Tyler and Cameron Winklevoss aren't letting rejections from the SEC or the sharp downturn in the price of bitcoin this year stop them from launching a new cryptocurrency product.
Their digital exchange, Gemini Trust Company, on Monday unveiled the Gemini dollar, a regulated stablecoin that will allow people to send and receive U.S. dollars on the Ethereum cryptocurrency network. The Gemini dollar, which has received approval from the New York Department of Financial Services, aims to maintain a value one on one with the U.S. dollar.
The idea is to bridge the gap between the traditional banking system and the cryptocurrency market. While many people have bought digital currencies as investments, they don't use them to buy and sell goods. This latest move allows people to convert their U.S. dollars into Gemini dollars, and the reverse, and move capital around the world. The Gemini dollars will be deposited in a U.S. bank, State Street.