Tyler Winklevoss co-founder of the popular Gemini cryptocurrency exchange is of the view that, it will not be an easy task if they are not convinced the wall street about cryptocurrency.
Fresh from the disappointment melted on them by the Securities and Exchange Commissions (SEC) on their proposal for a Bitcoin ETF, the Winklevoss brothers, vowed to up their game and reiterated the fact that, they won’t be slowing down anytime soon, till their dream is actualized.
This is not the best of times for the operators of Gemini Trust Co. exchange. The firm suffered a dip in their trade volumes, saw a sharp decline in their holdings and saw their proposal for a Bitcoin ETF rejected by the exchange commission.
The attitude of the exchange commission towards the proposal of most exchanges discourage them, but while others are whining and ruing their losses, the brothers insisted that they will grow the business, even without concrete support from major investors and the negative energy in the industry.
GLIMPSE OF HOPE
Though it’s not as fast as expected, the CEO of Gemini, Tyler Winklevoss said that institutional investors gradually see the light in cryptocurrencies, but it will be a gradual and slow process; it will surely bear good fruit.
“Wall Street is taking cryptocurrency seriously. However, the vast majority of wall street firms are still not participating in the cryptocurrency market, which remains a retail-driven market primarily. This will change over time, but it will take time,” he said.
The main reason why the institutional investors are backing out is that of the regulatory cloud that is hanging over the head of the cryptocurrency. Most are skeptical about the coins, while others are playing the waiting game, patiently staying on the sideline, until the regulatory bodies clear the air before they jump in and invest.
Gemini meanwhile is not losing its grip on the business side; the exchange is taking frantic steps to boost its retail business. In doing so, it has employed more hands and specifically shot up strategic positions in and around the company. The firm in its quest to become a global brand plans to expand its territory while employing tech guys, who will position the company among technologically advanced companies.