Even though the cryptocurrency market has been brutal and tough, the well-known Winklevoss twins think otherwise with their new application which allows users to buy Bitcoin [BTC] and other virtual currencies.
Earlier today, Cameron Winklevoss published a blog in which he talks about the new app which is up and running on Google Play and App Store. The app allows purchase of Gemini’s five cryptocurrencies. The app also includes Know-Your-Customer [KYC] with facial scanning and other biometric proofs in order to comply with the AML laws and avoid money laundering.
Tyler and Cameron Winklevoss are very bullish on the future of Bitcoin and instead of HODLing and waiting for a bull run, they said that they were working on making the ecosystem better. They also added that they had recently employed new Park Avenue offices.
The mobile comes as a new way to face the crypto-verse after getting their ETFs rejected by the U.S. Securities and Exchange Commission [SEC] multiple times.
The twins said that they were right at home with the crypto-winter and Cameron added that “We can weather this downturn”.
Apart from the mobile app, the twins have also launched an investment fund in the mobile app that consists of multiple cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], Zcash [ZEC], and Bitcoin Cash [BCH].
All of the above-mentioned cryptocurrencies are added to their listings only after a thorough approval from the New York Department of Financial Services [NYDFS].
“For many years when we were building Gemini, price wasn’t a thing. Bitcoin was a $200 coin. Then, last year is actually an anomaly, and almost, you could argue, a distraction.”
Unlike Coinbase’s or Kraken’s mobile apps, Gemini has been targeting institutional investors by building financial infrastructures.
The decision by the twins comes in the bear market that has sliced off a large chunk of the market cap from most of the cryptocurrencies.
Bitcoin, the largest cryptocurrencies has witnessed a collapse of 82% since its all-time high and the market cap of all the cryptocurrencies which was $200 billion short of reaching $1 trillion dollar mark. However, the brutal bear market of 2018 has caused the overall market cap to slide down to a mere $107.84 billion.
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