Gemini Applying for FINRA License
- The US regulator is already sitting on 40 applications from crypto firms
Cryptocurrency exchange Gemini is applying to become a broker-dealer under the Financial Industry Regulatory Authority (FINRA), according to a new report by Coindesk.
The exchange is already regulated by the New York Department of Financial Services (NYDFS).
But a license from the NYDFS license only allows the company to provide custodial services to firms dealing in digital assets.
Conversely, regulatory approval from FINRA would allow the exchange operator to start acting as a venue for trading in securities.
According to Coindesk, the firm wants to start allowing firms to trade and list digitized securities on its exchange.
Past experience
The company has already worked with Harbor, a platform for tokenized securities trading.
That deal enables Harbor's clients to buy securities with GUSD - Gemini's dollar-pegged Stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term. It also means users can receive dividends from those securities in GUSD.
Getting approval from FINRA, however, is likely to be trickier than it was to set up a deal with Harbor.
The financial regulator is extremely slow in granting licenses to cryptocurrency firms, with some waiting over a year for a response.
Currently, the financial watchdog is thought to be sitting on around 40 applications for licensing from cryptocurrency firms.
Based in New York, Gemini is run by Cameron and Tyler Winklevoss - two brothers who are famous for having successfully sued Facebook and are thought to have been amongst the first Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term billionaires.
Cryptocurrency exchange Gemini is applying to become a broker-dealer under the Financial Industry Regulatory Authority (FINRA), according to a new report by Coindesk.
The exchange is already regulated by the New York Department of Financial Services (NYDFS).
But a license from the NYDFS license only allows the company to provide custodial services to firms dealing in digital assets.
Conversely, regulatory approval from FINRA would allow the exchange operator to start acting as a venue for trading in securities.
According to Coindesk, the firm wants to start allowing firms to trade and list digitized securities on its exchange.
Past experience
The company has already worked with Harbor, a platform for tokenized securities trading.
That deal enables Harbor's clients to buy securities with GUSD - Gemini's dollar-pegged Stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term. It also means users can receive dividends from those securities in GUSD.
Getting approval from FINRA, however, is likely to be trickier than it was to set up a deal with Harbor.
The financial regulator is extremely slow in granting licenses to cryptocurrency firms, with some waiting over a year for a response.
Currently, the financial watchdog is thought to be sitting on around 40 applications for licensing from cryptocurrency firms.
Based in New York, Gemini is run by Cameron and Tyler Winklevoss - two brothers who are famous for having successfully sued Facebook and are thought to have been amongst the first Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term billionaires.