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Gemini Exchange’s Winklevoss brothers ask users to trust them with storage of private keys

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Gemini Exchange's Winklevoss brothers ask users to trust them with storage of private keys
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Gemini Exchange’s famous twins, Cameron and Tyler Winklevoss have said that storing private keys can be a problem for some users, asking users to trust them with these keys. In a recent video uploaded on YouTube by Transhumanism Videos, one of the Winklevoss brothers claimed that most people failed to secure their e-mail accounts.

Terming that as a ”fact,” he went on to say that people shouldn’t try to store their private keys, considering they are “longs strings of digits”. Hence, the Winklevoss brothers said, storing private keys should be left to them.

The duo asserted that most people who owned private keys ”screw up” and lose the password to their private keys, or lose their laptop. They added that the exchange was designed to make storing keys and trading with the digital asset a seamless experience.

Citing the fact that while some people want to store their keys with an institution ‘that they trust’ and some want to keep it with themselves, one of the brothers said,



“..the coolest thing about cryptocurrency though is that you can have it both ways. If you want to store your private keys, you can do that, if you want to use Gemini, you can do that.”

Further, when asked if the exchange company posed as a threat to banking institutions, the duo said that they viewed the technology protocol powered Gemini as a crypto-native company, and not a bank.  Hence, they did not pose any threat to banks. They specified that the company was trying to extend the financial system by acting as a conduit between the existing world and the new world of cryptocurrency. He also said that the banking establishment and Gemini work together, despite having widely different business models.

The brothers said,

“We have taken US Dollars and put them in the Blockchain in the form of Gemini Dollar Token [GUSD] enabling users on the platform to send dollars to any part of the world.”





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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

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Montana State makes a move in favor of crypto-space as the law recognizes utility tokens as not securities

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Montana state makes a move in favor of crypto-space as the law recognizes utility tokens as not securities
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The United States has always been the highlight of the cryptocurrency space in terms of its regulation, with some states introducing laws in its favor and others deciding to not make an official stance. In terms of laying crypto-friendly rules and regulation, Wyoming has always been one of the most recognized state, while the most hostile one is deemed to be New York.

Colorado made headlines earlier this year, with the Digital Token Act that exempts utility tokens from state securities law being signed by the governor in early March 2019. Notably, in the same month, Wyoming State Senate also passed House Bill 70, Utility Token Bill.

Now, another state has joined the bandwagon by making a similar move. Drew Hinkes, Attorney at Carlton Fields, stated that the State of Montana recognizes utility tokens and exempts it from state securities law. The initial announcement pertaining to this bill was made in February 2019, where Montana House Bill was introduced to “Generally revise laws relating to cryptocurrency”.

The Attorney stated on Twitter,

To this, Caitlin Long, the Co-Founder of Wyoming Blockchain Coalition stated,



“Congrats to #Montana for joining #Wyoming & #Colorado in recognizing that #utilitytokens are not securities under state law!”

Montana also made headlines because of news pertaining to cryptocurrency mining regulation. According to a local news portal, Missoula County commissioners had directed its staff to outline an interim law that regulates the cryptocurrency mining industry. The decision to introduce laws on crypto-mining was made due to concerns pertaining to electricity consumption, with the county prompting the use of renewable energy for mining.

Commissioner Cola Rowley had stated,

“This isn’t throwing ice on economic development or saying that industries aren’t welcome here because we’re an unfriendly environment that hates progress. Cryptocurrency and economic development – bringing businesses here – are two very different things.”





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