The Cameron and Tyler Winklevoss Bitcoin exchange, Gemini, received approval from the New York State Department of Financial Services (NYSDFS). The exchange is set to begin trading for individual and institutional investors on Thursday morning, October 8th.
While the exchange didn't obtain a New York state Bitlicense, Gemini is operating as a chartered limited liability trust company which is subject to stricter regulatory controls. Gemini is partnered with an FDIC-insured bank and will enable both bitcoin and fiat deposits.
The Winklevoss twins have been active in Bitcoin since 2013. In addition to launching the Gemini exchange, they have been navigating through the regulatory environment to launch the first Bitcoin ETF (exchange traded fund). Both the exchange and ETF will allow institutional investors to invest directly and indirectly in Bitcoin.
In an interview with Coindesk, Cameron Winklevoss suggested the exchange was seeking a more elite clientele. With the company set up to act as a financial fiduciary, it may attract more mainstream investors who are cautious about existing Bitcoin exchanges. Gemini is utilizing cold storage security for its bitcoin holdings and plans to be one of the most compliant cryptocurrency companies.
Gemini will launch with basic trading features and a smooth UI. No further information was provided on the launch date of the ETF.