Winklevoss twins, cryptobillionaires and one of first bitcoin investors, launch own stablecoin – Gemini Dollar.
Brothers Cameron and Tyler Winklevoss have received permission to release their own stablecoin. The crypto has been named Gemini Dollar (“Gemini” in latins means “twins”) ,- GUSD.
The request by the Gemini Trust to launch the token has approved by the New York Department of Financial Services (NYDFS).
All Gemini users can convert their funds into GUSD and back starting from 10.09.2018. Also Gemini dollar deposits are possible to insure according to norms of Federal Deposit Insurance Corporation (FDIC).
So NYDFS’s green light makes the Gemini dollar the “world’s first” regulated stablecoin to launch.
Brothers told about advantages of Gemini dollar if compare it with USA dollar.
In the Medium post, Cameron Winklevoss said that cryptocurrency transactions can occur any hour of the day while fiat transactions only happen during banking hours. His brother told the same in an interview with CNBC:
“It is really a matter of bringing your US dollars on to the blockchain and making them borderless 24/7,” he said.
Also about advantages,- “the Gemini dollar can be transferred on the Ethereum network and stored in any Ethereum address.”
Winklevosses twins say their goal with Gemini coins was to “build a bridge to the future of money.” The GUSD appears to be a bridge between fiat and crypto. Brothers claim,- it is the safest and most reliable of any such bridge so far created.
Winklevoss twins have cryptocurrency trading platform Gemini. They are cryptobilllioners, who became famous first of all after huge scandal with Mark Zuckerberg.
In 2004, the Winklevoss brothers sued Facebook founder claiming he stole their ConnectU idea to create the popular social networking site, and ultimately received $65 million.
Also the world knows brothers such as first bitcoin investors. Now they have Bitcoin holdings worth over $1 billion.