The cryptocurrency exchange, Gemini appoints a top level executive from the NYSC

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by | 7th July 2018 | 0 comments

Earlier in the week Gemini, the cryptocurrency trading firm founded by Tyler and Cameron Winklevoss announced that it has hired a top level and highly influential executive from the New York Stock Exchange.

The hiring of Robert Cornish, the NYSE’s chief information officer, makes him the very first Chief Information Officer (CIO) of Gemini Trust Co.

The involvement of a top-level executive from the NYSC shows another sign that digital currencies like the bitcoin, Ethereum, etc are on the verge of growing both as part of the economy as well as an investment.

Cornish will begin working with Gemini Trust Co. by the end of this month (July). According to Tyler Winklevoss, CEO of Gemini, “he (Cornish) would bring some revolutionary ideas for the company by setting the standards of excellence for not only our company but the entire cryptocurrency industry.”

The Winklevoss twins known for being part of the American rowing team that represented the USA in the Olympics games, were not so popular until they sued Mark Zuckerberg, for stealing the idea for the social media platform, Facebook back when they were students at Harvard. Also a movie” The Social Network” has been made showing the dispute between Zuckerberg and the Winklevoss Twins.

A decade ago the twins eventually came to a settlement with Facebook. The settlement saw the Winklevoss Twins receiving as many as 6 million shares of Facebook, a stake which was worth a minimum of $228 million at the time of its IPO. The stock of  Facebook has gone on to quadruple from what it was.

Since then, The Winklevoss twins have focussed most of their time on the cryptocurrency space and have also become high-profile advocates for the value of bitcoin and various other cryptocurrencies with the aim of getting crypto-trading into the limelight.

As a sign of going into that direction, back in April, a deal was signed by Gemini which gave them access to utilize Nasdaq’s (NDAQ) technology for seeing to it that all trading activities would be in accordance to banking standards.

However, their ambition of selling an exchange-traded fund based on bitcoin has yet to be given the nod by the Securities and Exchange Commission (SEC).

Also, remarkably even till date, several investors have raised concerns regarding the safety of cryptocurrency trading. At Berkshire Hathaway’s annual meeting which was conducted earlier this year, Warren Buffett went on to term Bitcoin as “rat poison squared.”

One of the major concerns of investors came just last month when one of the world’s largest bitcoin exchanges based in South Korea, Bithumb revealed that a theft of more than $30 million worth of the cryptocurrency had occurred on its platform.

 

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