Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Winklevoss Twins Ignore Crypto `Winter,' Looking Toward 2019

Cryptocurrency Dec 11, 2018 07:20AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Bloomberg. Cameron Winklevoss speaks as Tyler Winklevoss listens. Photographer: David Paul Morris/Bloomberg
 
CME
-0.12%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
ETC/USD
+0.40%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BTC/USD
+0.70%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

(Bloomberg) -- Cameron and Tyler Winklevoss aren’t deterred by the exodus of retail investors during this year’s cryptocurrency market collapse.

The co-founders of Gemini Trust Co. are trying to woo individual investors through a new app that allows users to purchase Bitcoin and other virtual currencies on their exchange. The product hits the market at a low point for Bitcoin, which shed almost 80 percent of its value this year. The Winklevoss twins said that they’re accustomed to navigating skepticism over digital assets.

“We’re totally at home in winter,” said Tyler Winklevoss, in an interview at the company’s headquarters in Manhattan’s Flatiron district. The space, which Gemini moved in to this year, is decorated with references to space exploration, including a suspended sculpture of an astronaut. The firm’s name references NASA’s Project Gemini spaceflight program (and the astrological sign of twins).

“It gives us time to build internally, and refine and kind of catch our breath,” said Cameron, sitting next to him in a red NASA sweatshirt, drinking a grapefruit-flavored LaCroix sparkling water.

Getting users on the app, where they can buy digital assets individually or in a basket, is one of Gemini’s priorities for 2019, according to the pair. Some crypto evangelists say that institutional money waiting on the sidelines will buoy the digital-asset space. Gemini caters to those kinds of customers -- it operates as a trust company and fiduciary regulated by the New York Department of Financial Services, offers custody services and uses market surveillance technology provided by Nasdaq Inc. But the app is a sign that Gemini is still trying to cement relationships with retail investors that dominate virtual currency trading.

“A lot of our decisions have perhaps given off a perception that we’re more institutional-based,” Cameron said. “The reality of the situation is that we have a diverse customer base. And the retail story is just beginning.”

Another 2019 goal will be expanding in Asia, they said. The region is home to some of the largest virtual currency exchanges including Bitfinex, Digifinex and Huobi. Gemini is a New York trust company that operates in almost all U.S. states, as well as in Canada, Hong Kong, Singapore, South Korea and the U.K.

One year since a record run-up in the price of Bitcoin, some crypto companies are showing signs of stress. ETCDEV, the startup that led development on Ethereum Classic, shuttered operations this month. Joseph Lubin’s ConsenSys, a crypto-software startup, said it will cut its workforce by 13 percent.

For Gemini, the past year also carried some setbacks. The U.S. Securities and Exchange Commission again turned down its application for a Bitcoin-based ETF this summer. The regulatory agency has not approved any such products thus far. Trading volumes in Bitcoin futures, which launched a year ago, have not been a runaway success with investors, something executives at futures exchange operators CME Group Inc. (NASDAQ:CME) and Cboe Global Markets Inc. acknowledged. The brothers reiterated their slow and steady approach.

“We’re in this for the long haul,” Tyler said. “We think it’s a space that’s here to stay.”

Winklevoss Twins Ignore Crypto `Winter,' Looking Toward 2019
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email