Crypto is Rapidly Maturing: How Gemini is Legitimizing the Sector

Crypto is Rapidly Maturing: How Gemini is Legitimizing the Sector

As the crypto community squabbles over the rights and wrongs of Binance’s decision to delist bitcoin S.V, one exchange, Gemini, has further established its credentials as a stalwart for trust.

As the first major exchange to support SegWit, Gemini Exchange has demonstrated a desire to advance the crypto agenda for the greater good. With that in mind, the Winklevoss twins deserve credit for their enlightened approach.

Gemini Exchange

Launched in 2014 by the Winklevoss twins, Gemini has led the way in terms of regulatory compliance and establishing trust within the community.

As a New York State Department of Financial Services (NYSDFS) regulated company and the first Ether and ZCash licensed exchange, it’s clear that Gemini is about building legitimate links between the old and new world. Their slogan “the most trusted way to buy and sell cryptocurrency” is a testament to how they conduct business – that is, by the book.

Hey @Gemini… crypto has lots of rules already. Crypto IS rules. These rules are stronger than any political inscriptions; they are objective, open and knowable to all parties, they transcend borders, and they are enforced by mathematics. Crypto is a system of laws and not men. https://t.co/fblSPH0BZE

— Erik Voorhees (@ErikVoorhees) January 4, 2019

Gemini, keen to demonstrate this business philosophy, launched an advertising campaign at the start of the year. It featured several prominent ads on subway cars, taxis, buses, bus stops, and even a full-page in the New York Times. Their message was clear, to reassure no-coiners that Gemini is not an “anything goes” company. Speaking to the Wall Street Journal, Gemini’s Head of Marketing Chris Roan said:

“We believe that investors coming into cryptocurrency deserve the exact same protections as investors in more traditional markets, adhering to the same standards, practices, regulations and compliance protocol.”

Find the @Gemini #cryptobus around Manhattan all week! #cryptowithoutchaos pic.twitter.com/5kwhG0czaF

— Gemini (@Gemini) January 8, 2019

In addition, as the fallout from bitcoin S.V continues to divide the community, it’s reassuring to know that a sense of guardianship still exists within the community. On commenting about the situation, Tyler Winklevoss pointed out that Gemini list based on merit. And not on short-term monetary gain.

JUST IN: @Gemini never listed $BSV in the first place.

— Tyler Winklevoss (@tylerwinklevoss) April 15, 2019

SegWit Support

In-line with their forward-thinking approach, Gemini is the first major exchange to support SegWit. In an article published on Medium, Gemini Software Engineer, Brian Kimjohnson spoke of the timing of the release:

“We believe SegWit will become the standard. And in doing so, will create extensive benefits for all participants on the bitcoin network. Given the level of community adoption — and ecosystem support — we now recommend that all Gemini customers move to using SegWit addresses. After extensive testing and development, we know that launching SegWit support is the right decision for our customers at the right time.”

He goes on to champion the benefits of SegWit, whilst also hinting at this being the launch pad for even greater things:

“Our team views SegWit as a positive step forward for crypto and the broader future of money. As SegWit’s use, support, and adoption grows, it will help reduce fees, wait times, and network congestion. Critically, SegWit transactions lay the groundwork for more advanced technologies; of which the Lightning network is the most well known.”

And while SegWit is far from being an industry-wide standard, this move goes some way to addressing bitcoin’s shortfalls as first generation tech. Consequently, one can only deduce that the Winklevoss twins believe there’s only one bitcoin.

Thanks for segwit!

— eugenelee3 (@eugenelee3) April 16, 2019

Published at Tue, 16 Apr 2019 15:54:17 +0000