Cameron and Tyler Winklevoss, the Co- founders of crypto Gemini Exchange have announced that they are planning to introduce new digital assets in the platform’s portfolio.
The twins made this statement public on 6 March 2018 at CBOE Global Markets Inc.. According to Bloomberg, the Gemini Exchange wants to add Bitcoin Cash and Litecoin to their platform, “the Bitcoin and Ethereum trading platform they run, is eyeing expansion to other tokens such as Bitcoin Cash and Litecoin”.
During the CBOE Risk Management Conference, held on Friday, the Gemini twins stated that the reason why the platform haven’t yet expanded is the lack of support for other digital assets that BTC and ETH.
CBOE have also announced that is working on new project that aims to introduce more crypto coins. These two institutions are linked together, that’s why CBOE can add new coins only if Gemini does the same.
About the CBOE
CBOE or Chicago Board Options Exchange is “a futures market” that offered among the first such services for Bitcoins. In order to analyze the evolution of data on the market, they needed to find a source that provides the necessary information. Taking into account this aspect, CBOE has made a partnership with the Gemini Exchange- the platform founded by billionaires Winklevoss Twins.
“Gemini has an exclusive deal to supply the data used to calculate Cboe’s Bitcoin contract. Cboe could presumably add Ethereum now, given Gemini trades that, but expanding further would require Gemini widening its roster.”, according to Bloomberg.
This collaboration has attracted a lot of attention and criticism in the past time. One of the reasons was the limited portfolio of cryptocurrency. The Gemini Exchange allows customers to trade only two crypto assets: Bitcoin and Ethereum. Another reason is because of the low trading volume. The platform can easily be manipulated by stronger and larger exchanges.
What comes next?
So, the Gemini Exchange is working on to add new cryptocurrencies in order to stabilize and expand the platform’s activity.
“Adding Bitcoin cash and Litecoin would increase Gemini’s offerings to the same as Coindesk Inc., a major U.S. rival. That could boost the value of both: When Coinbase added coins in the past, the prices shot up.”
According to Bloomberg, the company isn’t concerned to slowdown the Bitcoin volume as it already happened many times before. “The customer quality and institutional base is better even than a year ago, and futures have gotten off to an incredible start.”
During the CBOE Global Markets’ event held on Thursday, the Winklevoss Twins have agreed with the U.S. Securities and Exchange Commission’s order to register as a national exchange. The billionaire twins are ready to undertake solutions so that Gemini Exchange could expand its activities.