Gemini Founders Allude Towards Supporting More Cryptocurrencies

With the current nature of the cryptocurrency market after the statement of the U.S. Securities and Exchange Commission (SEC) and the effects that it has shown since last week, any news that comes with even the slightest positive connotation is being taken with a sigh of relief, and that was the case with this particular hint by the founders of Gemini, Tyler and Cameron Winklevoss.

Gemini, a U.S. based popular cryptocurrency exchange, is known for having  limited listings of only Bitcoin and Ethereum. That is why, it came as a big news when the Winklevoss Twins mentioned that the Chicago Board Options Exchange (CBOE), a prominent futures market, is interested to add more cryptocurrencies to its futures offerings.

The brothers shared these comments at the CBOE Risk Management Conference.

What do the comments mean?

The comments immediately pointed towards the addition of new cryptocurrencies to Gemini’s platform, since the CBOE has a deal with Gemini that it will only trade futures for those cryptocurrencies that are listed on Gemini.

The news also pointed towards Ethereum futures being listed on CBOE, where Bitcoin futures are already traded after having made a spectacular debut in December 2017. While there is no definite news for Ethereum futures as of yet, this certainly cements the possibility of that happening in the future.

Is Gemini adding bitcoin cash and litecoin to its portfolio, then?

As for Gemini, the cryptocurrency exchange could actually do with adding a few more tokens – such as Bitcoin Cash or Litecoin – to its offerings, because while being exclusive to one or two cryptocurrencies was a way to play safe in the past, it now limits the exchange’s growth in an industry where some of the most popular exchanges have about 4 or 5 tokens in their offerings (Coinbase comes to mind here).

Further Certainty is Needed

Further certainty is definitely needed in the space as just recently, Christine Lagarde, has posted a few choice words on digital assets.

She notes in her recent post:

“The same reason crypto-assets—or what some people call crypto-currencies—are so appealing is also what makes them dangerous. These digital offerings are typically built in a decentralized way and without the need for a central bank. This gives crypto-asset transactions an element of anonymity, much like cash transactions.

The result is a potentially major new vehicle for money laundering and the financing of terrorism.”

This nature of talk in regards to cryptocurrencies in the same stance that continues to be spoken by the traditional centralized financial industry.

Yet, despite comments, movements like the Poloniex acquisition by Circle, a company that does have the Bitlicense and has gone through the proper regulatory channels to keep their current status and movements by companies like Gemini to continuously work to expand Bitcoin and cryptocurrency based offerings help to bring more certainty to the industry.

By | 2018-03-13T16:37:43+00:00 March 13th, 2018|Cryptocurrency News|0 Comments

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