Despite being denied for a second time by the US Securities and Exchange Commission for a proposed Bitcoin ETF, Gemini cryptocurrency exchange founders Tyler and Cameron Winklevoss continue to express optimism for the future of cryptocurrency adoption on Wall Street.
Bloomberg reports today, August 13th, that “while demand has waned amid this year’s plunge in the value of digital currencies and the reluctance exhibited by U.S. regulators, the twin brothers who operate the Gemini Trust Co. exchange say they’re continuing to grow the business even though most large Wall Street investors aren’t on board yet.”
“Wall Street is taking cryptocurrencies seriously, however, the vast majority of Wall Street firms are still not participating in the cryptocurrency market, which remains primarily a retail driven market,” said Tyler Winklevoss. “This will change over time, but it will take time.”
Gemini Doubles Down on Company Expansion in Bear Market
Gemini cryptocurrency exchange was founded in 2014 by Cameron and Tyler Winklevoss, and in 2016 became the world’s first licensed Ether exchange. The company is headquartered in Portland, Oregon in a former government building that features wide marble staircases and recreational amenities like pong-pong tables for the 20 employees working there.
Undeterred by Wall Street’s reluctance to enter into cryptosphere, the Winklevoss twins remain active in expanding their business. Despite downturns in the cryptocurrency market, in the past six months, Gemini doubled its total worldwide staff to 150 and plans to double it again by year-end, said Tyler Winklevoss. The company’s growth attracted public attention in July after hiring hiring former New York Stock Exchange Chief Information Officer Rober Cornish as Gemini’s first chief technology officer.
Winklevoss Twins Still Focused on Working With Federal Regulators
Bloomberg reports that in order “to pave the way to greater adoption down the road, the Winklevoss twins submitted a proposal in March to create the Virtual Commodity Association, a self-regulatory organization that would police digital-currency markets and custodians.”
The Virtual Commodity Association is a “non-profit group [which] wants to develop industry standards, promote transparency and work with regulators like the U.S. Commodity Futures Trading Commission to prevent fraud.”
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