Winklevoss twins’ bitcoin exchange gets state OK

It’s official: the Winklevoss twins are ready to bring bitcoin to Wall Street.

The Harvard-educated entrepreneurs — perhaps most famous for tangling in court with Mark Zuckerberg over the question of who founded Facebook — have finally won approval from New York regulators for their Gemini Trust to open a bitcoin exchange.

Gemini Trust, whose limited-liability charter will give it unique credentials to serve institutional clients beginning Thursday, waited for the seal of approval six months longer than its founders were hoping.

Tyler Winklevoss, who will serve as Gemini’s CEO, said the wait will be worth it for those seeking a safe alternative to exchanges like Mt. Gox, which famously imploded last year, taking the bitcoin assets of its roughly 750,000 customers with it down the drain.

Allegations of embezzlement surrounded Mt. Gox.

Bitcoin, a digital currency, hit a 52-week high in value at $421 last Nov. 12. It was changing hands on Monday at roughly $238.

Earlier this year, another key milestone in bitcoin history came and went when Ross Ulbricht, he founder of Silk Road, a bitcoin-based online market for drugs and other illicit goods, was sentenced by a Manhattan federal court judge to life in prison following his 2013 bust.

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Read more ... source: TheBitcoinNews