Winklevoss Twins Launch Gemini Dollar

Volatility is by far the biggest deterrent for formal adoption of cryptocurrency. Various coins/tokens which were deemed stable have hit the market , but almost all of them , have not found the support needed for mass-market adoption. Today, however, two major players in the business world with immense global popularity and reach have released a coin of their own.

The Gemini Trust Company, owned by the famed Winklevoss twins, received approavl from the New York Department of Financial Services: issue its first cryptocurrency - the Gemini Dollar.

The Gemini Dollar, is backed by the US dollar and uses the Ethereum Blockchain, making the coin stable while having all the decentralized benefits of a cryptocurrency. Eventually, the Gemini Dollar will be a true, everyday currency, making it an actual usable tender and not something a consumer would like to store, which is unlike Bitcoin and Ethereum as they are both seen as store of value similar to gold.

Wall Street biggie , State Street ,will secure the US dollars necessary for the Gemini Dollar to operate in an FDIC-backed account. Various other third-party audits are scheduled to run before and after the launch. The significance of this is simple, stablecoins, unlike traditional cryptocurrencies, are not mined; instead, they are created whenever a new dollar is allocated to the cause. Therefore, it is crucial for a stablecoin entity to have reputable industry leaders to secure their fiat currency. It is equally important for diligent audits to occur, as this will provide transparency and, thus, eliminate any chances of fraud and manipulation.

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