Winklevoss Twins Want To Expand the Gemini Exchange by Adding More Digital Currencies
The Winklevoss Twin brothers have reportedly made a billion-dollar fortune last year from their investments in Bitcoins. The twin brothers who also own the popular Gemini exchange are looking forward to this year 2018 to expand the operations of the exchange by introducing and listing some more digital currencies like Litecoin and Bitcoin Cash to its platform.
Currently. the exchange supports trading for Bitcoin and Ethereum only. The plans to expand the Gemini exchange will have a good amount of significance for CBOE Group, which is also Gemini’s partner for the Bitcoin Futures contracts it offers. The partnership between CBOE and Gemini has, however, received a lot of criticism in the past due to lack of other coin options available on the exchange.
However, keeping all the criticism to rest, the Chicago Board Exchange Group has hinted towards launching more future contracts with other digital currencies for which it would need the help from Gemini. Just like Gemini is the exclusive supplier of data to calculate CBOE’s Bitcoin contracts, it would also provide data for Ethereum which trades on its platform.
As per the previous report of Bloomberg, Cboe COO Chris Concannon has said: "You look at the entire crypto space and you look at what other products have the liquidity and the notional size, a derivative makes sense."
While talking to Bloomberg, Tyler Winklevoss has said that the licensing agreement which they have signed with CBOE is scalable and that they have entered into the deal making it sure that it can further expand in terms of offerings. Tyler Winklevoss said that the obvious candidates for expansion include “the Satoshi Nakamoto family tree -- Bitcoin cash, Litecoin.”
The addition of Litecoin and Bitcoin Cash would is expected to bring more liquidity in the altcoins market, and moreover, it will pitch Gemini as a straight competitor to another U.S exchange Coinbase Inc. which too has the same four coins in its offerings.
During their comment at a CBOE event yesterday, on Thursday, the twin brothers said that they very much welcome and “applaud” the stand taken by the U.S Securities and Exchange Commission which asked platforms using digital assets to get registered with the agency to move out of business.
Moreover, they have also confirmed that they are still much positive on the Bitcoin growth story in the long-term and are not worried about the recent headwinds the crypto markets are facing. The said that the futures contracts “have gotten off to an incredible start” and added that the institutional base and the customer quality has improved over the last year. Tyler Winklevoss said: “In 2018, you’re really going to see institutions and Wall Street really get in, and it’s going to look very different.”