Could The Gemini Exchange Be Ready To Help Libra? Cameron Winklevoss Suggests Options Are Open
- The Winklevoss brothers are “definitely looking” to be involved with the Libra Association.
- The Gemini exchange recently applied to be a broker-dealer with FINRA.
The Gemini exchange has been an innovative force in the cryptocurrency world. Now, as the conversation around Facebook’s Libra project progresses, it looks like the Winklevoss brothers are interested in potentially joining the Libra Association. The Libra Association is a collaborative consortium in charge of the newly proposed Facebook-based cryptocurrency. When the whitepaper for Libra was released last month, Facebook stated that they were looking to develop “a competitive network of exchanges buying and selling Libra.”
Speaking to CoinDesk on Tuesday, Cameron Winklevoss commented that they are “excited” about Libra and that the exchange is “definitely looking at in earnest.” Tyler Winklevoss appeared to share the same sentiment, seeing the cryptocurrency as a major influence on the other cryptocurrencies that will ultimately enter the market.
“Our feeling is, this is the first of many FANG [Facebook, Amazon, Netflix and Google] companies to have a token project. Our prediction is in the next 24 months almost every FANG company will have a coin or be working on some sort of project.”
Considering the legal battle between Facebook CEO Mark Zuckerberg and the Winklevoss brothers over control of the social media platform years ago, it may surprise some people that the brothers would even contemplate getting involved. However, since the duo has infiltrated the cryptocurrency market, they may be looking to find a compromise with Zuckerberg, becoming “frenemies” for the sake of furthering the cryptocurrency industry.
However, this decision clearly would not be made just for the sake of the industry. Overall, the Gemini exchange is working to diversify their token offerings by next year. In an effort to list digital securities, the exchange has already applied for a broker-dealer license with the Financial Industry Regulatory Authority. With personal investments in Filecoin and Tezos, it is possible that these assets are the types of utility tokens that they hope to bring in. Cameron explained,
“We ask [regulators] for permission, not forgiveness.”
“Our marketplace will be virtual commodities, virtual securities, and on and on. Pretty much anything that can come onto a blockchain.” He continued, saying, “If bitcoin really is Gold 2.0, it has to have a market cap of $7 trillion. I think that market cap is a good measure of adoption and how many people are actually in crypto.”
At this point, there is only one crypto exchange to join Libra so far, which is Coinbase. Others already involved with the association include PayPal, Visa, Mastercard, Union Square Ventures, and others.