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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 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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