Gemini Exchange’s famous twins, Cameron and Tyler Winklevoss have said that storing private keys can be a problem for some users, asking users to trust them with these keys. In a recent video uploaded on YouTube by Transhumanism Videos, one of the Winklevoss brothers claimed that most people failed to secure their e-mail accounts.
Terming that as a ”fact,” he went on to say that people shouldn’t try to store their private keys, considering they are “longs strings of digits”. Hence, the Winklevoss brothers said, storing private keys should be left to them.
The duo asserted that most people who owned private keys ”screw up” and lose the password to their private keys, or lose their laptop. They added that the exchange was designed to make storing keys and trading with the digital asset a seamless experience.
Citing the fact that while some people want to store their keys with an institution ‘that they trust’ and some want to keep it with themselves, one of the brothers said,
“..the coolest thing about cryptocurrency though is that you can have it both ways. If you want to store your private keys, you can do that, if you want to use Gemini, you can do that.”
Further, when asked if the exchange company posed as a threat to banking institutions, the duo said that they viewed the technology protocol powered Gemini as a crypto-native company, and not a bank. Hence, they did not pose any threat to banks. They specified that the company was trying to extend the financial system by acting as a conduit between the existing world and the new world of cryptocurrency. He also said that the banking establishment and Gemini work together, despite having widely different business models.
The brothers said,
“We have taken US Dollars and put them in the Blockchain in the form of Gemini Dollar Token [GUSD] enabling users on the platform to send dollars to any part of the world.”
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