly after revealing their plans last week, Coinbase took the spotlight and launched a licensed exchange of its own, only releasing news of its plans hours before launch.

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The twins are basing their target date on the New York Department of Financial Services’ (NYDFS) goal of finalizing its regulatory framework for virtual currencies this quarter.

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Their firm, Winklevoss Capital, is also investing heavily in security and hiring top IT talent. “Security shouldn’t be with this guy in the back office. He should be the most important person in the organization,” said Cameron.

They have sought to dispel the notion of hackings being the primary cause for bitcoin losses. “Most bitcoin losses have not been due to theft or hacking. It has been due to user error. It is people forgetting their passwords or losing their keys,” said Tyler.

As to the status of their planned exchange traded fund (ETF), which would give investors exposure to bitcoin’s value without having to hold on to actual bitcoins, there is currently no ETA. During a session at yesterday’s Inside ETFs conference in Hollywood, Florida, they pitched their product to gold bugs.

Despite bitcoin losing as much as 80% of its value during the past 12 months, the twins remain unfazed. “We have never sold a bitcoin,” said Cameron.

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