Winklevoss Twins File Trust Application with NYDFS for Gemini Bitcoin Exchange

Bitcoin Magazine
Winklevoss Twins File Trust Application with NYDFS for Gemini Bitcoin Exchange

On June 21, 2015, Tyler and Cameron Winklevoss, the founders of Winklevoss Capital, filed an application with the New York Department of Financial Services (NYDFS) on behalf of Gemini Trust Company, LLC, which will operate as a New York Limited Liability Trust Company. According to a spokesperson, the Gemini exchange will be open to the general public as well as institutional investors once a Certificate of Authorization is issued by the NYDFS.

This trust company structure is the same one used by NY-based bitcoin exchange itBit, which received its Certificate of Authorization on May 6th, 2015 from Ben Lawskey, Superintendent of the NYDFS. According to the NYDFS, itBit applied for a charter in February 2015, which initiated a rigorous review of the company’s anti-money laundering practices, security standards, and capitalization structure. Using this regulatory structure, the bitcoin exchanges are required to meet the requirements for running a trust company, as well as the BitLicense.

The public launch of Gemini has been greatly anticipated. In a blog post published on January 23rd, Cameron Winklevoss said: “Since last February, Tyler and I have been assembling the Gemini team. Our goal was simple: bring together the nation’s top security experts, technologists, and financial engineers to build a world-class exchange from the ground up with a security-first mentality. It’s true that Bitcoin’s promise is a new, frictionless money, but that all becomes academic if we don’t build towards an ecosystem that is free of hacking, fraud and security breaches.”

While the company did not give any guidance on an expected timeline for approval by the NYDFS, this process can take from weeks to months to complete. Bitcoin Magazine will continue to cover this developing story.


Photo TechCrunch / Flickr

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Blythe Masters to Keynote American Banker’s Conference on Digital Currencies and the Blockchain

On July 28, 2015, in New York City, American Banker is hosting a conference devoted exclusively to exploring the implications of the digital currencies and blockchain revolution for the banking sector.

The conference will be asking the question – how can digital currencies and blockchain technology improve modern banking systems and how can banks work with governments to prevent regulations from tying the hands of innovators?

Keynote speaker Blythe Masters is a big draw as are bitcoin community leaders like Perianne Boring, Founder and President of the Chamber of Digital Commerce, Chad Cascarilla, CEO and cofounder of itBit, Lisa Cheng, VanBex founder, Barry Silbert, founder and CEO of Digital Currency Group, and Matt Roszak, CEO of Tally Capital.

The conference will look closely at the issue of government involvement in the digital currency space and debate the question “will coming regulations allow digital currency innovators to safely flourish – or simply squelch them?”

To speak to the issue of regulation, conference heavyweights include former NYDFS head Benjamin Lawsky, and Peter Van Valkenburgh, Director of Research, Coin Center.

Conference organizer Marc Hochstein, Editor in Chief of American Banker, told Bitcoin Magazine:

“Bankers are definitely interested in blockchain and distributed ledger technology. Financial institutions ranging from global banks to community banks, will be attending the conference. Hochstein went on to say:

There’s an interesting debate going on about “bitcoin vs. blockchain” and there will be a panel debating whether banks are likely to embrace a decentralized system like Bitcoin or will selectively chose some benefits of the blockchain with “permissioned” ledgers or “private” blockchains.”

The conference is being held at Convene, 730 Third Avenue. The space is advertised as “New York’s largest dedicated conference center; over 25,000 square feet of dedicated meeting space offering groups from 20-450 spectacular views, state-of-the-art built-in technology and resource-rich conference rooms.”

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