New York Regulators Authorize Winklevoss Twins’ ‘Gemini Dollar’

2018-9-11 23:47

The Winklevoss Twins, founders of the Gemini exchange, have received approval to launch their own cryptocurrency. Launching on the Ethereum blockchain, the “Gemini Dollar” is available right now, reports Forbes.

The Next Big Stablecoin

Described as a stablecoin, the Gemini Trust Company’s request was validated by the New York Department of Financial Services (NYDFS.) Tokens will be backed by the U.S. dollar to provide stability while maintaining the unique aspects of a decentralized digital asset.

However, unlike other tokens like Bitcoin and Ethereum, the Gemini Dollar exists as a form of exchange rather than a store of value, similar to Ripple’s XRP. Ideally, each Gemini Dollar will be around the same value as a single U.S. dollar.

Stablecoins are used to combat the volatility of traditional cryptocurrencies. Whereas regular tokens are mined through verification or pre-mined during development, this other form of token represents the value of fiat currency deposited into an account. Transactions, of course, are made via smart contracts.

That said, the Gemini Dollar differs from traditional stablecoins. Here, token-backing dollars are held in an FDIC-insured account via the State Street investment firm, while monthly, third-party audits by BMP Audit will occur to account for all the money. Tyler Winklevoss calls this collaboration of companies a “network” of trust:

“It’s not just Gemini Trust, but you have to build a network of important players that are also trusted to solve for the trust problem of a stablecoin.”

The Gemini team of 150 employees has been working closely with State Street to secure the deposit account. “There’s a lot of enhanced due diligence and on-boarding and kicking the tires that goes into that,” states Winklevoss.

The NYDFS superintendent, Maria T. Vullo, backs the idea of multiple managers, stating that the additional regulation prevents market manipulation or money laundering:

“These approvals demonstrate that companies can create change and strong standards of compliance within a strong state regulatory framework.”

Suggested Reading : Learn how Gemini compares to another popular exchange—Coinbase

Fighting Volatility

To ensure price stability, Gemini Dollars are created or destroyed at the time of deposit, while also adhering to ERC-20 standards, according to the Gemini white paper Forbes saw. This technology enables the Gemini Dollar to be compatible with other tokens on the Ethereum network. The current overall Ethereum network is worth around $11 billion.

While they sound like the next significant innovation in cryptocurrencies, stablecoins are really quite similar to traditional coins, only less volatile.

However, these types of coin are still superior to fiat currencies in a variety of ways, as they link “the 24-7/365 nature of cryptocurrency and blockchain with the fiat world,” says Tyler Winklevoss. “If there’s a price dislocation in a certain market and it’s a Friday night, traders can’t move fiat currency until Monday,” he continues in defense of the Gemini Dollar.

Increasing Security

Aiming for a stable launch, Gemini worked with audit firm Trail of Bits to check for network issues. The full report isn’t available yet, but Trail of Bits CEO and Co-founder Dan Guido reported finding four low-security issues, two medium-security issues, and two high-security issues to Forbes. Yet, all of the bugs were resolved immediately by the Gemini team.

“At the end of the engagement, every issue we had identified was sufficiently resolved,” said Guido.

Gemini is currently the 54th largest exchange, trading around $12 million in volume every day. Yet, another exchange, itBit, also recently received approval for a similar ERC-20 stablecoin. To invigorate interest, Tyler Winklevoss validates Gemini Dollars even more:

“You don’t generally spend gold to buy something. You don’t generally spend a share of Apple to buy something. You convert them into a fiat currency. So we want to bring a fiat currency onto the blockchain that can be used as an effective medium of exchange for payments.”

Hopefully, the launch of the Gemini Dollar will help push cryptocurrencies into the mainstream market. While companies like Microsoft have accepted Bitcoin for a while now, digital assets still struggle to replace fiat for daily purchases, mostly due to volatility and scalability issues.

There is still hope, however, as we’re seeing more big tech names getting involved in cryptocurrency.

The post New York Regulators Authorize Winklevoss Twins’ ‘Gemini Dollar’ appeared first on UNHASHED.

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gemini dollar → Результатов: 26


Фото:

Биржа EXMO добавит в листинг Gemini Dollar

Криптовалютная биржа EXMO объявила о добавлении в листинг стейблоина Gemini Dollar (GUDS). Релиз запланирован на эту неделю. Gemini Dollar – это первый регулируемый цифровой токен, полностью обеспеченный долларами США, который предназначен для передачи открытым и децентрализованным образом, как и криптовалюты.

2018-10-8 16:42


Фото:

Gemini Exchange Launches Gemini Dollar, a Stablecoin Similar to Tether

In a new blog post, cryptocurrency exchange Gemini announced the launch of its own stablecoin — Gemini dollar. The cryptocurrency is pegged to the US dollar 1:1 and designed as an ERC20 token. Cameron Winklevoss wrote in the post that they intend to bring fiat and cryptocurrency closer by creating a regulated and trustworthy US […] Gemini Exchange Launches Gemini Dollar, a Stablecoin Similar to Tether was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-9-12 18:59


Доллар Gemini, возможно, не первый регулируемый стейблкойн

Компания Paxos также запустила подкрепленный долларом в соотношении 1:1 стейблкойн, после одобрения нью-йоркскими регуляторами. В день, когда братья Уинклвосс запустили Gemini dollar (GUSD), назвав его первым в мире регулируемым стейблкойном, компания Paxos также запустила токен Paxos Standard (PAX).

2018-9-11 16:30


Фото:

Криптобиржа Gemini с одобрения властей Нью-Йорка запустила свой стейблкоин

Американская криптовалютная биржа Gemini, созданная братьями Тайлером и Камероном Уинклвоссами, объявила о запуске собственного стейблкоина. Gemini Dollar (GUSD) создан на блокчейне Ethereum, привязан к курсу американского доллара.

2018-9-11 12:43


Gemini запускают привязанный к доллару стейблкоин

Департамент финансовых услуг штата Нью-Йорк одобрил запрос компании Gemini Trust на выпуск её первого криптовалютного токена. Gemini Dollar был выпущен в этот понедельник на блокчейне Ethereum и использует доллар США в качестве валюты для обеспечения.

2018-9-11 23:31


Братья Уинклвоcс запускают первый в мире регулируемый стейблкоин

Нью-йоркская криптобиржа Gemini Trust объявила 10 сентября о запуске собственного стейблкоина. «Доллар Gemini» (Gemini dollar, GUSD), который будет привязан к доллару США в соотношении 1:1, станет первым в мире регулируемым стейблкоином и позволит пользователям отправлять и получать амер...

2018-9-11 21:21


Фото:

Братья Уинклвосс запустили стейблкоин Gemini Dollar 

Принадлежащая братьям Уинклвосс компания Gemini Trust запустила обеспеченный долларами США стейблкоин Gemini Dollar (GUSD), созданный по стандарту ERC-20. Выпуск нового токена на основе Ethereum получил одобрение Департамента финансовых услуг штата Нью-Йорк (NYDFS) – и с сегодняшнего дня пользователи смогут конвертировать доллары в GUSD в системе Gemini и наоборот, а также выводить их на выбранные ими Ethereum-адреса. При этом долларовые депозиты можно застраховать по […]

2018-9-11 21:09


Winklevoss Twins Launch Stable Coin, Receive Green Light from Regulator

The Winklevoss twins have just launched a stable coin on their Gemini platform. It is the first of such products to receive approval from a financial regulator. Gemini Dollar Gets Blessing from the New York Department of Financial Services Tyler and Cameron Winklevoss continue to champion the cause of cryptocurrency, despite the declines in prices.

2018-9-11 21:00


Gemini запускает стейблкоин, привязанный к доллару

Братья Винклвосс объявили о запуске на бирже Gemini стейблкоина, привязанного к доллару.  Gemini Dollar будет выступать под сигнатурой GUSD, на базе стандарта ERC-20, как и большинство цифровых монет.

2018-9-11 20:58


Фото:

US Regulators Approve Winklevoss Twins’ Fiat-Backed Stablecoin Gemini Dollar

New York regulators have given the green light to Tyler and Cameron Winklevoss’ first cryptocurrency, a stablecoin attached to their trading platform Gemini. Solving Stablecoin ‘Trust Problems’ As Forbes reports on September 10, the token, the Gemini Dollar, will have the backing of investment bank State Street, which takes custody of the fiat dollars it is backed by.

2018-9-10 19:00


Биткоин-биржа Gemini анонсировала запуск привязанного к USD стейблкоина

Биткоин-биржа братьев Уинклвоссов Gemini объявила о запуске привязанного к доллару стейблкоина, Gemini Dollar (GUSD), на базе стандарта ERC-20. Кастодианом клиентских средств при этом выступит один из американских банков, а эмитентом — Gemini Trust, говорится в пресс-релизе.

2018-9-10 17:26