Winklevoss Twins Targeting UK Expansion For Gemini Cryptocurrency Exchangewritten by Bella Palmer
Anyone who has watched the film The Social Network, which covers the founding and early history of Facebook, will recall the controversial role of the Winklevoss twins. They claimed Mark Zuckerberg ripped off the
The governance standards of
The Gemini exchange is, however, making a good fist of setting itself up as a best practise example of transparency and governance for a sector often described as a ‘Wild West’ financial market. Earlier this year the exchange hired the Nasdaq exchange as independent monitors of possible market abuse on Gemini. The company is also accredited by New York’s Department for Financial Services as a trust company.
Those investing online in cryptocurrencies have seen their fortunes reverse from last year’s phenomenal bull run, which saw bitcoin’s price rise from $1000 to $20,000 taking the values of other major cryptocurrencies along for the ride. The market has since seen the majority of those gains erased and bitcoin currently trades at around $6500.
Despite that steep correction many cryptocurrency advocates believe that the process of the digital currencies becoming integrated into mainstream financial markets has been making progress in the background. Goldman Sachs is, says the investment bank itself, still working on a proposed cryptocurrency trading desk though no expected launch date has been provided. NYSE-owner Intercontinental Exchange has also set up a start-up in partnership with Amazon and Starbucks. Bakkt, as it is called, aims to become a regulated bitcoin exchange.
It can be presumed that the Winklevoss twins are looking at London’s status as a global financial hub as the ideal location for a Europe-based cryptocurrency exchange as part of an international expansion in anticipation of a mainstreaming of the crypto trading market.
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.