And We’re Live!

We are excited to announce that Gemini has opened its doors to both individual and institutional customers

We are excited to announce that Gemini has opened its doors to both individual and institutional customers. Trading officially begins on Thursday, October 8th at 9:30 a.m EDT / 6:30 a.m. PDT. If you haven’t done so already, you can create your account by going to the Gemini homepage and  clicking on “Create Your Account”.

Some of you may be wondering what we’ve been up to since we first announced our plans for Gemini on January 23, 2015. That’s a great question — we have been hard at work building the four pillars of our business: 1) Product, 2) Security, 3) Licensing and 4) Compliance.

So was it worth the wait? We think so. As a bitcoin exchange we don’t always have the ability to “fail fast” or the freedom to “hack” our way through product development, security or licensing. When you are dealing with money — especially other people’s money — you simply cannot assemble the rocket ship mid-flight.

Meeting the high-water mark of banking compliance is no small task, especially for a startup, but we felt that doing so was crucial — Bitcoin is an island right now, and, if we are going to build a bridge to the financial mainland, then Gemini must look and feel as safe, secure and compliant as any other top tier financial institution in the world. This includes, among other things, creating a robust anti-money laundering (AML) program, strong internal controls and procedures, a comprehensive security program and maintaining significant capital reserves.

In short, we take licensing and compliance very seriously and think that asking for permission, rather than forgiveness is the right approach in this case — and we think our customers will agree. The end result is Gemini Trust Company, LLC, a New York state limited liability trust company, which makes us a fiduciary, and allows us to accept both individual and institutional customers under New York Banking Law (unlike the BitLicense, which does not convey such fiduciary powers).

Initially, Gemini will be operating in 26 US states and in Washington, DC. We plan to expand our coverage area rapidly, so stay tuned.

Lastly, we speak for everyone on our team when we say that we couldn’t be more proud of what we’ve built over the past year and more excited to begin serving you one Satoshi at a time.

Onward and upward,

Cameron and Tyler

 

Join the Discussion
  • Tryone Jemima

    god blss

    • Tyler Winklevoss

      ;)!

  • grahvity

    Congrats!

    • Tyler Winklevoss

      😉

  • Congrats guys!

    • Tyler Winklevoss

      Thank you!

  • wonky tonky

    weeeeeeeeeee

  • Congrats! Looking forward to see a fresh exchange interface.

    • Tyler Winklevoss

      Looking forward to showing you one! 😉

  • Crypto Currency Swot

    thumps up for you guys, impressive endurance race.

    • Tyler Winklevoss

      Thank you, appreciate the kind words!

  • Ludde70

    Well done!

    • Tyler Winklevoss

      Thanks!

  • Congrats

    • Tyler Winklevoss

      Gracias!

  • GigaCode

    congratulation but i am still waiting for the invite 😉

    • Tyler Winklevoss

      Should be in your inbox now!

      • GigaCode

        got it thanks

  • Bruce_Fenton

    Congratulations from all of us at the Bitcoin Foundation!

    • Tyler Winklevoss

      Thanks Bruce!

  • 马森先生

    恭喜恭喜!

  • Is this an ETF? or are you working too on it?

    Thanks

    • Tyler Winklevoss

      This is a separate venture, but yes, Cameron and I are still working hard on COIN, our bitcoin ETF as well!

      • Thanks! Nice to hear about it.

        Luck with the project!

  • Rivet Popper

    Please add Litecoin!!!!

    • Tyler Winklevoss

      Noted! Thanks for your suggestion!

  • Brian Nyeko Moini

    Nice Guys! Congratz! I have two questions when will you expand Gemini to Europe(Northern Europe and Western Europe) and when will you add litecoin(LTC) to your exchange?

    • Tyler Winklevoss

      We are working hard to rapidly expand our area of operation to include additional US states, Europe, Asia and other jurisdictions, so stay tuned!

      We have discussed adding Litecoin and will let you know if/when we end up adding it. Thanks for your input.

  • Phillip Auman

    I live in New York and would sooooo sign up for an account, but I am interested in Litecoin mostly (vericoin too). I know you’re looking at ltc demand, so please increase your tally by at least one more.

    • Tyler Winklevoss

      Duly noted!

      • Scott Stevens

        Also interested in LTC! Excited to see Gemini up and working towards more liquidity.

  • Roy Badami

    I have to admit I’m very confused by the regulatory regime. Are you saying that even though you’re properly licensed as a US financial institution (effectively a bank) you’re still not allowed to deal with foreigners?

    Seems bizarre. I’d always assumed I (as a Brit) was free to deal with American banks – appears by the sound of it I’m wrong…

    Hoping you manage to fix this ASAP. I’m only a small fry BTC holder but love that you’re opening to retail investors too, if I understand correctly. My biggest fear when buying or selling BTC is always counterparty risk – would love to have a properly regulated exchange I could use.

    Good luck, and hoping you go international soon!

    • Tyler Winklevoss

      Thanks for your question Roy. Navigating regulatory waters, especially international ones, is no small task, but we are working very hard and diligently to open to UK customers, so stay tuned! Thanks for your patience!

  • Coin Regulations

    Well done! These things are so time consuming, difficult to navigate and costly. Getting over the regulatory finishing line is just the start, but it shows commitment and intent. Props.

    We’d love to see you come to the financial district in the City of London and present Gemini to 500 delegates at next years block halving conference:

    http://blockchain2020.com/block-420000/blockchain-2016/

    • Tyler Winklevoss

      Thanks for the kind words. Will take a look!

  • SY

    Where can i find all the fee schedule, market data api and order entry api spec?

  • Quentin Massa

    Congratulations ! Nice to see some real moves from the “winklevoss brothers”.

    • Tyler Winklevoss

      Thanks Quentin! 😉

  • Anthony Arnold

    Warren Buffett put it best, and I regularly return to his statement on the subject:
    . . . the less prudence with which others conduct their affairs, the greater the prudence
    with which we should conduct our own affairs.

    • Anthony Arnold

      [and goes without saying] this is all very impressive!

      • Tyler Winklevoss

        Thanks for the kind words and support!

  • When and if you guys do add other coins please don’t go overboard, as there are a lot of crap coins out there. Litecoin, Peercoin, and a few others would certainly be nice to have on this exchange.

    • Tyler Winklevoss

      We built our cold vault system to be able to handle other cryptocurrencies and are definitely looking into adding additional ones down the road. If/when we add other cryptos, we will do so prudently. Thanks for your input!

  • Ankit Khicha

    I belong to India and have a firm belief in bitcoin as a revolutionary currency worldwide. Congrats on starting up and waiting for India to be added in your list soon.

    • Tyler Winklevoss

      Thank you for the kind words! We too believe in bitcoins incredible promise. Looking forward to serving you soon!

  • Strong work gentlemen.

    Bitcoin needs big thinkers who understand the power of respect. When the bitcoin world starts giving the existing world of money the respect it deserves then Bitcoin will get the same and we will see all boats rise, possibly faster than we can handle. Looking forward to trading here and feeling safe and confident doing so.

    Another problem solved.

    • Tyler Winklevoss

      Thanks for the kind words and welcome aboard! Glad to have you!

  • Cos

    Congratulations! Good luck bringing it to the moon!

    • Tyler Winklevoss

      Thank you!

  • Antonio Maestrelli

    congratulations wtwins

    • Tyler Winklevoss

      Thank you!

  • Mr.Brooks

    Great Job! Keep it going

    • Tyler Winklevoss

      Thanks!

  • CM&T

    Well done! For (financial) institutional access, is there an API or APIs vailable? Can you say something about it/them? Is FIX available?

    • Tyler Winklevoss

      Yes, we have an API.

      API agreement here:
      https://exchange.gemini.com/user-agreement#ApiAgreement

      API documentation here:
      https://docs.gemini.com/

      • CM&T

        Thanks. Any plans, timescale, for FIX? … FIX support often cited as a requirement for financial institutions. Do you have an opinion on that?

        • Tyler Winklevoss

          We are definitely going to offer additional API protocols, this is just MVP v1. Stay tuned!

  • Krzysztof Gibadlo

    Excellent work gentleman!

    BTW: I’m working for one of the Fortune 100 companies and we just started doing our research on Bitcoin benefits in the insurance and retirement industry. It looks like we might be interested in further conversions with you guys.

    I’m personally very excited about your plans.

  • Ender Wiggin

    Hi Tyler, just so you’re aware, there are lots of shills from the scam-coins on Reddit advertising Gemini, to get their followers to make posts requesting inclusion of their pump n’ dump scam-coins:

    example:
    https://www.reddit.com/r/litecoin/comments/3nlpdx/gemini_will_be_out_oct_9/

    Prepare for a deluge, although you’ve already witnessed it to some degree, such as from Litecoin. I expect others to join the fray.

    • Scott Stevens

      I’m not a shill and I’m asking for it. What make you say that those people on that forum are “shills?” Are bitcoin enthusiasts “shills” for bitcoin?

      • mike

        Maybe he also believes that the only real car or one worth
        having is a model T.

      • Ender Wiggin

        If you’re asking for it, you’re a shill, yes.

        Bitcoin enthusiasts are backing a network with actual development and ecosystem worth $3.5 billion (25x bigger), a mining network with 450 PH (300,000x bigger), numerous more developers and cryptographers and startups actively building on Bitcoin, an Ethereum clone called RootStock.io building on top of Bitcoin, and companies like 21 building actual hardware and software integration… again with Bitcoin.

        In comparison, what does Litecoin have? Nothing. If you visit its forums, Litecoiners consist of little kids basically shouting “to the moon” all day and using Litecoin as a purely speculative pump ‘n dump machine, which is encouraged by Chinese speculators who recently ran up LTC from 2 to 9 and back down again to 3. In other words, Litecoin has nothing of substance.

        Bitcoin has speculation too, yes, but there is real value being built that gives its $3.5 billion market cap and its dominant position credibility.

        • mike

          And that makes him a shill because? His affiliation with LTC is? Bitcoin was
          first and that gives it a significant market advantage but I can think of
          plenty of reasons that bitcoin may struggle to maintain this advantage for all
          time. This exchange was created to provide a respectable market place that
          normal people who want to embrace this technology can trust and trade within and
          you would have them believe that bitcoin is the best this technology has to
          offer because it is currently the biggest. Well I don’t buy it, I don’t have
          LTC but I know why it was created, it was created because energy is a precious resource
          and bitcoin is wasteful when it comes to the consumption of it. I’m an active
          member of the DigiByte community and we would love to one day be on this
          exchange too, in your eyes I’m certain that makes me a shill. Personally, I
          think your willingness to dismiss any other cryptographic digital commodity because it
          is not bitcoin, a blinkered and an unwise position to hold.

          • Ender Wiggin

            Litecoin saves energy in mining? In what universe? Litecoin uses 300,000x less energy in mining, for the simple reason that miners don’t care to invest into mining it more. It has nothing to do with being “energy efficient”. By the way, Bitcoin’s energy use is purposeful and not “wasted”. It’s called “Proof of Work” and it is the only research-backed, tested method to secure a cryptocurrency in a fair way. Every other system, i.e. Proof-of-Stake, has flaws, which make it inferior to PoW. Bitcoin and Litecoin are both based on proof-of-work (PoW); it just so happens that Bitcoin’s network employs far higher security.

            I’m also not criticizing all altcoins. Litecoin is particularly egregious, given how worthless and lacking in innovation and even basic development it is. Sure, other altcoins offer value, but at the same time let me be clear that 99.9% of altcoins are pump ‘n dump schemes designed to enrich the creator. They claim all kinds of benefits, but that is marketing. Rigorous research and peer review has shown most if not all alleged ‘benefits’ to be false or have worse tradeoffs.

            Logically, I’ll explain this in the following context: If there was truly something research-backed, tested, stable, scalable… then what reason does Bitcoin have for not adopting it? Bitcoin is software, and has incorporated many features already. Why not adopt others? It’s certainly not hard for a coding view, since all coins are open-source. The reason is because those “features” are not genuine. Because Bitcoin is responsible for billions of USD in value, its developers are extra careful when integrating new features since it’s important to be a good custodian of that value.

            I consider this a good thing, because cryptocurrency is real money and I don’t want to lose my money on an experimental, untested feature. Because Bitcoin has so many eyeballs from so many developers on it, Bitcoin is just far safer than any competing cryptocurrency.

            By the way, I know all this because I spend a lot of time trying to understand Bitcoin and speaking with the core developers about their thinking. I’ve also looked at the research concerning new features, and seen how tricky everything is. Even implementing new cryptographic privacy techniques is fraught with complexity, and must be tested repeatedly, lest a flaw is found that causes the self-destruction of the cryptocurrency. The only safe way is to be cautious, and I would not trust my money with any other cryptocurrency, except maybe in the short-term for trading purposes. You *want* a critical mass of eyeballs reviewing the code, as it is in Bitcoin, so that hidden issues don’t suddenly destroy investors’ value.

            Gemini is a very respectable exchange, so I don’t think they would seek short-term trading gains from altcoins in exchange for damaging their reputation by offering the cryptocurrency equivalent of penny stocks.

        • Scott Stevens

          Simply asking for something does not make one a shill.

          Your arguments are that 1)Bitcoin has a bigger network and 2) Bitcoin has more developers and startups using the technology, and 3) Market Cap=credibilty,

          By that logic, Bitcoin itself should be abandoned in favor of the dollar. The market cap is far higher, the network using it is orders of magnitude larger, as are the number of developers, software, and apps built around it. So lets dump bitcoin, eh?

          • Ender Wiggin

            Your argument is incredibly poor, and disingenuous. My point is that Litecoin is practically worthless and offers nothing of value. No one cares about Litecoin for legitimate reasons, only as a pump ‘n dump high volatility instrument that, for whatever reasons, sometimes mirrors Bitcoin’s price action but offers higher percentage moves; those higher profit opportunities are the only reason people care. I suspect that won’t continue though, since markets are not in the habit of continuing to offer free money for nothing. Litecoin offers absolutely no innovation. I am not saying all altcoins are worthless, just that Litecoin in particular is.

  • disqus_ayvQwhvS6h

    posting in a winklethread

  • Bruce Crawford

    Looks good. Can’t wait for Nevada to get in!

    • Tyler Winklevoss

      Me too!

  • Zicore

    Really nice, I just implemented Gemini on bitcoinreflection.com.

    • Tyler Winklevoss

      Awesome!

  • Scott Stevens

    Hello Winklevii:
    I thought you might be interested in this post:
    https://www.reddit.com/r/Bitcoin/comments/3od70t/mr_wonderful_was_going_to_invest_5_of_his/

    I don’t know if you all know or have connections to Kevin O Leary, but his 5% could buy a lot of COIN, and I’m sure you could explain to him how it all works!!

  • Dick

    I cant seem to find you guys 24h volume anywhere. Approx what type of volume are you guys looking at in a 24h period?

  • Congratulations!

  • EricKennedy

    Any update on Virginia status that you can provide? I can’t trade anywhere still.. it’s almost 2016!