Winklevoss twins’ exchange Gemini gets regulatory approval to trade Litecoin

Litecoin Is Now Available on Winklevoss twins' exchange Gemini.

The Winklevoss twinsareInternet entrepreneurs, Cameron Winklevoss, and Tyler Winklevoss. They are known for co-founding HarvardConnection (later renamed ConnectU) along. In 2004, the Winklevoss brothers sued Facebook founder Mark Zuckerberg, claiming he stole their ConnectU idea to create the popular social networking site, and ultimately received $65 million.

They are now venturing capitalists and have led a seed funding round for a Bitcoin payment processor. They also own a U.S.-based cryptocurrency exchange Gemini which has sealed regulatory approval to add Litecoin (LTC) custody and trading. The news comes from an official Medium blog post published Friday, Oct. 12.

In an official statement, Gemini’s vice president of engineering, Eric Winer stated

“We are excited to announce support for Litecoin trading and custody on Gemini. Beginning Saturday, October 13th at 9:30 am EDT you will be able to deposit Litecoin into your Gemini account. Trading will begin on Tuesday, October 16th at 9:30 am EDT. Litecoin (LTC) is the fourth digital asset available on the Gemini platform, joining Bitcoin, Ether, and Zcash.”

The Winklevoss twins have also recently sealed the approval of the NYDFS to launch their own U.S. dollar-backed stable coin, the Gemini dollar, the same day as U.S. Trust company Paxos announced its own NYDFS-approved stable coin. They have reportedly hired advisors to oversee Gemini’s potential expansion to the U.K. market.

Uncertainty within the Bitcoin Cash community

The Gemini exchange has also planned to announce support for Bitcoin Cash (BCH) today as well. However, there has been much uncertainty lately within the Bitcoin Cash community about one or more possible hard forks arriving in mid-November. Some of those forks lack the replay protection feature that would be required for Gemini to safely support Bitcoin Cash. Eric Winer further stated-

We are delaying our launch of Bitcoin Cash deposits, withdrawals, and trading until late November, after the forks have passed and we can evaluate the health of the Bitcoin Cash ecosystem. Until then, you may see some “coming soon” pages for Bitcoin Cash deposits, withdrawals, and trading on our website and APIs.

Security-A Priority

Earlier this month, Gemini announced it had secured insurance coverage for custodial digital assets from lending services firm Aon, which will complement its already available Federal Deposit Insurance Corporation (FDIC) coverage for U.S. dollar deposits.

The Gemini remains certain that for cryptocurrency to realize its tremendous potential it is crucial to provide a safe and regulated environment for both innovation and consumer protection, and are eager to work closely with both the market and regulator.

As of press time, Gemini is ranked the world’s 38th largest crypto exchange by CoinMarketCap, seeing over $34 million in daily traded volumes. For them, Crypto is the future of money.

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