Facebook Started Discussions with CFTC Over Its GlobalCoin Initiative

Facebook Started Discussions with CFTC Over Its GlobalCoin Initiative
Facebook is in talks with the U.S CFTC to find out whether its GlobalCoin project will fall under the agency’s regulatory requirements.
Facebook Started Discussions with CFTC Over Its GlobalCoin Initiative

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Source: CoinSpeaker

Facebook Reportedly Discussing Its Crypto Plans With Gemini’s Winklevoss Twins

Facebook Reportedly Discussing Its Crypto Plans With Gemini’s Winklevoss Twins
Facebook is giving an aggressive push to its crypto plans while having a word with crypto exchanges and high-frequency trading platforms. The company plans ahead to make major inroads in the online payments industry.
Facebook Reportedly Discussing Its Crypto Plans With Gemini’s Winklevoss Twins

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Source: CoinSpeaker

Facebook’s ‘GlobalCoin’ to Attract 2 Billion People To Coinbase and Crypto Exchanges?

Facebook’s cryptocurrency endeavor, Project Libra is in full throttle as the Social Media is reaching out to industry leaders in cryptocurrency. Co-incidently, one of them is owned by Mark Zuckerberg’s arch-rivals: the Winklevoss Twins.
Reportedly, Facebook executives have approached Gemini and Coinbase Exchange to list its cryptocurrency on their platform.
Ben Mezrich, the author two books on the Winklevoss Twins, The Social Network and Bitcoin Billionaires is closet parties in the discussion here. According to him, each of their successes affects the other one. On Facebook’s move to approach Gemini, he said,
“Facebook’s idea is to launch their own crypto, So who do they have to reach out to? Now the twins know more about this than Facebook does, so they’re one of the people that [Zuckerberg] has to go to to get into this world. ”
‘GlobalCoin’ Will be Another StableCoin?
Furthermore, Gemini is one of the most regulated exchanges in the US. Van Eck filed its ETF application in association with Gemini with the SEC. Gemini provides OTC markets and custody arrangements for high-volume traders. On the other hand, Coinbase is one of the largest and most influential retail online cryptocurrency exchange.
Also Read: Facebook Coin Will Act As a ‘Gateway Drug’ for Bitcoin and Cryptocurrency: Spencer Bogart
As expected, the cryptocurrency, in all probability, will be linked to the dollar. According to the press release, Facebook has also approached esteemed market makers: Jump and DRW, to ensure that the value is pegged to the dollar and can be easily exchanged.
Apart from these firms, Facebook has also held talks with the Bank of England and Western Union to build its payment and settlement system on the Blockchain.
Nevertheless, the inclusion of cryptocurrency on Exchanges like Coinbase would increase the overall volume of transactions on the cryptocurrency Exchange. Facebook has a large user base of over 2.4 billion people.
Hence, this, in turn, can be beneficial for Bitcoin and the cryptocurrency markets as part of the volume will pour into other cryptocurrencies, especially Bitcoin. However, it might also increase the potential risk of increased speculation in cryptocurrency prices. According to the press release, the Exchanges have denied commenting on the issue for now.
Do you think that inclusion for Facebook in cryptocurrency exchange will be good for the markets or it will affect it adversely? Please share your views with us. 
The post Facebook’s ‘GlobalCoin’ to Attract 2 Billion People To Coinbase and Crypto Exchanges? appeared first on Coingape.
Source: CoinGape

Cameron Winklevoss on Crypto: Not Investing In the “Future of Money” is “Crazy”

Bitcoin and the crypto industry it birthed is still new, misunderstood, and is many years away from having its potentially fully realized as a monetary asset, store of value, or transactional currency. But it’s clear to many that the young, emerging financial technology has incredible potential – potential that’ll be unlocked only with time and support. The potential is enough to make crypto among the most exciting asset classes for investors at the moment, from retail to institutions.
Because the technology hasn’t yet had time to mature and prove itself, some believe that investing in cryptocurrencies is “crazy.” Even crazier, says Cameron Winklevoss, is not investing in Bitcoin and other crypto assets.
Crypto Crazy: To Invest in Bitcoin and the “Future of Money” or Not?
Last night, the New York Post published an article with the FUD-fueled title “Bitcoin will soon be worth zero,” offering very little to support the idea and speculating on the crypto asset’s eventual demise. Naysayers of the digital currency are not difficult to come by, and reside at the Federal Reserve, in Congress, at the world’s most powerful banking firms, and more. These powers that be all say the same thing: you’d be crazy to invest in crypto.
Related Reading | Why The Next Bitcoin Bull Run Could Eclipse The Last Crypto Bubble 
Some points are valid; the technology is new, and is far off from scale or widespread mainstream usage. Many are uncomfortable with the unfamiliar technology and rightfully so – nothing requires more security and safety than one’s wealth and finances. It’s also been highly demonized in the public eye, for its involvement in money laundering and drug markets on the darknet, not to mention the way retail investors were burnt by the 2017 bubble pop.
But beyond on that is the basis of blockchain, a transparent ledger and decentralized currency system that allows individuals to become one’s own bank, sending value across the internet without the need for an intermediary. The technology is being billed as the future of money and a game changer for a vast number of industries.

Some people think it's crazy to invest in crypto. Maybe. But definitely not as crazy as sitting on the sidelines when the future of money is literally being built before your eyes.
— Cameron Winklevoss (@winklevoss) May 20, 2019

Despite all crypto has going against it, Gemini cryptocurrency exchange co-founder Cameron Winklevoss says that while many believe that investing in crypto is “crazy,” it’s far crazier to sit back and watch idly by while “the future of money” is being built.
The saying goes: “Money makes the world go ‘round.” The future of money has such transformative potential on a global scale, it’s foolish to ignore the emerging technology and appreciate the opportunity it could create.
Related Reading | Beyond Bitcoin: What Does an Amazon-Created Crypto Mean for The Industry?
According to reports, together with his brother Tyler, the Winklevoss twins are said to own roughly 1% of all of the circulating Bitcoin supply, which is roughly 175,000 BTC, or roughly $1.4 billion at today’s prices.
The duo are among the technology’s biggest supporters, and have done much to drive the industry forward and elevate the market beyond the negative “wild west” association its developed over the past few years. Should they and other Bitcoin evangelists be successful, anyone who didn’t invest in crypto will certainly feel crazy.
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Winklevoss Twins Bought 200000 Bitcoins @ $7: Author of Bitcoin Billionaires

The Social Network movie was released in 2010, which told the untold story about the beginning of Facebook. Until that time, Mark Zuckerberg was already a billionaire and was successfully running the largest social media platform in the world.
Out of many others who contributed to Facebook apart from Mark showcased in the movie, the Winklevoss Twins, Cameron and Tyler, were one of them. They had accused Zuckerberg of actually stealing the idea from them and then making it his own.
Also Read: Not Facebook, Cryptocurrency Will be The Strongest Social Network: Cameron Winklevoss
Moreover, the story of the founding of Facebook on which the movie is based was written by Ben Mezrich: The Accidental Billionaires. He has released another book on the identical twins from that story, Bitcoin Billionaires. 
Bitcoin Billionaires is the story of these two brothers after their legal battle with Mark Zuckerberg over Facebook. The American Olympic rowers were apparently always ahead of the innovation curve; first with Facebook and now Bitcoin. 
Reportedly, the brothers received a settlement of about $500 million in stocks and signed a Non-disclosure agreement. Ben Mezrich said that the twins spent just $1.4 million when they bought about 200,000 Bitcoins at $7 each during its early days. He told CNBC in an interview,
“They bought about 1% all of Bitcoins. At $20000, they were worth $4 billion and at $8000 they are worth close to $2 billion.”
On Bitcoin and cryptocurrency, Mezrich has confidence in cryptocurrency due to its viability and innovation. Furthermore, since Bitcoin is the first most popular solution in the space and Winklevoss twins are pioneers of the space. He decided to write a second book on Winklevoss twins after The Accidental Billionaires.
Also Read: ‘Cryptocurrency is not Going Away’: Winklevoss Twins Talk About their Early Days in Bitcoin
According to Mezrich, the duo is absolute ‘believer’ in Bitcoin and they have worked towards building viable solutions for its trading with the Gemini Exchange.
Do you know about other early purchasers of Bitcoin? Please share your story with us. 
The post Winklevoss Twins Bought 200000 Bitcoins @ $7: Author of Bitcoin Billionaires appeared first on Coingape.
Source: CoinGape

Winklevoss Twins Bash at SXSW Conference – Bets higher on Bitcoin Citing Trust is the Gap

Gemini, a New-York based cryptocurrency exchange is quite famous to promote the regulations for crypto across the street of Newyork as a means of promoting the crypto adoption and Gemini’s exchange. The twin founder of the Gemini exchange recently marked their presence at SXSW conference and discussed why they think Bitcoin will replace Gold and how will they build trust and longevity among the masses.
Interest is at tipping out
Despite the market running on the way out, Gemini’s Twin brothers are betting high on the future of Bitcoin. During an ongoing South by Southwest (SXSW) conference in Austin, Texas, founders of the famous exchange, Gemini publicized that the interest of younger generations is gravitating towards the cryptocurrency market. As such, they see Bitcoin’s potential will kill Gold.
Cameron Winklevoss took the stage and discussed;
“The only thing that’s truly precious, in my mind, is bitcoin. If you tell that to someone who’s my parents’ age, they’ll probably look at me and tell me I’m crazy, and I’m willing to accept that. But you talk to someone who’s playing Fortnite and say, okay, two options, bar of gold or the equivalent in bitcoin, they are 10 times out of 10, 100 times out of 100, going to take the bitcoin. They want software, they don’t want hardware.”
Gemini since 2016 (the first SXSW event held) has outgrown their staff from 25 to 200, explaining their experience of the event, Gemini exchange noted in their latest medium blog – the interest in cryptocurrency is at tipping out. The blog’s most interesting section reads that the crypto in 2016 was niche, today it is something – and tomorrow it will be everything.
Look no further than the packed house we saw from the stage — the energy and excitement around crypto’s future were palpable — money has a future. Perhaps more importantly, the level of engagement and thoughtful questions posed by the audience on topics such as stablecoins, mining, financial disruption, scalability, and others, demonstrates that cryptocurrency is in fact no longer a fringe technology.
Gemini Exchange to Build the Trust Gap
Speaking about the trust and regulated scenarios for a trading business like Gemini exchange, the blog mentioned an instance of Bitcoin. It says, buying Bitcoin in the year 2012 was quite risky because security was the essence and consequently holding such crypto asset safely is harder. With this, Gemini exchange is stepping towards solving the security issue and they believe the issue can be ‘solvable’ and it’s not intractable. Adding that, Gemini trading platform is continuously striving to build trust among the large crypto communities.

“One of our core values is conviction & the other is the long game. We have conviction in the asset class & are playing the long game, building a centurion that will last 100 years. We are not going for unicorn status, we are trying to build trust and longevity.” #sxsw #crypto pic.twitter.com/WBogFAESe7
— Gemini (@Gemini) March 9, 2019

Gemini exchange’s promotional strategy is different than what other exchanges follow – they often go to the street, educating people about their product, trading method and sometimes running an Ad campaign with bulletins of ‘Crypto Needs Rules’ on the Wall Street Journal (WSJ). They confidently claim regulations in crypto will be a better move – as such, they focusing on ‘regulated markets thrive.
The healthiest markets in the world are also the most thoughtfully regulated. It’s hard to point to a market today that’s thriving that isn’t rules-based or governed by some level of regulatory oversight. The blog adds Some argue that the protocols themselves have enough “rules.” We agree, but protocols only govern the movement of funds inside systems; they don’t provide controls or oversight for the entrepreneurs and companies that build on top of them. Every crypto incident to date has been a company (or human) problem, not a crypto problem.
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Source: CoinGape

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.”
The post Cameron Winklevoss elaborates why cryptocurrency revolution is in dire need of rules appeared first on AMBCrypto.
Source: AMB Crypto

The SEC Could Approve the First Bitcoin ETF in 2019

The SEC Could Approve the First Bitcoin ETF in 2019
Professional crypto trader and writer Bill Adams takes a look the biggest developments in the Bitcoin ETF saga, unveiling the chances for eventual ETFs approval in 2019.
The SEC Could Approve the First Bitcoin ETF in 2019

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Source: CoinSpeaker

Not Facebook, Cryptocurrency Will be The Strongest Social Network: Cameron Winklevoss

Billionaire Bitcoin investors and founder of the Gemini Trust Company, Tyler and Cameron Winklevoss are the forerunners of the Bitcoin industry. Their conviction towards ‘decentralized economy’ with Bitcoin and cryptocurrency is strong and unmoved.
Since 2014, the twin entrepreneurs have tried to come up with a secure Bitcoin and cryptocurrency exchange platform. However, the regulations around cryptocurrency have only improved slightly over the past years with still a long way to go.
Gemini is the Most Regulated Cryptocurrency Exchange Platform in the World
Nevertheless, the twin’s claim to have created the “most regulated” cryptocurrency exchange platform of the world. It had achieved the SOC 2 review as per the American Institute of Certified Public Accountants (AICPA) guidelines. Gemini Trust currently seeks SEC approval to introduce a Bitcoin ETF.
Gemini Trust is the world’s first cryptocurrency exchange and custodian to demonstrate this level of security compliance in protecting customer data and funds.
In a recent interview, Tyler Winklevoss claimed that their primary “Product is trust.” The twins also expressed that there were various roadblocks in creating such a system. However, they have mitigated the risk for its users by learning from their and other people’s mistakes in the crypto-sphere.
In an attempt to increase the feasibility of the use of cryptocurrencies, the twin’s are driven to become the ‘safest cryptocurrency custodians for the people.’
Last but not least, Cameron commented on their controversial stand with Facebook:
According to him, “Money is the oldest social network and arguably the strongest; And crypto is one of the strongest networks of value in the world”
So they wish to become ‘the pioneers of that space’
The post Not Facebook, Cryptocurrency Will be The Strongest Social Network: Cameron Winklevoss appeared first on Coingape.
Source: CoinGape

Winklevoss’s Twin Conviction Towards Bitcoin Becomes Stronger Than Ever

Billionaire Bitcoin Investors and founders of Gemini Trust, Tyler and Cameron Winklevoss, recently addressed the on-going issues related to ‘protection of cryptocurrency wallets’ and ‘delayed regulations.’
‘Carcasses on the road of Crypto’
The security, feasibility of access and regulatory approval around an asset class, determines the FUD (Fear, Uncertainty, and doubt) characteristics around the pattern. Bitcoin was conceived to address the problem of centralized banking which holds controls over the funds of their customers.
However, ever since the Mt. Gox hacks in2011, it became apparent that the exchange which holds the private key for their customers are no different than the banks which act as custodians of their user’s funds. Recently, eight years after the hack, and numerous frauds and Ponzi schemes the demons of centralized exchange have come to surface with the QuadrigaCX issue.
The sudden death of the CEO of the Canadian Exchange, who was the sole holder of the private keys of the exchange’s cold wallet has unfortunately locked the funds of thousands of users. The total amount of the funds secured in cold wallets is approx $190 million.
“There are a lot of carcasses on the road of crypto that we’ve seen and learned from,” Cameron Winklevoss said Friday at the South by Southwest conference in Austin, Texas. “At the end of the day it’s really a trust problem. You need some kind of regulation to promote positive outcomes.”

“With a #crypto address and a smartphone, all of a sudden you are in the system. We are really just trying to extend the financial system, so you can send dollars anywhere in the world.” Our President Cameron @winklevoss on reaching the 1 billion people who unbanked #SXSW2019 https://t.co/VZk9fxwayQ
— Gemini (@Gemini) March 9, 2019

Not Deterred from their Original Goal 
Winklevoss Twins support cryptocurrency and eventually found the Gemini Trust to provide an efficient payment system to the 1 billion ‘non-banked’ people of the world.
“With a crypto address and a smartphone, all of a sudden you are in the system,” he said. “We are really just trying to extend the financial system, so you can send dollars anywhere in the world.”
However, the systems around the blockchain and cryptocurrencies which are the end providers of access to Blockchain including Bitcoin must be diligently designed to address unforeseen circumstances as well. The community has suggested that multi-signature wallets and personalized education around public and private keys is the best way to go.
The twins also reaffirmed their conviction towards the revolutionary economic system,
“You want to have a couple of layers of checks and balances,” Tyler Winklevoss said. “We are here for the long haul.”
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Source: CoinGape

Brazillian Bank Partners With Gemini Crypto Exchange – Aims To Use Regulated Stabelcoin

Gemini cryptocurrency exchange, led by American rowers and Internet entrepreneurs – Cameron and Tyler Winklevoss are on bulletins again. As per the latest report, a Brazilian bank ‘BTG Pactual’ intends to utilize ‘Gemini dollar’ by partnering with Gemini cryptocurrency exchange.
Bank Step Ahead with Digital Token
Per the reports and the statement by CEO Tyler Winklevoss, the Banco BTG Pactual (a Brazillian investment bank) aims at utilizing ‘U.S.dollar backed stabelecoin which is a Gemini dollar introduced by one of the largest trading platform – the Gemini exchange.

“The tokenization of real assets is a major step forward in the evolution of the #crypto economy. Working w/ BTG Pactual to leverage GUSD as the stablecoin for ReitBZ helps move the industry in the right direction” – our CEO @tylerwinklevoss via @coindesk https://t.co/m2cllDY6HV
— Gemini (@Gemini) February 22, 2019

With this initiative, the bank steps ahead to raise millions of dollars via security tokens offering. Particularly, it targets $15 million and further plans to establish a ‘secondary market’ to serve better liquidity to the tokens. The essence of Bank offering tokens is that ‘it enables investors to contribute to the Brazilian real estate market’ wherein the international investors can purchase their native token called ‘ReitBZ (RBZ).
“The technology associated with this offering allows us to be a pioneer in providing access to asset classes that have historically been difficult for global retail investors to access. We are constantly exploring innovative ways to promote, democratize and encourage the development of financial and capital markets.” Said Bank CEO – Roberto Sallouti,
So inconsequent to the partnership, Gemini dollar will be the stablecoin for Bank’s ReitBZ. To note, Gemini is already a regulated platform and quite often encourage regulations via their promotional strategies. Furthermore, the bank with the collaboration would receive investment capital and ‘distribute dividends on ETH blockchain platform. It said that the Bank would work in compliance with possible AML and KNY requirements as well.
Addressing the similar context, Gemini CEO Tyler Winklevoss said;
“The tokenization of real assets is a major step forward in the evolution of the crypto economy. … Working with BTG Pactual to leverage the Gemini dollar as the stablecoin for ReitBZ helps move the industry in the right direction,”
What do you think about BTG Pactual Banks’ collaboration with Gemini exchange? share your opinion with us. 
The post Brazillian Bank Partners With Gemini Crypto Exchange – Aims To Use Regulated Stabelcoin appeared first on Coingape.
Source: CoinGape

Gemini Certifies High Level of Security Compliance Successfully Passing Deloitte’s Review


Gemini Certifies High Level of Security Compliance Successfully Passing Deloitte’s Review

Successfully passing the examination, Gemini confirmed its status of a company with a high level of security compliance in protecting customer data and funds.

Gemini Certifies High Level of Security Compliance Successfully Passing Deloitte’s Review

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Source: CoinSpeaker

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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Winklevoss Twin’s Trust Gemini Moves One Step Closer to an ETF Approval

Gemini Trust clears the SOC 2 examination for Service Organization Type 1 by engaging and appointing Big Four Deloitte to do the evaluation.
The announcement comes one month before the deadline set by the SEC to review the ETF proposals

Billionaire Bitcoin investors Tyler and Cameron Winklevoss‘s Newyork based trust reached a new milestone. They have successfully cleared the criteria that fall under SOC 2 review for Service Organization Type 1 as per the American Institute of Certified Public Accountants (AICPA) guidelines. Big 4 auditor Deloitte & Touche LLP (Deloitte) performed an independent evaluation of the security controls maintained at the trust.
Gemini is also the first exchange in the world to adhere to Level 2 standards of SOC under the regulation of the New York Department of Financial Services (NYDFS). These controls have been independently inspected to meet the criteria for Service Organization Type 1 set by the American Institute of Certified Public Accountants (AICPA). The goal of the SOC 2 criteria is to make sure that systems are secure and upholds the ethical spirit of availability, processing integrity, confidentiality, and privacy of customer data.
Security Issue and Custody Compliances
Cryptocurrency exchange wallets are vulnerable to cyber attacks, the Mt. Gox incident in 2011 Japan which was the first large-scale Bitcoin theft from a custodian. Cryptocurrency promotes an economy that is not supported by the banks. However, most of the cryptocurrency wallet users still have no or only partial control of their private addresses.
Paper and hardware wallets are a solution for secured independent cold storage of Bitcoins; however, for significant investments and ‘whale’ sized wallets, they too are not entirely efficacious. Institutional Financial trust companies adhere to state and global custody criteria and only after assurance of complete security and privacy, the high-volume investors chose a specific trust.
Currently, there are no guidelines underlined by the SEC or the CFTC related to cryptocurrencies. The nature of Bitcoin is also ambiguous and oscillates between currency and commodity. Hence, the regulators, company owners, and users are looking for security and protection against malpractices to maintain an ethical and informed use of Bitcoin.
With Cboe withdrawing its ETF proposal, the prospects for a derivative fund on US commodities market looked bleak. Nevertheless, progress made by Gemini Trust towards security compliances and regulatory approval comes as a silver lining for investors and other seven Bitcoin ETF proposals pending with the SEC.
The post Winklevoss Twin’s Trust Gemini Moves One Step Closer to an ETF Approval appeared first on Coingape.
Source: CoinGape

No More Bitcoin Craze? Expert says BTC Investors Now Turning to Gold

Bitcoin’s crash is turning the investors towards gold yet again says Jan Van Eck, CEO of Van Eck Associates. However, Crypto industry experts have shared that gold is rather “physically vulnerable” and bitcoin is better at being gold than gold itself.
The Tide has been Turned
Bitcoin has crashed over 80 percent from its all-time high at $20,000 in December 2017. But it couldn’t deter the investors from buying this digital asset, until now, if this ETF strategist is to be believed.
Jan Van Eck, CEO of Van Eck Associates in an interview with CNBC’s “ETF Edge” said that Bitcoin investors are now moving to the traditional commodity that is gold.
“I do think that Bitcoin pulled a little bit of demand away from gold last year, in 2017. Interestingly, we just polled 4,000 bitcoin investors and their number one investment for 2019 is actually gold. So gold lost to bitcoin and now it’s going the other way.”
During the period Bitcoin rallied and made its all-time high in December 2017, gold surged 4 percent in the same period. According to another expert, Tim Seymour, founder, and Chief Investment officer at Seymour Asset Management, the move now made toward gold will be difficult to turn back to Bitcoin.
“Not only have we lost all liquidity on the underlying [commodity] but truly outside of the existential blockchain argument, it’s been very difficult to argue store of value which is really what we started hearing about,” said Seymour. “Gold is a store of value and there’s no disputing that.”
But Bitcoin is Better at Being Gold than Gold!
This year, according to VanEck whose firm created the most well known gold ETFs, the best way to play is through gold ETFs, “The shares have been acting tremendously well over the last two or three months … It’s starting to zig when the stock market zags. In the majority of the days in Q4 when the S&P was down, GDX was up. So that zigzag, that decoupling makes me really excited about gold shares as a diversifier.”
Well, VanEck’s firm in association with SolidX and Cboe is also the one that is proposing a Bitcoin ETF. Though the proposal has been revoked by Cboe for now, it is expected in the future the approval would be acquired.
Also Read: Experts Predict Gold to Surge over Fiscal Woes & USD Crisis, What about Digital Gold-Bitcoin?
Recently, Tyler Winklevoss who runs Gemini stated Bitcoin would rather surpass gold’s market cap.
“Our thesis around Bitcoin’s upside remains unchanged. We believe Bitcoin is better at being gold than gold. If we’re right, then over time the market cap of Bitcoin will surpass the ~$7 trillion market cap of gold.”
For some, the VanEck’s comment might be seen as not motivating but for others, they are actually hopeful as one Bitcoin enthusiast commented on Reddit,
“$7.8 trillion gold picking on $0.063 trillion bitcoin… The fact that bitcoin and gold are even compared this much is promising.”
However, as Nick Szabo, computer scientist and cryptographer said, gold is “physically vulnerable.” And as another enthusiast said, “Where is this gold. At least I keep control and possession of my Bitcoin.”
The post No More Bitcoin Craze? Expert says BTC Investors Now Turning to Gold appeared first on Coingape.
Source: CoinGape