The Winklevoss brothers are looking to add additional cryptocurrencies to the Gemini Exchange, while also praising the U.S. Securities and Exchange Commission’s recent statements.
EXPANDING GEMINI
The Winklevoss twins’ cryptocurrency exchange Gemini Exchange is looking to expand with the addition of Litecoin (LTC) and Bitcoin Cash (BCH). Currently, Gemini Exchange only offers Bitcoin and Ethereum trades.
Tyler Winklevoss claimed that the most obvious additions to Gemini’s roster of offerings “are from the Satoshi Nakamoto family tree – Bitcoin Cash, Litecoin.”
As noted by Bloomberg, the Winklevoss’ twins plans are not only significant for the Gemini Exchange but for its Bitcoin futures partner Cboe Global Markets Inc. Cboe is based out of Chicago and is interested in offering futures contracts on additional cryptocurrencies. In order to accomplish this, however, Cboe needs Gemini’s assistance.
Cboe exclusively uses Gemini’s data supply when calculating Bitcoin contracts. While Ethereum is currently available – since the second-largest cryptocurrency by market cap is already traded on Gemini – Cboe needs Gemini to add more coins if it wants to offer additional futures contracts.
SUPPORTING THE SEC
Bloomberg also notes that, at the Cboe event in Florida, the Winklevoss twins said they “applaud” the U.S. Securities and Exchange Commission’s statement that exchanges offering digital assets which qualify as securities must register, or meet criteria for exemption.
BITCOIN’S STILL MOVING IN THE RIGHT DIRECTION
The Winklevoss twins, who are heavily invested in Bitcoin, also claimed to be unconcerned with the dramatic slowdown in Bitcoin trading volume — citing the fact that, historically, it’s just par for the course. In the long-term, they see Bitcoin as trending upwards, and also claimed that “futures have gotten off to an incredible start.”
Tyler Winklevoss also noted:
In 2018, you’re really going to see institutions and Wall Street really get in, and it’s going to look very different.
Previously, Cameron Winklevoss matched his brother’s bullish sentiment by claiming Bitcoin could see a 40x increase in valuation “someday.” He stated:
So if you look at a $100 billion market cap today, now last week it might have been more like 200, so it’s actually a buying opportunity, we think that there’s a potential appreciation of 30 to 40 times because you look at the gold market today, it’s a $7 trillion market. And so a lot of people are starting to see that, they recognize the store of value properties. So we think regardless of the price moves in the last few weeks, it’s still a very under-appreciated asset.