It is undeniable how Tyler and Cameron Winklevoss are among the most popular names in today’s crypto industry. In fact, they’ve done a lot for the popularity and adoption of cryptocurrencies. They already attempted twice to file for a Bitcoin ETF application though both denied by the agency. And today, the twins are looking to grow their New York-based Gemini crypto exchange in the UK.
Though the entire market still looks bearish and Bitcoin still hasn’t recovered this year, this has changed the bullish view of the Winklevoss twins on Bitcoin and the entire crypto market.
Gemini Trust Company
The Gemini Trust Company was founded in 2014. It ranks in the top 100 cryptocurrency exchanges in terms of volume of trades. Recently, Gemini hired advisers in order to make their move towards the UK a possibility. There is already news reported by Financial Times that Gemini is getting closer towards passing an application with the UK markets watchdog for approval.
Is This A Good Move?
If you will look at the majority of cryptocurrency exchanges in the world, most are actually based in the UK. However, when you are talking about volume, Malta is the runaway winner. The UK only accounts for 1% of the world’s trading volume according to a study conducted by Morgan Stanley.
Over the years, cryptocurrency exchanges have been scrutinized. In fact, the New York State Attorney General even released a report saying that cryptocurrency exchanges are hiring traders that go up against investors.
The UK is no exception to the increasing scrutiny being received by the crypto industry. UK politicians last week has called for the end of a “Wild West” scenario in the UK’s crypto niche. It has also pointed out the possibilities of money laundering and price manipulation among thing that needs to be solved with the help of regulations.
The UK politicians believe that regulations should be imposed in order to add a layer of protection towards consumers. It has also been recommended that the crypto industry be at the supervision of the Financial Conduct Authority which is the same body that looks after the country’s banks.
According to Gemini, “Gemini continues to explore potential jurisdictions around the globe to provide a best-in-class digital asset exchange and custodian which will enable growth and infrastructure to the entire digital asset community”. Gemini also added that “Although we have no immediate plans, we…will always evaluate opportunities that allow the global economy to buy, sell, and store digital assets in a regulated, secure, and compliant manner”.
Can We Expect Another Bull Run?
Is Gemini readying for something? Bitcoin according to Mike Novogratz has bottomed already. In addition to this, the signals say that there is a chance that there is another bull run soon. One, Bitcoin was somewhat stable despite altcoins losing their value. And now, altcoins are kicking things up. Cardano, Ripple, and Stellar are among altcoins that are doing quite well in recent days.
And also, if you are going to look into the possibility of having a Bitcoin ETF, this could easily give access to institutional investors.