View source for Company:Gemini (digital currency exchange)

{{Infobox dot-com company
| name = Gemini
| logo = Gemini (digital currency exchange) logo.svg
| type = [[Finance:Privately held company|Private]]
| industry = [[Finance:Cryptocurrency|Cryptocurrency]]
| key_people = Cameron Winklevoss {{small|(Co-founder)}}, Tyler Winklevoss {{small|(Co-founder)}}
| num_employees = 100+ (May 2018)<ref>{{cite web |title=Gemini|url=https://www.linkedin.com/company/9266905/|accessdate=17 Oct 2018|website=Linkedin}}</ref>
| website = {{URL|https://www.gemini.com}}
| alexa            = {{increase}} 3433 ({{as of|2018|2|23}})<ref name="alexa">{{cite web |url=http://www.alexa.com/siteinfo/gemini.com |title=gemini.com Traffic Statistics |publisher=[[Company:Alexa Internet|Alexa Internet]] |accessdate= 2018-10-17}}</ref>
| products = [[Software:Bitcoin|Bitcoin]], [[Chemistry:Ether|Ether]], [[Zcash]], Gemini dollar Exchange
| current_status   = Active
}}

'''Gemini Trust Company, LLC''' (Gemini) is a digital currency exchange and custodian that allows customers to buy, sell, and store digital assets. Gemini is a New York [[Organization:Trust company|trust]] company that is regulated by the New York State Department of Financial Services. Gemini was founded in 2014, by Cameron and Tyler Winklevoss.<ref>{{cite-web|url=https://www.wired.com/2015/10/winklevoss-bitcoin-exchange-digital-currency-grows|accessdate=2018-10-17|title=With Winklevoss Bitcoin Exchange, Digital Currency Grows Up|website=Wired|last=Metz|first=Cade}}</ref><ref>{{cite web|url=http://fortune.com/2015/10/05/gemini-winklevoss-bitcoin/|title=Winklevoss Brothers Get License for Gemini Bitcoin Exchange – Fortune|author=Daniel Roberts|date=5 October 2015|work=Fortune|accessdate=17 Oct 2018}}</ref><ref>{{cite web|url=https://blogs.wsj.com/moneybeat/2015/10/05/bitbeat-winklevoss-twins-gemini-exchange-gets-trust-license/|title=Winklevoss Twins’ Gemini Exchange Gets Trust License – BitBeat|author=Paul Vigna|work=WSJ blog|accessdate=17 Oct 2018}}</ref>

In June 2016, according to {{wipe|CNBC}} report, Gemini became the world's first [[Finance:BitLicense|licensed]] [[Finance:Ethereum#Ether|ether]] exchange. In May 2018, it was announced that Gemini had become the world's first [[Zcash]] exchange. Currently, it operates in the {{wipe|United States}}, {{wipe|Canada}}, the {{wipe|United Kingdom}}, {{wipe|South Korea}}, [[Place:Hong Kong|Hong Kong]], and [[Place:Singapore|Singapore]].<ref>{{Cite news|url=https://www.cnbc.com/2016/06/21/winkelvoss-twins-are-expanding-their-gemini-bitcoin-exchange-outside-of-the-us.html|title=The Winklevoss twins are launching their bitcoin exchange outside of the US|last=Hungerford|first=Arjun Kharpal, Nancy|date=2016-06-21|work=CNBC|access-date=2017-10-19}}</ref> In May 2018, it was announced that Gemini had become the world’s first [[Finance:BitLicense|licensed]] [[Zcash]] exchange.<ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2018-05-14/gemini-gives-boost-to-privacy-coin-zcash-as-exchange-expands|title=‘Privacy Coin’ ZCash Lands on Winklevoss’s Gemini Exchange|last=Kharif|first=Olga|date=2018-05-14|work=Bloomberg L.P.|access-date=2018-05-25}}</ref> Primary competitors include [[Company:Coinbase|Coinbase]], [[Company:Binance|Binance]], [[Finance:Bitstamp|Bitstamp]], and [[Finance:Kraken (bitcoin exchange)|Kraken]]. All users are able to trade cryptocurrency and fiat currency on an open market. Users are able to transfer USD to and from their bank accounts.<ref name="profitconfidential.com">{{cite web|url=https://www.profitconfidential.com/cryptocurrency/ethereum/top-5-best-exchanges-buy-eth/|title=Top 5 Best Exchanges to Buy ETH (2017-2018)|date=22 December 2017|website=Profit Confidential|author=Mohan Garikiparithi|accessdate=17 Oct 2018}}</ref>

Gemini began in order to facilitate the purchase and storage [[Software:Bitcoin|Bitcoin]] through a complex system of [[Public-key cryptography|private keys]] and password protected environments. Only a small percentage of the total bitcoin on the exchange is held online to minimize the risk of loss from hacking.<ref>{{cite web |author1=Nicholas Deleon |title=How Safe Is Bitcoin, Really? |url=https://www.consumerreports.org/cryptocurrency/how-safe-is-bitcoin-really/ |website=Consumer Reports |accessdate=18 October 2018 |date=22 Dec 2017}}</ref> As pointed out by the site ''Profit Confidential'' regarding compromised exchanges:

''To be perfectly honest, there is no yes or no answer to the “Are Ethereum exchanges safe” question. Going purely on past records, they are safe though exchanges like Poloniex have been hacked. This does not make Poloniex any less safe than the others. People who hack exchanges are constantly upgrading their methods, and likewise, the exchanges are trying to stay a step ahead. The best bet is to use offline storage of ETHs once the transaction is complete.''<ref name="profitconfidential.com"/>

{{wipe|The New York Times}} has reported that Gemini is trusted by Ari Paul, of the hedge fund BlockTower Capital, who deals in virtual currency.<ref>{{cite web|url=https://www.nytimes.com/2017/12/19/technology/bitcoin-winklevoss-twins.html|title=How the Winklevoss Twins Found Vindication in a Bitcoin Fortune|first=Nathaniel|last=Popper|date=19 December 2017|publisher=|website=NYTimes.com}}</ref> According to reports by both {{wipe|Bloomberg News}} and Fortune Magazine, Gemini was the first exchange to launch bitcoin [[Finance:Futures contract|futures contract]]s in December 2017. Fortune Magazine reported that [[Company:Chicago Board Options Exchange|Cboe]] uses Gemini "as the basis for the daily settlement for the bitcoin futures".<ref>{{cite web|url=http://fortune.com/2017/12/12/winklevoss-twins-bitcoin-futures/|title=Winklevoss Twins Say Futures Are Just the Beginning for Bitcoin|author=Bloomberg|website=Fortune|date=12 Dec 2017|accessdate=17 Oct 2018}}</ref>

== History ==

Tyler and Cameron Winklevoss announced Gemini in January 2014 and the company went live on October 25, 2015. Gemini began adding to the financial services it offers thereafter, some of which include FIX and [[Application programming interface|API]] support. On May 5, 2016 Governor Andrew M. Cuomo of New York State announced the approval of Gemini as the first [[Finance:BitLicense|licensed]] [[Finance:Ethereum|Ethereum]] [[Finance:Cryptocurrency exchange|exchange]] based in the United States.<ref>{{Cite news|url=https://www.governor.ny.gov/news/governor-cuomo-announces-approval-first-us-based-ethereum-exchange-created-and-operated-new|title=Governor Cuomo Announces Approval of First U.S.-Based Ethereum Exchange, Created and Operated In New York|date=2016-05-05|work=Governor Andrew M. Cuomo|access-date=2018-10-17|language=en}}</ref> Additionally, in 2016, Gemini announced it would allow users to withdraw [[Finance:Ethereum Classic|Ethereum Classic (ETC)]] from the exchange, following a [[Fork (blockchain)|hard fork]] in [[Finance:Ethereum|Ethereum's]] code.<ref>{{Cite web|url=https://medium.com/gemini/update-2-ether-classic-withdrawals-ebf3b083003e|title=UPDATE #2: Ether Classic Withdrawals|last=Winklevoss|first=Cameron|date=2016-08-12|website=Gemini|access-date=2018-06-06}}</ref>

In October 2017, Gemini announced that it was allowing registered users to withdraw [[Finance:Bitcoin Cash|Bitcoin Cash]] from the exchange provided they had a balance available on the exchange prior to the Bitcoin hard fork in August 2017.<ref name="Bitcoin Cash">{{cite news |url=https://medium.com/gemini/bitcoin-cash-bch-withdrawals-76a9ae5d2c15 |title=Bitcoin Cash (BCH) Withdrawals |work=Article |publisher=Gemini Exchange |date=2017-10-07 }}</ref>

Fortune Magazine reported that Cboe uses Gemini to settle its Bitcoin [[Finance:Futures contract|futures]] contracts, "XBT", in December 2017.<ref name="Bitcoin Futures Contracts">{{cite news |url=https://www.bloomberg.com/news/articles/2017-12-09/bitcoin-futures-trading-brings-crypto-into-mainstream-finance |title=Bitcoin Futures Trading Brings Crypto Into Mainstream |work=Article |publisher=Bloomberg |date=2017-12-09|author=Rob Urban |author2=Camila Russo|accessdate=17 Oct 2018 }}</ref> Cboe partnered with Gemini so as to use Gemini's dollar denominated auction price for these contracts.

According to {{wipe|Bloomberg News}}, Gemini began offering "Block Trading" in April 2018. Block Trading enables Gemini users to buy and sell large quantities of digital assets outside of Gemini's continuous order books, creating an additional liquidity mechanism when trading in greater size.<ref name="Block Trading">{{cite news |url=https://www.bloomberg.com/news/articles/2018-04-09/winklevoss-s-gemini-to-offer-cryptocurrency-block-trading |title=Winklevosses' Gemini to Offer Cryptocurrency Block Trading |work=Article |publisher=Bloomberg |date=2018-04-09|author1=Olga Kharif |author2=Matthew Leising||accessdate=17 Oct 2018 }}</ref>

The Winklevoss twins said that their main goal in 2018 was to add [[Finance:Bitcoin Cash|Bitcoin Cash]] and [[Finance:Litecoin|Litecoin]].<ref name="Bloomberg">{{cite news |url=https://www.bloomberg.com/news/articles/2018-03-08/winklevoss-twins-say-crypto-exchange-wants-to-offer-more-coins |title=Winklevoss Twins Say Crypto Exchange May Offer More Coins |work=Article |publisher=Bloomberg |date=2018-03-08|author1=Joanna Ossinger  |author2=Nick Baker|accessdate=17 Oct 2018 }}</ref><ref name="Bitcoin News">{{cite news |url=https://news.bitcoin.com/adding-bitcoin-cash-and-litecoin-is-main-goal-of-2018-for-gemini-exchange/ |title=Adding Bitcoin Cash and Litecoin Is Main Goal of 2018 for Gemini Exchange |work=News Article |publisher=Bitcoin.com News |date=2018-03-11 |author=Avi Mizrahi|accessdate=17 Oct 2018}}</ref>

In March 2018, Gemini added a number of partnerships and products to its portfolio and network. It announced a partnership with [https://caspian.tech/ Caspian]{{disambiguation needed|date=June 2018}}, the full-stack cryptocurrency trading and risk management platform for institutional and complex investors.<ref name="Caspian">{{cite news |url=https://www.bloomberg.com/news/articles/2018-03-21/trading-places-inspired-tech-darling-inks-winklevoss-crypto-deal |title=Eddie Murphy-Inspired Fintech Firm Signs With Winklevoss Crypto Exchange |work=Article |publisher=Bloomberg |date=2018-03-21|author=Joe Easton|accessdate=17 Oct 2018 }}</ref>

In April 2018, it was reported by {{wipe|Reuters}} that Gemini would be utilizing [[Finance:Nasdaq|NASDAQ's]] SMARTS technology to monitor trades and combat fraudulent activity and [[Finance:Market manipulation|price manipulation]] on its exchange.<ref name="NASDAQ">{{cite news |url=https://www.bloomberg.com/news/articles/2018-04-25/winklevoss-twins-hire-nasdaq-to-keep-cheaters-off-crypto-market |title=Winklevoss Twins Hire Nasdaq to Watch for Crypto Cheaters |work=Article |publisher=Bloomberg |date=2018-04-25|author1=Matthew Leising  |author2=Nick Baker|accessdate=17 Oct 2018 }}</ref>

On May 14, 2018, the New York Department of Financial Services announced it had approved Gemini to offer Zcash (ZEC) on their platform. The NYDFS commented that its decision was a "continuation of New York's longstanding commitment to innovation and leadership in the marketplace." Gemini's CEO, Tyler Winklevoss, was quoted in the same press-release saying that Gemini "is proud to be the first licensed exchange in the world to offer [[Zcash]] trading and custody services."<ref>{{Cite web|url=https://www.dfs.ny.gov/about/press/pr1805141.htm|title=Press Release - May 14, 2018|website=New York State Department of Financial Services|language=en-US|access-date=2018-06-06}}</ref>

On September 10th, 2018, {{wipe|Bloomberg News}} reported that Gemini had received regulatory approval for a new product, the Gemini dollar (GUSD) from the NYDFS and would launch trading of the [[Finance:Cryptocurrency|coin]] that same day. Gemini described the product as a so-called “[[Finance:Stablecoin|Stablecoin]]” which maintains a 1-to-1 peg with the {{wipe|United States dollar}}.<ref>{{Cite web|url=https://www.bloomberg.com/news/articles/2018-09-10/controversial-crypto-coin-tether-to-get-regulated-competitors|title=Terms of Service Violation|website=bloomberg|access-date=2018-10-17|author1=Annie Massa  |author2=Matthew Leising}}</ref><ref>{{Cite web|url=https://www.dfs.ny.gov/about/press/pr1809101.htm|title=September 10, 2018:   DFS Continues to Foster Responsible Growth in New York’s|website=New York State Department of Financial Services|language=en-US|access-date=2018-09-26}}</ref>

On October 3rd, it was announced that Gemini had obtained digital asset insurance covering [[Finance:Cryptocurrency|tokens and coins]] held on its exchange<ref>{{Cite news|url=https://www.ccn.com/winklevoss-gemini-now-provides-insurance-for-customers-cryptocurrencies/|title=Winklevoss' Gemini Now Provides Insurance for Customers' Cryptocurrencies|date=2018-10-06|work=CCN|access-date=2018-10-16|language=en-US}}</ref>. Bloomberg Markets reported that the insurance had been [[Finance:Insurance broker|brokered]] by [[Company:Aon|Aon]], a London based public [[Risk assessment|risk consulting]] company, and underwritten by a consortium of global [[Underwriting|underwriters]]<ref>{{Cite web|url=https://www.bloomberg.com/news/articles/2018-10-03/winklevoss-s-gemini-obtains-crypto-asset-insurance-through-aon|title=Bloomberg - Are you a robot?|website=www.bloomberg.com|access-date=2018-10-17|author=Annie Massa|date=3 Oct 2018}}</ref>. 

{{wipe|United States dollar}}

== Service disruptions ==

The site's primary challenge has been remaining online at times of excessively high volumes, a relatively common occurrence for any website receiving an unusual amount of traffic.<ref>{{cite web|url=http://www.business-standard.com/article/markets/bitcoin-fever-exposes-crypto-market-frailties-117122500028_1.html|title=Bitcoin fever exposes crypto-market frailties|website=Business Insider|last=Irrera|first=Jemima Kelly & Anna|date=25 December 2017|accessdate=17 Oct 2018}}</ref><ref>{{cite web|url=https://qz.com/1150212/bitcoin-exchanges-coinbase-and-gemini-experience-system-issues-as-btc-price-surges/|website=Quartz|title=Bitcoin is going bananas and exchanges are struggling to keep up|last=Detrixhe|first=John|date=7 Dec 2017|accessdate=17 Oct 2018}}</ref>  On November 28, 2017, for example, both Gemini and Coinbase crashed for several hours. Gemini was showing a "504 gateway time-out" message, and the status page showed "Systems are currently experiencing degraded performance."<ref>{{cite web|url=http://www.businessinsider.com/bitcoin-price-gemini-exchange-coinbase-login-issues|title=Bitcoin's price is collapsing and people can't trade because 2 big exchanges have crashed|website=Business Insider|date=19 Nov 2017|author=Becky Peterson|accessdate=17 Oct 2018}}</ref> Subsequently, the Gemini Blog offered this comment. "This is not the first scaling challenge we’ve encountered, and it won’t be the last. We’re continuing to improve our performance and infrastructure monitoring so we can anticipate potential problems more quickly in the future."<ref>{{cite web|url=http://www.businessinsider.com/bitcoin-futures-exchange-gemini-scheduled-maintenance-2017-12|title=Gemini, the crypto exchange founded by the Winklevoss twins, extends maintenance after massive bitcoin sell-off|website=Business Insider|author=Frank Chaparro |date=9 Dec 2017|accessdate=17 Oct 2018}}</ref>

== References ==

{{reflist}}

== External links ==

* [http://gemini.com/ Gemini website]
{{Bitcoin|state=expanded}}

{{Cryptocurrencies}}

[[Category:Bitcoin exchanges]]
[[Category:Companies (Finance)]]
[[Category:Companies]]

{{Sourceattribution|Gemini (digital currency exchange)|1}}