Gemini Trust Company, LLC (Gemini) is a digital currency exchange and custodian that allows customers to buy, sell, and store digital assets. Gemini is a New York trust company that is regulated by the New York State Department of Financial Services. Gemini was founded in 2014, by Cameron and Tyler Winklevoss.In June 2016, according to CNBC report, Gemini became the world’s first licensed ether exchange. In May 2018, it was announced that Gemini had become the world’s first Zcash exchange. Currently, it operates in the United States, Canada, the United Kingdom, South Korea, Hong Kong, and Singapore. In May 2018, it was announced that Gemini had become the world’s first licensed Zcash exchange. Primary competitors include Coinbase, Binance, Bitstamp, and Kraken. All users are able to trade cryptocurrency and fiat currency on an open market. Users are able to transfer USD to and from their bank accounts.Gemini began in order to facilitate the purchase and storage Bitcoin through a complex system of private keys and password protected environments. Only a small percentage of the total bitcoin on the exchange is held online to minimize the risk of loss from hacking. As pointed out by the site Profit Confidential regarding compromised exchanges:
To be perfectly honest, there is no yes or no answer to the “Are Ethereum exchanges safe” question. Going purely on past records, they are safe though exchanges like Poloniex have been hacked. This does not make Poloniex any less safe than the others. People who hack exchanges are constantly upgrading their methods, and likewise, the exchanges are trying to stay a step ahead. The best bet is to use offline storage of ETHs once the transaction is complete.The New York Times has reported that Gemini is trusted by Ari Paul, of the hedge fund BlockTower Capital, who deals in virtual currency. According to reports by both Bloomberg News and Fortune Magazine, Gemini was the first exchange to launch bitcoin futures contracts in December of 2017. Fortune Magazine reported that Cboe uses Gemini “as the basis for the daily settlement for the bitcoin futures”.
Comments are closed.