What It Is

The long-awaited bitcoin exchange Gemini, founded by investor twins Tyler and Cameron Winklevoss, has been approved by the New York State Department of Financial Services to start serving customers in 26 states. At this time, Gemini is already accepting customers and will officially begin trading on October 8th. This marks the third entrant in the US bitcoin exchange sector, after Coinbase last January and itBit in May. Rather than appeal to the average consumer, the goal of Gemini is really to try to get the institutional investors involved. "We’re treating this much more like a bank than as a money transmitter," said Tyler Winklevoss.

The Implications

At launch, Gemini will allow transfers and withdrawals from the exchange for free, while also featuring email and voicemail support for users. Gemini president Cameron Winklevoss said that they will start off with a basic and understandable platform and that they will ultimately be seeking more elite clientele. Unlike Coinbase, which has been using discount strategies to rope in new users, Gemini has made it clear they won't be using a similar approach."We’re trying to build a business and we want customers who are serious, not people who are here for a discount. You pay for what you get," Tyler Winklevoss said.

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