Gemini on Its Way to Become a Trust Company

The exclusive United States specific bitcoin exchange, Gemini is one step closer to beginning its operations from New York. The company founded by Tyler and Cameron Winklevoss, better known as the Winklevoss Twins has filed the necessary paperwork with the New York State Department of Financial Services.

According to Gemini’s spokesperson, the Winklevoss twins are said to have completed the formality of filing the trust application with the government so that they can start operating as a trust company. A trust company, according to the definition of the State of New York is a financial institution which is different from conventional banks. The New York State banking law states that a trust company can conduct certain financial operations like receiving deposits, issuing loans etc., in addition to certain fiduciary powers which allows them to act as government agents.

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The Gemini bitcoin exchange, registered as Gemini Trust Company LLC is a bitcoin exchange that caters to both individual and institutional investors in New York State. The company is among the few which have applied for BitLicense for operating in the state. The company can start offering its

Read more ... source: NewsBTC USA