The Winklevoss twins start their own cryptocurrency
The Winklevoss twins Tyler and Cameron have launched the Gemini Dollar, a cryptocurrency based on the Ethereum Blockchain, to be covered by the US dollar.
The New York Department of the Treasury has given the Gemini Gemini Winklevoss Gemini permission to launch its own cryptocurrency on the Gemini Dollar on Monday. Each one of the Ethereum Blockchain based tokens should be covered by one dollar. The corresponding account on which the dollars will be deposited, is cared for by the investment giant State Street. The Gemini Dollar, as a so-called Stablecoin, is to combine the benefits of a cryptocurrency with those of Fiat currencies such as the dollar or the euro and, according to the Winklevoss brothers, pursue the original idea of cryptophans - namely the payment of things or services. By contrast, Bitcoin or Altcoins such as Ethereum or Litecoin are currently treated more like an investment. Many online shops have suspended the support of Bitcoin and Co. due to the high prices and huge price fluctuations of recent months.To what extent the Winklevoss brothers can establish the Gemini Dollar as an alternative to Bitcoin and other cryptocurrencies is questionable. Even if only the name of the twins, who had invested the millions from the Facebook comparison in Bitcoin and at the end of 2017 probably the first Bitcoin billionaires ascended , provides attention for the new currency.