Over four years ago, the Gemini brothers – Cameron and Tyler Winklevoss founded a crypto-based currency exchange called Gemini with the aim of building a bridge to the future of money and since then they have been resilient in the pursuit of their goal.
Thank goodness, it paid off finally! Today they pride themselves as the first to bring a trusted and regulated digital representation of the U.S. dollar to Blockchain.
Just yesterday, the Winklevoss brothers announced the incorporation of a new stablecoin called Gemini dollar (GUSD) based on the blockchain technology. The Gemini dollar, according to them, is issued by a New York trust company, Gemini, and equals the value of the U.S. dollar in the ratio 1:1.
The new Tether competitor will provide users with the ability to convert U.S. dollar in their Gemini account into Gemini dollars that can be transferred, withdrawn, or use for purchase across the Ethereum network.
An outstanding feature of this new means of exchange is that it is regulated by the New York State Department of Financial Services (NYDFS) just like the U.S dollars. First of its kind!
I guess it is safe to say that this is a dream come true for the Winklevoss twins as their mission from inception is to make buying, selling, and storing of cryptocurrencies as safe as it could possibly be. And you will agree that the NYDFS regulating the Gemini dollars is as safe as it comes.
The Winklevoss brothers have made the ER20-structured token as transparent as possible by subjecting its peg with the U.S dollar to a monthly evaluation by an independent registered accounting firm, which is instructed to make its report available to the public afterward. Transparency at its best! Just what the blockchain community needs now.
Also, this bridges the gap between the traditional banking system (fiat currency) and cryptocurrencies (Ether, Zcash, Bitcoin, etc.).
While the crypto world sees the Gemini dollar as a “holy grail,” Tyler, the other half of the Winklevoss twins, refers to it as just a part of their mission to build a bridge to the future of money and revolutionize the global financial system by making possible the things that were termed impossible. “The Gemini dollars is the missing link between the traditional banking system and the ever-growing crypto-economy,” he added.
So, we are sure of more to come. Well, we the inhabitants of the crypto-world have our hands crossed, waiting patiently for the next ‘big thing.’