Gemini Trust Company, LLC is the first company in the US (and the world) to gain a license for trading Ether, a new and emerging type of cryptocurrency that is run on the platform Ethereum which, according to their website, “is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.”
Cryptocurrencies are decentralized, self-regulating digital currencies that may be used as “cash” for global trading and are based on very complex mathematical algorithms that must be approved by a majority of the community, making it practically impossible to defraud. It offers instant exchanges from anywhere in the world, with little or no charges.
Cryptocurrencies garnered hostility from the mainstream population due to its tendency to attract illegal businesses, mainly because it offers anonymity and can be used to transfer money without a trace. While their legality varies from country to country, people see their possibilities and advantages and the acceptance of digital currencies has been developing.
With cryptocurrencies slowly gaining acceptance all over the world, it’s no surprise cities and countries are starting to get in on the industry to take advantage of its potential, and to make sure they don’t get left behind.
“This action continues New York’s long tradition of pioneering new innovations and emerging industries,” Governor Andrew M. Cuomo says. “With robust regulatory oversight, we are maintaining our status at the forefront of this technological revolution and ensuring that users have a safe and secure experience.”
Gemini’s operations with Ether can start immediately, but not without ongoing supervision. Acting Department of Financial Services Superintendent Maria T. Vullo said, “Through smart and careful regulation, New York State continues to flourish as a virtual currency leader in the global marketplace. DFS will continue to encourage the development and long-term future of this growing industry.”