Cryptocurrency trading platform Gemini founders Tyler and Cameron Winklevoss have
launched a mobile crypto trading app together with a new investment
vehicle, according to an official blog post published Dec. 11.
As the post outlines, the new app allows users to buy
and sell crypto, and monitor real-time and historical crypto market
prices for Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and ZCash (ZEC). Users can also see the total value of their
current portfolio, and set price and percentage value change alerts
for their chosen coins.
Further functionality includes a “recurring buy”
feature, as well as support for a newly-launched investment vehicle
dubbed “The Cryptoverse” –– a basket of cryptocurrencies, weighted
by market capitalization, to be bought as a single order.
In an interview with Bloomberg published today, the twins
struck a bullish tone in regard to the recent crypto market slump,
Tyler stating “we’re totally at home in winter,” and his twin
Cameron adding that “it gives us time to build internally, and
refine and kind of catch our breath.”
Cameron contextualized the new app as a bid to reach
out to retail investors, telling Bloomberg that:
“A lot of our decisions have perhaps given off a
perception that we’re more institutional-based. The reality of the
situation is that we have a diverse customer base. And the retail
story is just beginning.”
The twins also revealed their 2019 goal of expanding
to the Asian crypto market, where they will face stiff competition
from a thriving exchange industry that includes the likes of
Bitfinex, Binance and Huobi. Gemini’s expansion plans have also
been rumored to include possible entry to the United Kingdom market, as reported this September.
The twins, stalwarts of the crypto space, have had a
checkered history with regulators. Successes include a recent
seal of approval from the New
York State Department of Financial Services (NYDFS) to launch their
own U.S. dollar-backed stablecoin, the Gemini dollar.
Gemini also obtained insurance coverage for
custodied digital assets from lending services firm Aon, which will
complement Gemini’s already available Federal Deposit Insurance
Corporation (FDIC) coverage for U.S. dollar deposits (in place
under the New York State BitLicense framework since 2015).
The twins nonetheless faced a high-profile setback
this July, when their application to launch a Bitcoin
exchange-traded fund (ETF) received its second rejection from the U.S.
Securities and Exchange Commission (SEC).
Most recently, the twins have made crypto news with a
lawsuit they filed against Bitcoin Foundation founder
Charlie Shrem concerning an alleged Bitcoin
theft dating back six years.
As of press time, Gemini is ranked 51st among crypto exchanges in terms of
adjusted trade volumes, seeing around $16.5 million in daily
trades.