Winklevoss Brothers to launch Gemini – Dollar

This article was published on: 09/10/18 7:47 PM

Marcelina ŁukaszewiczWritten by | cryptocurrency, news

Winklevoss Brothers to launch Gemini - Dollar

Tyler and Cameron Winklevoss have a great mission. Their goal is to connect the cryptocurrency world with the fiat currency world. How? First with Gemini platform, now with their own stablecoin.

The most important day

September 10th is definitely a special date for Gemini project, as, according to a post on Gemini’s Medium, on this day the Winklevoss brothers have received a permission from New York regulators. Thanks to that, they will be able to launch their own stablecoin (a stable value coin).

As they have noticed, there isn’t any trusted and regulated digital representation of the U.S. dollar that would be even similar to cryptocurrency because of the centralization of speed of transactions. That’s why, they have created Gemini Dollar which is a stablecoin build on Ethereum network in accordance with the ERC20 standard for tokens.

About the Gemini Dollar

The created Gemini Dollar with a symbol GUSD is a combination of “creditworthiness and price stability of the U.S. dollar with blockchain technology and the oversight of U.S. regulators, namely, the New York State Department of Financial Services (NYDFS).”

Gemini, a New York trust company, has also published a white paper for that project.

As soon as the press release was published, users could convert their U.S. dollars on their Gemini accounts into Gemini Dollars. US Dollars, which correspond to the issued Gemini and will be in circulation, will be stored in a bank located in the United States. In addition, they qualify for the FDIC “pass-through” deposit insurance, subject to the applicable restrictions. What’s more, the US dollar deposit balance will be reviewed monthly by an independent, registered accounting firm to verify the 1 : 1 peg.Last month we informed that Gemini was hiring the first Chief Technology Officer (CTO) the former New York Stock Exchange (NYSE) Chief Information Officer (CIO) Robert Cornish.

Image by Rena Schild / Shutterstock.com

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Last modified: September 10, 2018

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