‘We’re at Home in Crypto Winter’: Winklevoss Twins Launch Crypto Trading App
Tyler and Cameron Winklevoss have launched Gemini’s mobile crypto trading app together with a new crypto basket investment vehicle.
Cryptocurrency trading platform Gemini founders Tyler and Cameron Winklevoss have launched a mobile crypto trading app together with a new investment vehicle, according to an official blog post published Dec. 11.
As the post outlines, the new app allows users to buy and sell crypto, and monitor real-time and historical crypto market prices for Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and ZCash (ZEC). Users can also see the total value of their current portfolio, and set price and percentage value change alerts for their chosen coins.
Further functionality includes a “recurring buy” feature, as well as support for a newly-launched investment vehicle dubbed “The Cryptoverse” –– a basket of cryptocurrencies, weighted by market capitalization, to be bought as a single order.
In an interview with Bloomberg published today, the twins struck a bullish tone in regard to the recent crypto market slump, Tyler stating “we’re totally at home in winter,” and his twin Cameron adding that “it gives us time to build internally, and refine and kind of catch our breath.”
Cameron contextualized the new app as a bid to reach out to retail investors, telling Bloomberg that:
“A lot of our decisions have perhaps given off a perception that we’re more institutional-based. The reality of the situation is that we have a diverse customer base. And the retail story is just beginning.”
The twins also revealed their 2019 goal of expanding to the Asian crypto market, where they will face stiff competition from a thriving exchange industry that includes the likes of Bitfinex, Binance and Huobi. Gemini’s expansion plans have also been rumored to include possible entry to the United Kingdom market, as reported this September.
The twins, stalwarts of the crypto space, have had a checkered history with regulators. Successes include a recent seal of approval from the New York State Department of Financial Services (NYDFS) to launch their own U.S. dollar-backed stablecoin, the Gemini dollar.
Gemini also obtained insurance coverage for custodied digital assets from lending services firm Aon, which will complement Gemini’s already available Federal Deposit Insurance Corporation (FDIC) coverage for U.S. dollar deposits (in place under the New York State BitLicense framework since 2015).
The twins nonetheless faced a high-profile setback this July, when their application to launch a Bitcoin exchange-traded fund (ETF) received its second rejection from the U.S. Securities and Exchange Commission (SEC).
As of press time, Gemini is ranked 51st among crypto exchanges in terms of adjusted trade volumes, seeing around $16.5 million in daily trades.