Gemini – Cryptocurrency Exchange Founded By Twin Brothers.

In this digital era, when we are trying to bring cryptocurrencies like Bitcoin, Dogecoin, etc. There are many companies that provide these services, ensuring its safety, Gemini is one of them.

Gemini Trust firm is a cryptocurrency exchange, wallet, and custodian which provides services like Buying, selling, and storing digital assets for their customers. Gemini was founded in 2014 by Cameron Winklevoss and Tyler Winklevoss and is governed by The New York State Department of Financial Services (NYSDFS). Its headquarters were established in New York City, New York, Unites States.

History

Founders announced the establishment of Gemini in 2013. But it began to work in October 2015. After that, the company started to add different digital services like FIX, API support, etc. In 2016, it permitted users to withdraw Ethereum classics from the exchange, pursuing a hard fork in Ethereum’s code. It allowed its users to withdraw Bitcoin Cash from the exchange given that they had a balance available on the exchange before the bitcoin hard fork in August 2017. Chicago Board Exchange started using Gemini for its Bitcoin Future contracts. By April 2018, It initiated services for Block trading. It enables Gemini users to buy and sell digital assets in large quantities, outside Gemini’s order books. It started to make use of NASDAQ’s smart technologies to monitor trade, any fraudulent activity, and price manipulation on its exchange.

Services

Gemini enables the users to purchase and store bitcoin through a complex system of private keys and a password-protected environment while keeping the amount small to avoid the risk of loss. They can trade crypto and fiat currency in an open market and transfer USD to and from their bank accounts.

Partnerships

It did a number of partnerships which were:

In 2017, CBOE partnered with Gemini to use its dollar-dominated auction price.

In March 2018, It partnered with Caspian, a full-stack cryptocurrency trading and risk management platform for Institutional and complex investors.

In May 2020, It announced a partnership with Samsung In which Samsung smartphone users could link their Blockchain wallets to their Gemini accounts to transfer crypto and view balance.

Revenue

Gemini achieved total funding of 423.9 Million USD. Trust’s current valuation is 7.1 billion USD, raising an estimated annual revenue of 307.2 million USD.

Competitors

It operates in many different countries like the United States, Canada, the United Kingdom, South Korea, Hong Kong, and Singapore. So, it has many competitors. Some of its main competitors are Coinbase, Binance, Bitstamp, and Kraken.

Achievements

• World’s first licensed ether exchange in 2016
• World’s first licensed Zcash exchange in 2018.
• Became the first one to launch Bitcoin’s futures contracts in 2017.

Court Cases

The commodity futures trading commission filed a suit against Gemini for misrepresentation of the company’s exchange and futures contracts during 3017 meetings. The case was filed on 2 June 2022. The suit demanded to block it from all trading commodities and from getting further investment with additional fines.

The Winklevoss Brothers – Cameron and Tyler Winklevoss

Cameron Howard Winklevoss and Tyler Winklevoss are twin brothers born on august 22, 1981. They are the American cryptocurrency and bitcoin investors, entrepreneurs, and founders of Winklevoss Capital Management and Gemini Crypto exchange. Besides this, They are also Olympic rowers who completed their men’s pair rowing event at The 2008 summer Olympics. Winklevoss and his brothers also co-founded HarvardConnection with Divya Narendra. Tyler Winklevoss is the chief Executive officer of Gemini Trust firm. They also founded a website called Guest with Rachelle Hruska. They filed a suit against Facebook for stealing their connectU idea to create Facebook. Each twin holds a cryptocurrency of 1.4 billion USD estimated to Forbes.