“10 years ago, Tyler and I bought our first Bitcoin on Mt. Gox. Those Wild West days informed with respect to what needed to change. We built Gemini to be this change.”

Biography:

Cameron and Tyler Winklevoss, also known as the Winklevoss twins — or the Winklevii — are identical twins who gained public notoriety in 2004 when they sued Facebook founder Mark Zuckerberg, claiming to be the actual creators of Facebook, but failed to win the case.

The Winklevoss twins had an early start in the digital space. Their entrepreneurial spirit led to the successful launch of several endeavors, including a web design company at age 13. They were also part of the United States Olympic Rowing Team in 2008 and continue to be avid rowers. 

In 2014, the twins founded the cryptocurrency exchange Gemini, whose operations have since grown to span internationally across Europe, Asia and more. The two reportedly have a combined fortune in the billions and are believed to be among the largest holders of BTC outside of its pseudonymous creator, Satoshi Nakamoto. They’re also two of the earliest Bitcoin hodlers, reportedly buying 1% of all Bitcoin in existence during the cryptocurrency’s early years.

Winklevoss Twins’ 2022:

It has been a tumultuous year for cryptocurrency, and Gemini also took some hits. The Winklevoss twins announced Ethereum staking on Gemini in September, which remained fee-free until October 2022. The update was overshadowed, however, by public outcry over Gemini’s Earn product.

Shortly following the collapse of FTX, Gemini Trust and its founders were hit with a class-action lawsuit from investors who accused them of fraud. The root of the issue was Earn, which attracted investors with a claimed potential to generate up to 8% interest on one’s crypto holdings. The initial messaging was that it was a safe, hassle-free way to earn and that investors could redeem their holdings and profits anytime.

Following FTX’s crash, Genesis Global, a key partner in the Earn initiative, reneged on its end of the deal amid a significant liquidity crisis. This led Tyler and Cameron to halt redemptions on Gemini, effectively locking holders’ assets. The investors claimed that had the product been registered as securities, they would have been able to better assess the risks involved.

In early December, Gemini launched a transparency page to provide updates regarding Earn, and the twins have heavily promoted the updates on Twitter. “Returning your funds is our highest priority and we are operating with the utmost urgency,” Cameron wrote. 

Winklevoss Twins’ 2023:

The cryptocurrency industry continues to suffer in the aftermath of FTX’s downfall and the crypto contagion it caused. And with a total of $1 billion in user funds that Genesis Global has yet to return to Gemini, it seems that the Winklevoss twins will have their hands full containing the damage this year.

Amid the rubble, however, Gemini continues digging deep as it expands across Europe. The exchange announced regulatory approvals in Italy and Greece at the end of 2022, officially allowing it to provide crypto services to customers in those countries. This optimistic expansion is perhaps indicative of its general direction heading into 2023.