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Gemini Stablecoin Launches as World First

A bit of an understatement, but it’s a massive day for the crypto industry. On Monday, the Winklevoss twins announced the launch of the Gemini stablecoin, a regulated cryptocurrency backed by USD.

Here’s why this is significant crypto news.

Introducing the Gemini Stablecoin

There are multiple reasons to be optimistic about the Gemini dollar, aside from it being the world’s first regulated stablecoin.

For starters, the Gemini stablecoin will be pegged to the United States dollar at 1:1. Second, the Gemini dollar will allow individuals to both send and receive USDs on the Ethereum network. To do so, users will be using ERC20 tokens.

To simplify, users can convert USD into Gemini dollars, and vice-versa.

Third, the launch of the Gemini dollar indicates that the Winklevoss twins have not been scared away from the crypto industry. Last month Tyler Winklevoss said that the Gemini Trust Co had been considering launching a stablecoin for a while. However, when factoring in things like SEC rejections and the downturn in the Bitcoin price, you could foresee the possibility of this not happening.

That’s not the case though. And we’re glad to see the Gemini dollar hitting the market. After all, stablecoins are starting to become more and more popular, and, according to Gemini Trust Co., the Gemini dollar “combines the creditworthiness and price stability of the U.S dollar with blockchain technology” as well as the “oversight of U.S. regulators.”

The Crypto Market Reacts

Everyone seems pretty excited. Various mediums are covering the stories, the Winklevoss twins are active on social media, and numerous well-known crypto players have joined the conversation.

One crypto player even said this is a sign that the crypto industry is maturing, which seems accurate. Thanks to the Gemini dollar, the gap between conventional banking and the crypto market will close.

>> The US SEC Ceases Trading on Two Exchange-Traded Notes

The Takeaway

What do you think about the launch of the Gemini stablecoin? Let us know in the comments below!

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Winklevoss Twins Get Second Rejection from SEC for Bitcoin ETF

Winklevoss Twins Get Second Rejection: Where the Cryptomarket is concerned, talk about establishing an ETF is a big deal right now.

Only on Wednesday, BitWise applied to the SEC to establish an ETF and bull’s and bears across the spectrum have weighed in on the necessity of an ETF for the digital coins.

However today, the SEC rejected the Winklevoss twins second Bitcoin ETF application, citing fraud and manipulation concerns.

The market is taking a tumble, as a result, with Bitcoin (BTC) currently down 3.85%. It is trading around the $7,897 mark at present.

After hitting as high as $8,431 only two days ago, the coin has tumbled over $400 in only 3 hours today.

The Securities and Exchange Commission rejected a second attempt by Gemini exchange founders Cameron and Tyler Winklevoss, to list shares of what would be the first-ever Bitcoin ETF.

It voted the proposal down, 3-1 yesterday.

This is the second time the SEC rejected an application from the twins for the “Winklevoss Bitcoin Trust”. In June, the twins submitted a revised edition of their last year’s inital proposal but it still didn’t cut-the-mustard for the SEC.

The SEC cited that it did not agree with the Winklevoss’s argument that Bitcoin markets are “uniquely resistant to manipulation.”

It also highlighted issues of fraud and investor protection; suggesting that the SEC is on a mission to prevent fraudulent or manipulative acts and practices, and it’s primary concern is to protect investors.

As Bitcoin is traded in an unregulated offshore market, it represents a great concern for the SEC.

>>An ETF for Bitcoin Is Unlikely This Year According to Brian Kelly

“Despite today’s ruling, we look forward to continuing to work with the SEC and remain deeply committed to bringing a regulated bitcoin ETF to market and building the future of money,” Cameron Winklevoss, said regarding the matter.

Third times the charm perhaps?

Featured Image: Deposit Photos/garagestock

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Winklevoss Twins Hire NYSE Executive

Winklevoss twins hire NYSE executive: The Winklevoss twins have turned to an executive from the New York Stock Exchange, hiring Mr. Robert Cornish to oversee Gemini’s use of Smarts. 

Gemini, the Winklevoss’ crypto exchange, has been in action since 2015, and adding Cornish to its team marks another instance of how crypto exchanges are looking to work with traditional financial markets.

Before, it was Coinbase hiring NYSE executives, but now, based on the July 6th announcement, it appears to be the Winklevoss’ turn. 

Winklevoss Twins Hire NYSE Executive 

Today, Gemini announced that Robert Cornish would be joining its team. Cornish, the now-former New York Stock Exchange CTO, will join Gemini management later in July; he had his last day on the job last week. 

Cornish will be in charge of overseeing Smarts, which is a market surveillance technology Gemini is using from Nasdaq. It’s likely Cornish will do this with ease, as he spent most of his time at the New York Stock Exchange overseeing Pillar, an ambitious project. 

Moreover, Cornish will “ensure that Gemini continues to deliver the best platform experience to our customers,” said Tyler Winklevoss.

Elaborating further, Tyler Winklevoss said Cornish will make sure Gemini continues to “set the standards of excellence for the cryptocurrency industry.” 

Crypto Exchanges on the Prowl 

The Winklevoss twins aren’t the only ones to dip into the financial pool. In fact, they are just the latest.

Three days ago, Coinbase – which is Gemini’s rival – hired Peter Elkins from the NYSE to build a market surveillance platform. He’s not the only former NYSE employee working at Coinbase, either. In March, Coinbase hired Emilie Choi and Eric Scro. 

What Else?

Aside from hiring the NYSE executive, what else have the Winklevoss twins been up to? Has Gemini made any more recent announcements?

Definitely! The company has been attending a few conferences, such as the Crypto Evolved conference in June. In addition, Gemini opened Zcash (ZEC) trading on May 22nd. 

The Takeaway

Do you think hiring Cornish was a smart move? Will he accomplish all Tyler Winklevoss hopes for? Or, is it simply a move to get back at rival Coinbase, for hogging all the New York Stock Exchange executives? 

Let us know in the comments below!

>> Stellar (XLM), Cardano (ADA), and Tron (TRX): BIG News

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Crypto World Cup Day 17

It’s Day 17 of the Crypto World Cup and our second day of the round of 16! Charlie Lee faces off against Bill Barhydt, plus Tyler Winklevoss takes on CryptoYoda.

It was two wild games today, with some pretty surprising results. Let’s dig in!

If you missed it, here’s the summary of who’s playing in the round of 16.

Check out the results and highlights of today’s games

Match 1: Tyler Winklevoss 1 (3)-1 (4) CryptoYoda

Coming blind into this match, you would think that Tyler Winklevoss would have this game in the bag. Most would say he’s got a way better track record in the crypto world that CryptoYoda, but CryptoYoda has been surprising everyone this tournament and today was no different!

Not only did Tyler Winklevoss not win today’s match against CryptoYoda, he didn’t even get any goals in for the actual game.

CryptoYoda scored one goal and accidently scored a goal on himself, giving Winklevoss his one goal and tying the match.

The game came to an end still at a tie, forcing the players to take penalty shots. Here, Winklevoss stepped up, getting three penalty shots, but it still wasn’t enough. CryptoYoda got in four penalty shots, winning the game for himself and knocking Tyler Winklevoss completely out of the tournament!

Now, Winklevoss’ only hope at redemption is his twin Cameron winning for the both of them.

Match 2: Charlie Lee 1 (3)-1 (2) Bill Barhydt

Perhaps a somewhat less exciting game than Winklevoss vs. CryptoYoda, the game between Charlie Lee and Bill Barhydt ended in much the same way – going to penalty shots.

Within mere minutes of starting the match, Bill Barhydt scored the first goal of the game, exciting all Abra fans. But the excitement was short-lived, as Charlie Lee rounded things up by quickly scoring a goal for himself.

Things remained 1-1 until the end of the game, where things once again had to turn to penalty shots, where, ultimately, Lee beat out Barhydt.

Today knocks Bill Barhydt and, unbelievably, Tyler Winklevoss out of the competition for good, leaving CryptoYoda and Charlie Lee to move onto the next round.

>> Check out Day 16 of the Crypto World Cup

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Crypto World Cup Day 12

Well, that’s it, folks! Day 12 of the Crypto World Cup has concluded, and the competition is heating up. 

Monday’s matches saw Brad Garlinghouse shut out CryptoYoda, putting the Ripple CEO at 9 points. We also saw David Sønstebø defeat Erik Voorhees in injury time, a cruel end to a game that favored Voorhees. Next, Tim Draper and John McAfee faced off in a mediocre game. The day ended with Tyler Winklevoss playing Zhao Changpeng. The game ended in a tie. 

If you’re behind in our Crypto World Cup, you can meet all the players here! 

Match 1: Brad Garlinghouse 3-0 CryptoYoda 

Match 1 started off in Brad Garlinghouse’s favor, and it continued that way for the entire game. Less than thirty minutes into the first half, Brad Garlinghouse was up 2-0. The opposing team’s panic was evident, as a card was given to CryptoYoda 13 minutes after Garlinghouse’s second goal. 

Halftime came and went, and the score was still 2-0 to Brad Garlinghouse. Garlinghouse clearly switched to defense in this half. After all, there’s no need to score another goal when you’re up 2-0; you need to make sure the opposite team can’t get an equalizer. 

And that’s exactly what Brad Garlinghouse did; CryptoYoda wasn’t able to equalize in the second half. After spending the remaining half defending, Brad Garlinghouse got antsy for another goal: he scored off a corner at the 90th minute. 

Takeaway:

Brad Garlinghouse: Leader of Group A; 9 Points

>> Read About Crypto World Cup Day 11 

Match 2: David Sønstebø 2-1 Erik Voorhees 

Needless to say, this game was a nail-biter. For the majority of the match, it was Erik Voorhees’ game. The American startup founder scored less than thirty minutes into the game — the ball was lofted over the goalie at the 22nd minute. 

But then the atmosphere changed. Erik Voorhees gave up a penalty just before the half-time whistle blew, and that was the start of the David Sønstebø comeback. 

David Sønstebø started the second-half strong, and it was apparent Erik Voorhees had lost the confidence he started the game with. At the 95th minute (5 minutes injury time) David Sønstebø drilled the ball into the far left corner of the net, winning the game. 

Takeaway:

David Sønstebø: Third Place on Group A Table; 3 Points 

Match 3: Tim Draper 1-1 John McAfee 

This game wasn’t as exciting as some of today’s other matches. However, both Tim Draper and John McAfee still put up a good fight — it just wasn’t enough for either crypto player to take on the title of ‘winner.’ 

On the stroke of half-time, John McAfee took the lead, making the game 1-0. And for the majority of the second half, the score remained that way. John McAfee focused both on offense and defense, while Tim Draper attempted to up his offensive game.

And just when it looked like John McAfee was going to get a sneaky win, Tim Draper scored a penalty 3 minutes into stoppage time. The crowd was on their feet. Could John McAfee score another before the whistle blew?

Sadly, no. The game ended 1-1, disappointing fans around the world.

Takeaway: 

Tim Draper: 3rd Place in Group B; 4 Points 

John McAfee: 2nd Place in Group B; 5 Points 

Match 3: Tyler Winklevoss 2-2 Zhao Changpeng 

Yet another game on Monday ended in a tie. This was an odd game — it started out strong, with Zhao Changpeng scoring in the 14th minute and Tyler Winklevoss equalizing 5 minutes later. 

And then the game slowed down. There were no more goals before or directly after the first-half. Both Tyler Winklevoss and Zhao Changpeng tried, but there wasn’t another goal until the 80th minute. 

That’s when it looked like the game was in the Zhao Changpeng bag. With roughly 10 minutes left in the left, plus stoppage time, Zhao Changpeng was leading the match, and it seemed like the odds were good. 

But a minute into stoppage time, after Winklevoss made a few substitutions, the American entrepreneur managed to equalize, making the final score 2-2. 

Takeaway: 

Tyler Winklevoss: Leader of Group B; 9 Points

Zhao Changpeng: Bottom of Group B; 1 Point 

The Crypto World Cup 

Did you have a favorite match of the day? Check back in tomorrow for more results! 

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