Gemini, the “truly American” bitcoin exchange has finally received clearance from the New York State Department of Financial Services to launch in the State of New York.
Founded by Cameron and Tyler Winklevoss, Gemini will now be operating as a chartered limited liability trust company. Unlike many other bitcoin businesses so far, Gemini will be operating along with a United States Federal Deposit Insurance Corporation (FDIC) approved bank, increasing the trust factor among investors.
Gemini is designed to cater to both first time bitcoin users and seasoned investors. Users can deposit both bitcoin and fiat currency on the platform. The company’s partnership with the FDIC eligible bank will allow Gemini to store fiat currency deposits in the bank. Whereas bitcoin deposits will be safely held in a secure cold storage facility the company has set up.
Unlike BitLicense the current approval received by Gemini as a chartered limited liability trust company requires adherence to more stringent regulations. The New York State Department of Financial Services will be conducting regular inspections of company’s financial records.
With Gemini, the Winklevoss twins have set out to create a bitcoin platform that is on par with other fiat currency related financial institutions.