Winklevoss twins want to set up regulated bitcoin exchange

Cameron and Tyler Winklevoss, known for the lawsuits over the founding of Facebook, are starting a regulated bitcoin exchange. The two brothers already have a test version running, but are still waiting for government approval.

The bitcoin exchange will be called Gemini, Latin for ‘twins’, reports The New York Times. The wealthy brothers, who have sued Facebook founder Mark Zuckerberg multiple times for allegedly stealing the idea of ​​Facebook from them, are looking to open Gemini in the coming months.

They want to establish the stock exchange with the fiat of the financial authorities in New York; at the moment the twins are still waiting for permission. It would be the first regulated bitcoin exchange in the United States. It is still unclear whether non-Americans should also be able to trade in bitcoins at the exchange. The exchange does have an agreement with an American bank, which will make it possible for American customers to easily make transfers.

At the moment, the major bitcoin exchanges are located outside of the United States; The New York Times notes that this causes some Americans not to trust the stock markets. An American stock exchange could change that.

Cameron and Tyler Winklevoss have previously invested heavily in bitcoins, although the value of their coins has declined sharply with the decline in the value of the crypto over the past period. In addition, the brothers invested in BitInstant, a bitcoin startup that closed in 2013 after its founder was arrested.