The New York State Department of Financial services on Monday announced that it had granted a limited liability trust charter to Gemini Trust Company, a bitcoin exchange run by Cameron and Tyler Winklevoss. The exchange marks a big step for the twins as they have been working to gain the proper approval for quite some time. With the process completed, the exchange will open for business on Thursday morning.

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Further Afield

The Winklevoss twins had several options when it came to operating in New York as the state recently issued a new kind of license geared specifically at bitcoin companies called a BitLicense. Other firms like Circle opted for such a license, but the Winklevoss twins said they chose to go the charter route because they want to cater to institutional investors rather than individuals. Such a license also gives Gemini many of the same rights a bank would have and is also recognized in several other states, so the exchange will be open to users across the United States.

Winklevoss And Bitcoin

Gemini marks the Winklevoss' first step into the bitcoin industry, though the two have been very vocal supporters since the cryptocurrency's creation. Many expect that Gemini will be just the beginning for the twins; They've also been working to create a bitcoin ETF. At the moment, the ETF is still facing regulatory scrutiny, but once approved the Winklevoss twins say it will give traders a way to invest in the growth of bitcoin without actually owning any of the cryptocurrency themselves.

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