Winklevoss Bros. Crypto Exchange Expands to UK
The crypto aficionado twins known as the Winklevoss brothers have high hopes for digital currency despite significant market drops and plan to branch out across European markets.
The brothers’ digital currency exchange currently based in NYC known as the Gemini Trust Company, was founded back in 2014. The Financial Times has reported the company is now looking into the legal implications for expanding into the United Kingdom including submitting an application to the UK regulatory organization, the FCA.
Pressure From the Top
Although the FCA is the standing regulatory force within the UK’s crypto industry, the nation’s politicians have recently put pressure on the topic of associated risks, encouraging governing forces to take control of this unpredictable emerging market. In addition, the FCA has already issued e-money licenses to exchanges such as Coinbase operating within the UK, upping the demand for a strict and established regulatory system to manage money laundering risks and user background checks.
According to a Gemini spokesperson, the company is looking into various regions worldwide to offer their top-notch exchange services in hopes of expanding and substantiating the crypto market at large. The spokesperson continued on to note that currently, no solid plans are in place, however, the company is looking into opportunities that will facilitate the buying and selling of cryptocurrencies guided by secure and regulated structures.
Building A Foundation for Bitcoin’s Future
The Winklevoss twins hold their place among key industry figures who fail to waver in bullish predictions despite major market losses experienced within 2018. Since January, market values for cryptocurrencies such as Bitcoin have fallen to more than 60% to date. According to the brothers, as it stands, Bitcoin ranges near values of $6,500 with bullish price predictions of the coin rising to more than $300,000 in the next decade. They strongly believe the cryptocurrency will inevitably grow to disrupt the value of gold.
Although to many within the industry, these predictions seem slightly unachievable to say the least. However, the Winklevoss brothers intend on positioning themselves within the Bitcoin industry from now in order to secure future success ushered in by mainstream adoption. The brothers stay consistent with numerous requests sent to the US-based regulator known as the SEC to approve BTC ETFs alongside launching relative services and products within the crypto market. So far they successfully launched a stablecoin linked to USD which was preapproved by the DFS in New York. They also succeeded in patenting a new secure storage system for virtual assets. The Gemini company also onboarded Nasdaq, the second largest exchange worldwide, to overlook trading transactions and deter regulation breaches.