For Tyler and Cameron Winklevoss, the twins made famous by virtue of their seminal work on Facebook, the ongoing collapse of the cryptocurrency markets is not something that they are deeply worried about. The co-founders of Facebook and the popular Gemini digital currency exchange platform recently granted an interview to Bloomberg, in which they revealed that the status quo of Bitcoin and other tokens is something that they are used to dealing with.
After a challenging year that has seen Bitcoin lose up to 80 percent of its value, the Winklevoss twins are keeping busy with projects intended to attract institutional investors to digital currency; to this effect, the Gemini platform has already gained approval from the New York Department of Financial Services to operate as a financial trust and fiduciary entity. Institutional investment is something that has been sorely missing from the cryptocurrency markets, and there is wide speculation about hedge funds waiting for Bitcoin to dip lower than $3,000 before taking serious positions. The Gemini business development team has been courting institutional money since 2017, but there is still a major push towards enticing retail investors and day traders.
Asia is one of the markets where Gemini is bound to find a lot of retail action, and this explains why the company has been extending its trust services to Hong Kong, South Korea and Singapore; after all, these are countries where wealthy individuals and families are constantly looking for high yield investments. As much as Gemini would like to see pension funds and insurance companies investing in cryptocurrency, the platform does not wish to shun wealthy investors who participate on a retail basis; particularly if they are tech-savvy, young people who firmly believe that we are moving towards a digital cash future.
The Gemini mobile app has become the company’s flagship product; it allows individuals to easily get into cryptocurrency trading by means of interesting options such as the “Cryptoverse” order, which consists of taking positions in an index-like string of tokens for the purpose of injecting some diversity into their digital currency holdings.
Despite their optimism, the reality of the markets for the Winklevoss twins and their cryptocurrency dreams is that circulation remains elusive. Moreover, their attempts to establish an exchange-traded fund for Bitcoin and other digital currencies have thus far been turned down by the United States Securities and Exchange Commission; however, they are hopeful that things will change for the better in 2019.
