Gemini, the New York-based Bitcoin platform operated by the famous Winklevoss twins, will soon enable traders to buy and sell Ethereum’s native cryptocurrency, Ether.
According to reports, Cameron and Tyler Winklevoss, the men indirectly responsible for starting social media giant Facebook, have received approval from the New York State Department of Financial Services to trade Ethereum on the Gemini Bitcoin Exchange.
Ether’s growing popularity has led many Bitcoin exchanges and trading platforms to include it in their established services. After the announcement, Gemini simply joins the list of many. However, the US Bitcoin exchange is the first licensed digital currency trading platform to support Ethereum trading.
In a statement to Bloomberg, the twins were quoted as saying:
“Their (NYSDFS) approval of Gemini as the first licensed platform to support Ether trading demonstrates their commitment to be global thought leaders in financial regulation that both protects customers and drives innovation.”
However, you seem to have forgotten that many digital currency platforms have already implemented ether trading. It has already made them the leaders of “innovation,” as the brothers put it. The only reason for Bitcoin was to keep governments and other institutions at a distance regarding the finances of individuals.
Many digital currency companies – which are doing excellently – have already mentioned that the rigorous BitLicense regime is not really conducive to innovation and growth in the cryptocurrency industry. It is worth remembering that the introduction of BitLicense resulted in a mass exodus of some of New York’s notable cryptocurrency platforms.
Currently, there are only a handful of Bitcoin companies operating in the state by obtaining BitLicense approval. On the other hand, many have left the scene citing prohibitive regulatory and compliance fees to obtain the license.
With the introduction of Ethereum support by Gemini, the residents of New York State have at least access to a regulated digital currency exchange where they can trade popular cryptocurrencies in addition to Bitcoin.
Meanwhile, Ether is expected to only grow in popularity thanks to various uses of the Ethereum protocol, which is now increasingly being adopted by banks and financial institutions in their operations.
Ref: Bloomberg technology Image: NewsBTC