The Winklevoss twins have launched a cryptocurrency organization aimed at regulating cryptocurrencies and also siding the infusion of cryptocurrency into the institutional system. The organization is tagged “The Virtual Commodity Association,” as revealed by telegraph.co.uk.
Cryptocurrency Organization For Reforming the Image of Cryptocurrencies
Against the popular opinion of the institutional organization, on the viability of cryptocurrency to be used for the legitimate causes, the Winklevoss twins, Cameron and Tyler have taken the course cryptocurrency acceptability as their burden and vision.
Generally, cryptocurrencies are seen as a tool for drug peddlers and dark web users. This association of cryptocurrency as created a barrier to its adoption despite many countries embracing the underlying technology, blockchain, they are wary of embracing cryptocurrency fully.
The twins seem not to be given up on their campaign of spreading the word about cryptocurrencies despite having being rejected twice for pushing forward the idea of Bitcoin ETF to SEC; they have taken another measure to aid the infusion of cryptocurrency into the society.
The new means of achieving their vision is through the creation of a cryptocurrency-based organization that aid self-regulation and legitimization of cryptocurrency in the world. The new organization already has four of the most significant cryptocurrency exchange in the world as its member. The exchanges are not stated according to the report however leading the organization will be Gemini exchange, a united based exchange owned by the Winklevoss twins.
As expected, the new organization will be working towards making cryptocurrency acceptable into the mainstream of the society.
According to Brian Quintenz a member of the US government agency, Commodity Futures Trading Commission, he stated that this innovation is a step in the right direction as it “could have a meaningful impact on the integrity and credibility of this young marketplace.”
The Winklevoss Twins and Cryptocurrency
The Winklevoss twins are very prominent for the lawsuit against Mark Zuckerberg of Facebook. The proceeds of the lawsuit which amounted to $65 million laid the way for their mainstream investment into the cryptocurrency space.