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3 months ago

Gemini Exchange May Get on board Facebook’s Libra Project

Co-founders of the New York-based crypto exchange Gemini, Tyler and Cameron Winklevoss, will possibly join the consortium governing Facebook’s proposed cryptocurrency, Libra Association. 

Gemini recently applied for a broker-dealer license through the Financial Industry Regulatory Authority in order to enable Gemini to list digital securities. As reported, the twins are aiming to diversify Gemini’s token offerings by 2020.

When considering the Winklevoss brothers had a dispute in the past with the social media giant, over control of Facebook with its CEO Mark Zuckerberg, their former Harvard classmate, their joining Libra is quite surprising. However, the mutual goal of promoting mainstream crypto adoption and doing business is enough to make them reach a consensus.

Speaking in regard to the Libra project, Cameron said in an interview on Tuesday “We’re definitely looking at it in earnest and we’re excited about the project,” Tyler added that Libra is a herald of more cryptos to come in their opinion: “Our feeling is, this is the first of many FANG [Facebook, Amazon, Netflix and Google] companies to have a token project. Our prediction is in the next 24 months almost every FANG company will have a coin or be working on some sort of project.”

The Libra white paper which was unveiled last month, envisions “a competitive network of exchanges buying and selling Libra,” enabling holders to easily convert the coin, backed by a basket of stable government currencies, into local fiat.

The twins said they are personally invested in both Filecoin and Tezos, this has spawned the likelihood of them offering these types of “utility tokens” on the exchange when approved, according to Tyler. “We ask [regulators] for permission, not forgiveness,” Cameron added.“Our marketplace will be virtual commodities, virtual securities, and on and on,” Tyler said. “Pretty much anything that can come onto a blockchain.” In his view, “mainstream adoption” means higher cryptocurrency prices.

“If bitcoin really is Gold 2.0, it has to have a market cap of $7 trillion,” he said. “I think that market cap is a good measure of adoption and how many people are actually in crypto.”

Libra’s vision of a global currency actually aligns with the twins’ goals for their own exchange. Only Coinbase has joined Libra Association as of now since the whitepaper for Libra was released while many U.S. lawmakers haven't given a warm reception to Libra's unveiling. They even, as we know, urged Facebook to stop the project's development pending the hearings.

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Credits - Leigh Cuen

Anita O.

Lover of tech and blockchain.

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