Gemini Exchange’s Cameron Winklevoss: Crypto-winter will lead to lasting innovations

Proponents of the cryptocurrency market never fail to make a splash in the cryptosphere, with many speaking about the future of the field, and the implications of existing technologies. In a recent blog post, Cameron Winklevoss, the Co-founder of the popular cryptocurrency exchange Gemini, spoke about the maturity of the market and the growing interest in cryptocurrencies, among people.
He stated,
“…The crypto market has matured significantly since then. Bitcoin’s value has gone from around $400 to $4,000 today. As crypto has grown up a lot, so has Gemini. We’ve grown from 25 to 200 employees and celebrated many achievements over the past three years, culminating with our recent mobile app launch.”
Winklevoss claimed that the brightest people were flocking towards the field of cryptocurrencies, with the aim to build on the decentralized, permissionless, and open system. He further said that previously, the industry was a “niche,” but it is now becoming something bigger and better.
In his words,
“Trust is the gap. Despite the enthusiasm, there remains much more work to be done to change the public perception of crypto. Recent events like the losses at QuadrigaCX have harmed a lot of people and caused reputational damage for our industry at large.”
The Gemini President added that the ongoing crypto winter will lead to lasting innovation, as the hype of late-2017 hid a lot of bad projects in the hype. Right now however, every single project needed match up to a certain standard. According to him, products built in today’s time would “shape what money looks like tomorrow.”
The Winklevoss brother were previously in the news after Tyler Winklevoss claimed that “every Bitcoin issue has never been a Bitcoin problem.” He touched upon the advantages that crypto and its technology possessed, and at the same time, debunked claims that Gemini was self-regulated. He said,
“The protocols have rules based on math and cryptography but the rule what we are taking about is the humans who deal with the value on top of the protocol. So, we are a trust company regulated as a trust company to protect your value and that’s usually where the cons happen, it’s not at the protocol level, it’s at the company level.”
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Source: AMB Crypto

Cameron Winklevoss elaborates why cryptocurrency revolution is in dire need of rules

Winklevoss twins are among the prominent players who have contributed to the crypto revolution with the stablecoin Gemini USD and the upcoming exchange, Gemini. The twins addressed a topic that is somewhat a pariah in the cryptocurrency ecosystem, rules.
The twins launched a campaign not so long ago regarding “the revolution needs rules”, which received mixed feelings from the community as some people pushed it back while others understood the need for rules. In a recent tweet, Cameron Winklevoss addressed the same topic. He stated:
“Some have wondered why @Gemini believes the Revolution Needs Rules. Answer: Crypto doesn’t need rules, but the companies built on top of it do. See excerpt from court-appointed monitor’s (Ernst & Young) third report filed in Nova Scotia Supreme Court re: QuadrigaCX matter”
He clarified this in a subsequent tweet with the example of QuadrigaCX. The exchange allowed the editing of its internal ledger to move customer funds into new accounts. Insiders were even allowed to move these funds and trade with them.
Cameron tweeted:
“Every incident in crypto to date has been/would have been PREVENTABLE w/ proper rules and thoughtful regulation… Regulatory oversight = making sure people do what they say they’re going to do.”
There have been a large number of exchanges that have used users’ funds for personal profit and insider trading. The recent death of the CEO of QuadrigaCX exchange proved that the crypto revolution needs rules to keep such corporations and entities on track.
@jStepahnop1, a Twitter user, commented:
“Insider manipulation definitely needs to be stopped on crypto exchanges for sure and commend you guys for your work in that department, as long as it does not filter down to inhibiting the inherent freedoms crypto provides for everyday people”
@cryptomanusa, another Twitter user, added:
“Why so against Craig Wright? He appears all about the rules. I have seen zero proof of scamming rather significant intelligence with possibly an annoying personality.”
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Source: AMB Crypto

Gemini Exchange’s Winklevoss brothers ask users to trust them with storage of private keys

Gemini Exchange’s famous twins, Cameron and Tyler Winklevoss have said that storing private keys can be a problem for some users, asking users to trust them with these keys. In a recent video uploaded on YouTube by Transhumanism Videos, one of the Winklevoss brothers claimed that most people failed to secure their e-mail accounts.
Terming that as a ”fact,” he went on to say that people shouldn’t try to store their private keys, considering they are “longs strings of digits”. Hence, the Winklevoss brothers said, storing private keys should be left to them.
The duo asserted that most people who owned private keys ”screw up” and lose the password to their private keys, or lose their laptop. They added that the exchange was designed to make storing keys and trading with the digital asset a seamless experience.
Citing the fact that while some people want to store their keys with an institution ‘that they trust’ and some want to keep it with themselves, one of the brothers said,
“..the coolest thing about cryptocurrency though is that you can have it both ways. If you want to store your private keys, you can do that, if you want to use Gemini, you can do that.”
Further, when asked if the exchange company posed as a threat to banking institutions, the duo said that they viewed the technology protocol powered Gemini as a crypto-native company, and not a bank.  Hence, they did not pose any threat to banks. They specified that the company was trying to extend the financial system by acting as a conduit between the existing world and the new world of cryptocurrency. He also said that the banking establishment and Gemini work together, despite having widely different business models.
The brothers said,
“We have taken US Dollars and put them in the Blockchain in the form of Gemini Dollar Token [GUSD] enabling users on the platform to send dollars to any part of the world.”
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Source: AMB Crypto

Professionalism in Crypto is Desperately Needed and Gemini is Setting Industry Standards

This week, prominent U.S.-based crypto exchange Gemini revealed it had become the first-ever cryptocurrency exchange and custodian to successfully complete a System and Organization Controls (SOC 2) for Service Organizations Type 1 examination.
The SOC 2 examination was conducted by “Big Four” auditor Deloitte & Touche LLP, and helps cement Gemini’s reputation for pushing the envelope for cryptocurrency compliance and regulation, and its status as an industry standard-setting leader in the crypto space.
Gemini Completes SOC 2 Exam, Proving Compliance and Security Prowess
SOC 2 reviews are a financial industry standard for determining if a service organization – such as an exchange – are up to speed on security compliance, and are equipped to keep customer’s funds safe. Currently, only Gemini has the bragging rights that their exchange demonstrates a high enough level of security to pass Deloitte’s review.
Gemini says that the exchange was built with a “security-first mentality from the start,” allowing the exchange to easily meet the benchmarks in Deloitte’s examination, which are set by the American Institute of Certified Public Accountants.
Related Reading | Gemini Launches Mobile App, Says Crypto Is Here to Stay
The SOC 2 explored Gemini’s infrastructure, exchange application, customer database, and the exchange’s “institutional-grade cryptocurrency storage system.”
Gemini’s goal with the review was to provide additional assurance for investors and regulators alike that any funds stored on the exchange are safe and secure – something that is desperately needed in an industry plagued with record-breaking levels of hacks and theft. The firm also plans to conduct the review annually, and is seeking a SOC 2 type 2 examination some time in 2019. 

Gemini Is Setting the Bar for the Crypto Industry
Gemini co-founders Cameron and Tyler Winklevoss are early Bitcoin supports and are among the few executives who are working tirelessly to elevate the crypto industry both in the eyes of investors, as well as in the face of key financial market regulators such as the Securities and Exchange Commission and the Commodity Futures Trading Commission.
In addition to the recent SOC 2 completion, Gemini also offers digital asset insurance from London-based global professional services company Aon. According to a press release, Gemini was approved after “demonstrating to underwriters that the company is a leading, best-in-class exchange and custodian.”
Related Reading | Winklevoss Twins Believe Bitcoin Will Surpass Gold, Remain Leading Crypto
The insurance provides peace of mind for investors using the Gemini platform, as any assets stored on the exchange are covered by Aon. Gemini also insures USD deposits through the Federal Deposit Insurance Corporation that often insures the funds at traditional institutions such as banks and credit unions.
The Winklevoss twins are also in support of cooperating with regulators to improve the state of the crypto industry. Last year, the twins proposed the creation of a Self-Regulatory Organization that could help govern the crypto industry in the United States, and alleviate regulator’s concerns that the crypto industry is rife with risk for investors.
The duo were also said to have attended a closed-door meeting with executives from Nasdaq and more to discuss further legitimizing the industry.
Gemini’s work to improve the overall industry is desperately needed during a time when cryptocurrency exchanges are repeatedly hacked, and crypto-related theft climbs to new heights.
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