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The New York-based Gemini Trust Company which came into existence by the Winklevoss twins in 2014. Currently, this is among the top 100 exchanges by volume in the world. Gemini is now filing an application with the UK markets watchdog for a regulatory approval, says the Financial Times today’s report. However, the twins have supposedly hired advisers for their potential expansion.
This is a bold move for the twins being a massive supporter of Bitcoin and cryptocurrency ecosystem as a whole. However, the UK lawmakers can turn to the government for help to regulate “Wild West” cryptocurrency market.
“Gemini continues to explore potential jurisdictions providing a best-in-class digital asset exchange and custodian. This will enable growth and infrastructure to the entire digital asset community, says Gemini in a statement.
Gemini quotes, “Although we have no immediate plans, we … will always evaluate opportunities. Those allowing the global economy to buy, sell, store digital assets in a secure and compliant regulatory manner.”
After a bullish run last year, most of the cryptocurrencies have been slumping off. Bitcoin, which was at $20,000 last year December, is now at a $6620. Other coins also face a huge fall-off as well and 2018. In general, hasn’t been good to cryptocurrencies, while currencies are starting to gain support recently.
Michael Novogratz, a macro hedge fund manager predicted that Bitcoin price sell-off has hit a bottom and that major cryptocurrencies are about to bounce back. According to the Morgan-Stanley research, by CoinMarketCap, most of the crypto exchanges belong to the UK.
While the UK is the top to most of the exchanges, Malta seems to dominates when it comes to the volumes trades. However, like other Stable coins, Gemini USD is yet another stable coin peg 1:1 to the US Dollar.
UK Lawmakers recently turned to the government to regulate the crypto world to help the consumers from impending risks. And the crypto market was referred to as the “WILD WEST”. The regulations will help the crypto ecosystem preventing ICO scams, money laundering and help investors.
Do you think that the expansion of the Gemini Exchange to the UK a good move? Will the expansion help the stable coin gain some traction?
Comment your opinions about stable coins below. Let’s discuss!