Gemini, a crypto exchange founded by the Winklevoss twins, launches a full-suite of crypto fund services for fund managers
It’s been a while since we checked in with Gemini, a licensed digital asset exchange and custodian built for both individuals and institutions founded by the Winklevoss twins. We wrote about the two brothers back in September 2018 when New York State regulators approve their Stablecoin cryptocurrency. The coins were launched by Winklevoss Brothers‘ company, Gemini. The new digital currency is pegged directly to the US dollar on the Ethereum blockchain.
Since we last wrote about Gemini, the company has launched several other services including a new mobile app for crypto traders. Today, Gemini announced the launch of a new global offering — Gemini Fund Solutions — to provide fund managers with custody, clearing, trade execution, and other capital markets services tailored to ETFs, closed-end funds, and other fund vehicles.
As interest in cryptocurrency skyrockets, crypto funds have become an increasingly attractive option for fund managers looking to add crypto exposure to their clients’ portfolios. But to date, the market for providing these services to fund issuers has been fragmented.
Gemini’s regulated and secure platform is custom-built for institutions, providing fund managers the ability to seamlessly offer crypto products to their clients while managing all of the underlying infrastructure in a single place.
Gemini was founded in 2014, by brothers Cameron and Tyler Winklevoss, to build a bridge to the future of money. Its goal to build a world-class digital asset exchange and custodian based in the United States. Gemini is a next-generation cryptocurrency exchange and custodian that allows customers to buy, sell, and store digital assets. Gemini provides a simple and secure platform for crypto investors to build their crypto portfolios.
“There are a multitude of crypto funds coming to the global markets by a variety of methods, massively expanding the number of institutions bringing crypto products to their investors,” said Dave Abner, Global Head of Business at Gemini. “Gemini is in a unique position to leverage its knowledge across the funds and the crypto space, to usher investors directly onto the Gemini Exchange, or drive the underlying infrastructure asset managers need to bring even the most complex products to market. Offering them an all-in-one solution is a way to help issuers to support this rapidly-growing trend.”
According to a story in the New York Times, the Winklevoss brothers bought $11 million worth of Bitcoins in 2013. They soon became crypto evangelists, which led to the creation of crypto exchange Gemini. Each of the twins is reportedly worth $1.4 billion a piece, according to the Bloomberg Billionaires Index.
The Winklevoss twins are also known for co-founding HarvardConnection (later renamed ConnectU) along with Harvard classmate Divya Narendra. In 2004, the Winklevoss brothers sued Facebook founder Mark Zuckerberg, claiming he stole their ConnectU idea to create the popular social networking site Facebook.