After dabbling in various Bitcoin-related ventures that have gone south in the past couple of years, Cameron and Tyler Winklevoss are betting on themselves by heading up the first regulated Bitcoin exchange for customers in the US.
Set to launch in the coming months, Gemini will allow users to buy and sell Bitcoins for American dollars.
The New York City-based company is staffed by just over a dozen employees, including engineers from reputable hedge funds.
In addition to providing a secure exchange for individuals and businesses to trade in Bitcoin, Gemini says it is working with federal and state governments to ensure it fully complies with cryptocurrency and consumer protection laws and regulations.
The company has also partnered with a New York State-chartered bank, to ensure that its users’ money stays in the country, and is eligible for FDIC insurance.
Bitcoin has been taking a hit over the past year, with cyber-attacks on other exchanges like Mt. Gox and Bitstamp undermining its safety. The currency peaked in value in 2013 when one Bitcoin was worth $1,200, but has since dropped to about $230.