Gemini, the much-anticipated bitcoin exchange led by entrepreneurs and investors Cameron and Tyler Winklevoss, has received approval from the New York State Department of Financial Services to begin serving US customers.
First announced in January, the New York-based startup was advertised as a “fully regulated US bitcoin exchange” for individual and institutional customers, one that its founders suggested could growth to become the “NASDAQ or Google of bitcoin”.
Gemini said it is now onboarding customers and will officially open for trading on Thursday, 8th October at 13:30 UTC. Transfers to and withdrawals from the exchange will be free, though a charge of 25 basis points the value of every trade will be applied to both buyers and sellers.
The exchange launch coincides with increasing activity in the US bitcoin exchange sector, following Coinbase’s entrance into the market in January and itBit’s in May. The exchanges have raised $106.7m and $23.3m, respectively, but despite the headstart in the market, Gemini president Cameron Winklevoss said he believes there is room for an improved offering.
Winklevoss told CoinDesk:
“We have seen a lot of inbound interest now that people know we’re an entity, we have a long queue of individual and institutional of people waiting