Cryptocurrency exchange Gemini has just announced plans to start supporting
Cryptocurrency exchange Gemini has just announced plans to start supporting Bitcoin Cash (BCH) trading on its platform. The exchange, founded by the Winklevoss twins confirmed that starting this Saturday, December 8th, 8:30 AM EST, users will be able to deposit BCH into their Gemini accounts. Trading will begin from Monday, December 10th, 1:00 PM EST.
The exchange’s founders – Cameron and Tyler Winklevoss are probably best known for their role in the early years of Facebook and their tumultuous relationship with Mark Zuckerberg, made more popular by the movie, “The Social Network” where they were portrayed by actor Armie Hammer. Successful on their own terms, the twins went on to compete in the 2008 Beijing Olympics and started the world’s first licensed Ether exchanged, Gemini.
Later in 2018, it also became the world’s first licensed Zcash exchange.
Gemini was founded primarily to facilitate the storage of Bitcoin through a complex system of private keys, although most of the currency is not stored online due to the risk of hacking. On September 10th, Gemini announced that it had received regulatory approval for their own currency, the Gemini Dollar (GUSD) from the New York State Department of Financial Services and would start trading the coin from the same day.
BCH recently had a hard fork, following which two currencies came out- Bitcoin ABC (BCH) and Bitcoin SV. As of now, the exchange is only supporting the trading of BCH.
Gemini engineering VP Eric Winer says,
“We are continuing to evaluate Bitcoin SV over the coming weeks or months, and we may or may not choose to support withdrawals and/or trading of Bitcoin SV in the future.
Any cryptocurrency sent to Gemini over a Blockchain that we do not support, such as Bitcoin SV (BSV), will be invalid and irrecoverable.”
BCH is Gemini’s fifth digital currency to be currently listed following Litecoin, Ether, Zchash, and Bitcoin. BCH is being offered as a trading pair with each of these currencies and the US Dollar.
Gemini has confirmed that it has obtained approval from the New York State Department of Financial Services (NYSDFS) for BCH trading on its platform.
With the exchange following the straight and legal path, gradually adding well-established currencies to its trading list, the platform gains more credibility as a safe and legitimate source of trading in digital assets in a time when laws regarding its trading vary from ‘almost legal’ to ‘fully restricted’ across countries.