The Gemini exchange, founded and operated by Tyler and Cameron Winklevoss has gained the approval from the State of New York via the Department of Financial Services to offer trading of Ether, the crypto-asset and token of the Ethereum network.
In an announcement today, the New York State Department of Financial Services has given its approval for Gemini to offer trading of Ether, the native token of Ethereum.
Gemini launched in October 2015 after gaining a charter to operate as a virtual currency exchange, without the need for a BitLicense whilst regulated as a fiduciary, granting it the means to service both individual and institutional clients. Gemini is also exempt from registering with FinCEN, as a state-chartered limited purpose trust company.
New York Governor Andrew M. Cuomo, who made the announcement, stated:
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.
In an interview with Reuters, Gemini co-founder and president Cameron Winklevoss revealed that the twins’ investment firm Winklevoss Capital began buying ether at the beginning of 2016, noting that the investment arm is now a “significant” holder of the cryptocurrency.
Furthermore, Ether was chosen by the Winklevoss twins to be traded on Gemini because of its “unique capabilities,” as reported by the publication.
There is a place for ether on our platform. It does what bitcoin doesn’t do.
“So that is the sort of criteria, that it is different enough from bitcoin and the proposition is great enough that this makes sense of us to include it in our platform” stated Winklevoss as reported by the publication, without elaborating on what he saw as differences between the two biggest cryptocurrencies, by market cap.
As of Thursday, figures from Coinmarketcap show Ether trading at $10.01 with a market capitalization of $798.22 million.
Gemini customers will be able to store their Ether from Thursday before trading officially begins on Monday, May 9.
Featured image from Shutterstock.