The Winklevoss Twins have been for a wild ride in the world of cryptocurrency. After being awarded a large sum of money due to the sue that they won against Mark Zuckerberg, they have gone a long way. And now their exchange, Gemini, is one of the most trusted exchanges that have received the Bitlicence from the New York regulators.
And it seems that business has been good because they have recently announced that they are expanding its trading pairs to include a new cryptocurrency: Litecoin, one of the oldest cryptocurrencies out there. With this new addition to their portfolio, the number of cryptocurrencies that the exchange is permitted to trade ascends to four, including Bitcoin, Ethereum and ZCash.
While Gemini is indeed a small scale exchange and their trading numbers are not so big compared with behemoths like Binance, it is considered a serious exchange that puts special importance to regulatory compliance. Every cryptocurrency that they add to their offer needs to be approved by the New York Department of Financial Services in advance, so their listing process differs from other exchanges.
Even if they have this small selection of cryptocurrencies, institutions, and people are more inclined to do business in this kind of exchanges because they are in some ways more focused on the security of their assets. Proof of this is that they have recently scored a deal with an insurance company called Aon, to make sure that all of their holdings were secure in advance of some hack that could happen. And also they have partnered with NASDAQ to use advanced tracking instruments to spot any suspicious trading movements that could be destined to manipulate the market.
While they announced that they were listing Litecoin, they also informed that they were interested in listing Bitcoin cash, the main fork of Bitcoin, but the upcoming changes that this cryptocurrency will face next November when a hard fork is being expected, make them adopt the wait-and-see in this regard. They stated that:
We also had planned to announce support for Bitcoin Cash (BCH) today as well. However, there has been much uncertainty lately within the Bitcoin Cash community about one or more possible hard forks arriving in mid-November. Some of those forks lack the replay protection feature that would be required for Gemini to safely support Bitcoin Cash.
Surely, this has to do with their particularly tricky listing process, seeing how they must send every cryptocurrency that they want to list and their specific security measures to New York regulators in advance. But depending on what happens next September, we will surely see a Bitcoin Cash fork listed in Gemini by the end of this year.