Winklevoss Exchange Gemini Struggling to Win Bitcoin Traders

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Gemini, the long-awaited New York-based bitcoin exchange founded by Cameron and Tyler Winklevoss and billed as the “Nasdaq of bitcoin”, finally debuted on 8th October.

Featured in articles by The Financial Times, TechCrunch and Wired, and promoted via a TV appearance on Fox News, Gemini it succeeded in grabbing the attention of the mainstream media like few industry products before it.

While a success in terms of promotion, however, Gemini is showing signs it is struggling to appeal to bitcoin’s active trading community. Though representatives of the exchange stated they’re seeking to attract a more institutional clientele than their competitors, avid bitcoin traders tell CoinDesk that they believe this strategy will be difficult to execute.

They argue that Gemini’s pricing model, charging both buyers and sellers on each trade, while potentially attractive to infrequent institutional traders, could prove an issue that will drive away retail traders, a demographic they argue is essential for building liquidity.

Arthur Hayes, CEO of bitcoin derivatives platform BitMEX, told CoinDesk:

“Gemini’s ability to convert retail traders to their platform will determine their short-term success. Gemini definitely has the star power of the Winklevoss twins, but I

Read more ... source: TheBitcoinNews