The Winklevoss twins have had enough of the crypto cheaters. The Internet entrepreneurs, who are also Olympic rowers, have been involved in the crypto space for quite some time, and now, the Winklevoss twins just made history in it.
Winklevoss Twins Hire Nasdaq
On Wednesday, the Gemini Trust Company announced that it hired Nasdaq to perform market surveillance for Ethereum (ETH) and Bitcoin (BTC). Essentially, the company will be using Nasdaq’s market surveillance technology (“SMARTS”) to do so. For those who don’t know, the Gemini Trust Company is a digital asset exchange founded by the Winklevoss twins in 2015. As of February 2018, the company has just over 50 employees.
This is a significant announcement for two reasons, in particular. First, it means the twins, and Gemini will be alerted whenever there are unusual trading patterns and behaviors. By being alerted, the Gemini Trust Company has the potential to mitigate the effects of crypto market manipulation. According to one of the Winklevoss twins – Tyler Winklevoss – trading surveillance is thought to better their exchange and the crypto sector as a whole.
This announcement is also important as it is the first time a digital-asset marketplace has brought into service a renowned surveillance system to boot out bad behavior. It also comes as regulators are starting to look heavily into crypto transactions, and not in a good way; there is a lot of scrutinization going around.
The Winklevoss Twins Takeaway
What do you think about the Winklevoss twins decision to hire Nasdaq? Do you think it will prove to be beneficial for both institutions? It’s unfortunate the announcement came today, I will say that. It is difficult to be optimistic while the crypto markets take a hit. Most of the coins are in the red zone today, with some down more than 10% in the past twenty-four hours.
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