Bitcoin exchange Gemini has been approved by the New York regulator and will be officially launched soon

Gemini, the bitcoin exchange founded by famous entrepreneurs and investors twin brothers Cameron and Tyler Winklevoss, has received approval from the New York Department of Financial Services (NYSDFS) to provide bitcoin trading services to customers in the United States.

In January this year, this New York startup was touted as a "fully compliant US Bitcoin exchange", and its founder even hinted that Gemini could grow into "the Nasdaq or Google of Bitcoin."

It is reported that the official trading opening time of Gemini Exchange is UTC时间10月8日下午13点30分Users' fund transfers and withdrawals on the platform will be free, but a handling fee of 25 basis points ( 0.25% ) will be charged for each transaction between buyers and sellers.

With the entry of Gemini, the competition in the US Bitcoin exchange market has become increasingly fierce. In January this year, Coinbase entered the US Bitcoin exchange market, and in May, Singapore Bitcoin exchange itBit also moved its headquarters to New York City. The former has won a huge financing of 106.7 million US dollars, and the latter has also received 23.3 million US dollars in financing. Despite this, Cameron Winklevoss, president of Gemini, is not to be outdone.

Winklevoss told CoinDesk:

"We have seen a lot of demand. Now that people know we are an entity, there are many individuals and institutions waiting to register. I think there is still demand in the market."

Additionally, the platform will not offer discounts to new users, as Cameron Winklevoss explained that the company is seeking elite customers.

Winklevoss said:

"We are trying to build a business, and we want our customers to be quality customers, not those who come for discounts. What you put in is proportional to what you get in return."

It is reported that new users of the exchange need to verify their bank accounts through online bank statement verification and answer questions about their credit history.

user interface

Winklevoss emphasized that Gemini is seeking to be the most intuitive and easy-to-use exchange for U.S. customers, and it is trying to achieve this through visualization.

For example, users of an exchange can observe the impact that their buy and sell orders may have on the market before placing them.

He explained:

“We run a simulation engine of other exchanges in your browser, and if you place an order, it will tell you the estimated price. Even if you’re buying just $50 worth of Bitcoin, it will tell you something interesting.”

"Wealth management products tend to look shady and we want to avoid that. I think you can have a powerful product and it will look very clean and simple," he said.

Digital Asset Exchange

When asked about the company’s long-term strategy, Winklevoss said the exchange has ambitions to diversify the assets traded on the platform, but the specific path has not yet been clarified.

"We are a digital asset exchange, and we just happen to only trade Bitcoin at the moment, but we have the ability to absorb other digital assets," Winklevoss said. "There will be some digital assets that can do things that Bitcoin is unwilling to do or cannot do. In the future, we may add more trading assets. But what assets they are, remains to be seen."

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