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Gemini Dives Into Singapore Shores By Adding Support To SGD

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The Winklevoss twins have been rolling out several developments with regard to its cryptocurrency exchange Gemini. The platform has managed to stay relevant despite the great loss the COVID-19 pandemic had cast upon the entire world. Gemini even went on to reveal that it considered going public like another popular crypto exchange, Coinbase.

Gemini To Venture Into Asia

Several platforms figured that Asia was a promising market for cryptocurrencies. Gemini went all out with regard to its new venture. In a recent press release, Gemini revealed that it was moving into Singapore with an array of features. The platform started off by onboarding the Singapore Dollar [SGD] for both the desktop as well as the mobile application.

With this option, users would be able to purchase crypto with SGD through a debit card or even FAST transfers. Users from Singapore could even employ MyInfo through SingPass to auto-fill registration forms of Gemini accounts.

Singapore has been a hopeful market for many. OKCoin, a crypto exchange from San Fransisco recently revealed that it was diving into Singapore with a new office. Speaking about the potentials of Singapore, Gemini’s CEO and co-founder, Tyler Winklevoss said,

“Singapore is a financial epicenter in the heart of Asia and is a fast-growing market for cryptocurrency. Singapore is one of our biggest markets and supporting SGD is another exciting milestone on our mission to empower the individual through crypto.”

Additionally, the crypto exchange even set up an Asia Pacific office in Singapore. The office is reportedly hiring for several roles. The Head of Asia, Jeremy Ng suggested that the team was focused on localizing the exchange’s products to comply with both institutional as well as retail users. Ng added,

“We will continue to build out our presence and are aggressively hiring top calibre talent to join our mission to empower the individual through crypto.”

Gemini Follows Coinbase’s Trail; Winklevoss Twins Affirm Going Public Is An Option

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The cryptocurrencies paved the way for an array of benefits to people. Crypto exchanges like, Gemini, Coinbase, Bitfinex, and many more made immense profit over the years while generating jobs for several. Now, while the crypto industry is worth $1 trillion, the globe is taking interest in it. As the demand for exchanges has been surging amidst this highly volatile period of crypto, prominent digital asset platform, Gemini revealed that it was considering going public.

Gemini Considers Going Public

Recently, Bloomberg reported that the Winklevoss twins, Tyler and Cameron Winklevoss were contemplating taking their crypto platform, Gemini public. The duo was reportedly yearning to take the Gemini Trust Co. public either by signing a merger with a special-purpose acquisition firm or via an initial public offering [IPO].  Speaking about the same, Cameron Winklevoss said,

“We are definitely considering it and making sure that we have that option. We are watching the market and we are also having internal discussions on whether it makes sense for us at this point in time. We are certainly open to it.”

It wasn’t long ago that Coinbase revealed it was prepping to go public. The exchange even wanted banking giant, Goldman Sachs to spearhead its IPO.

The Winklevoss twins have been widely endorsing Bitcoin for several years now. While people have been cribbing about the king coin’s volatility, the founders of Gemini revealed that they were HODLers. Cameron Winklevoss said,

“We are very much ‘hodlers’ at this price. We have a lot of exposure as it is, so we are not actively looking to increase our position.”

While this news surfed the crypto industry, Gemini made an announcement regarding the launch of the Gemini Credit Card. The card will reportedly allow users to garner crypto rewards on everyday purchases. Users would have to join the waitlist to bag one of these credit cards after which users would be able to acquire up to 3% back in Bitcoin as well as other crypto-assets.

Brave Browser Integrates Anti-Phishing Solutions To Prevent Crypto Scams

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Prominent privacy-centric web browser, Brave has been making headlines lately with several updates along with its Gemini integration to enhance its crypto features. The platform once again made news following its association with a cybersecurity firm, PhisFort.

Protection Against Crypto Scams

As the popularity and the value of the crypto industry have been progressing rapidly, the attacks and scams pertaining to the same seem to be following suit. While every other crypto platform has been taking the necessary measures to prevent scams and attacks, Brave joined the list and collaborated with PhisFort. On Tuesday, Brave browser took to Twitter to announce that the platform had incorporated PhishFort’s anti-phishing solutions to steer clear of potential crypto scams.

The tweet read,

“Brave now uses @PhishFort’s open source anti-phishing solutions for our in-browser Crypto Wallets to better protect our users. PhishFort’s spam list detects crypto scams and immediately warns our users of any suspicious domains.”

PhishFort isn’t new to the crypto-verse, the cybersecurity firm has partnered with several notable crypto platforms including MyEtherWallet as well as Binance Labs. PhishFort also elaborated on its latest affiliation with Brave and suggested that users of the browser would be protected with additional security that would have a vital impression on the protection of the community.

The anti-phishing platform shared a blog post detailing the importance of its integration on the browser. The post indicated,

“This integration provides additional security to their users who use the crypto wallet functionality built into the browser as they are now protected by our real time intelligence feed.”

Previously, PhishFort had highlighted that crypto users are prone to scams as “crypto is a high-value target for criminals.”

Back in June, Brave Browser was subject to immense backlash for the inclusion of affiliate links to the searches of its users. This further redirected the users of the browser to another website. However, the platform rectified its mistake and affirmed that the personal data of its users were not compromised.

The platform’s latest move along with Gemini integration reveals that Brave is diving deep into the crypto industry by bolstering its features related to crypto.

U.K. Financial Watchdog Registers Gemini Crypto Exchange Firm

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The U.K. financial watchdog has given the green light to U.S. crypto exchange firm Gemini to run its operations in the United Kingdom. The cryptocurrency exchange founded by the Winklevoss twins has registered its U.K. branch with the Financial Conduct Authority.

The Financial Watchdog rolled out mandatory risk assessments for exchanges in January this year to determine their compliance with the Fifth AML Directive (AMLD5) and the Counter-Terrorism Financing (CTF) Regulations of the European Union. The new regulations require all cryptocurrency firms operating in the United Kingdom to report their operations to the FCA. Archax crypto exchange was the first exchange firm to be approved by the authority under the new laws.

All crypto firms are required to comply with new requirements

According to the Financial Conduct Authority, cryptocurrency entities operating in the U.K. have until January 10, 2021, to comply with the new requirements. Gemini’s U.K. branch, Gemini Europe Limited, registered with the financial watchdog early this week. However, the authority has not revealed the exact date when the firm’s new registration will take effect.

Although Kraken claims it is the UK’s first licensed crypto exchange, only a United Kingdom Financial Conduct Authority (FCA) Multilateral Trading Facility (MTF) license was given to its subsidiary Crypto Facilities on 6 July. Moreover, according to FCA.s register, both Archax crypto exchange and Gemini registered their operations in the U.K. this week, and are the only two firms on the entry. However, the Archax’s registration entered into force on August 18, unlike Gemini, which is not specified.

Currently, the Gemini crypto exchange is adopting measures to fortify its oversight tools as it sails through the FCA’s procedures. According to a recent report by Bloomberg, the American exchange had chartered Ventus Systems Inc. to supply the firm with anti-market manipulation tools.

European nations implementing AMLD5 and FATF recommendations

European authorities are currently enforcing the AMLD5 and FATF recommendations.  Ireland is presently structuring its cryptocurrency regulations to combat money laundering and financing of terrorist activities. However, the new cryptocurrency regulations could pose more challenges to the Irish cryptocurrency sector. Notably, the cost of compliance might push some startups out of business.

JP Morgan Crypto Credit Card Lawsuit Settled for $2.5 Million

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The 2018 JP Morgan crypto credit card lawsuit was recently settled by banking giants with $2.5 million in total payouts. The lawsuit filed two years ago claimed that JP Morgan Chase overcharged its customers for buying digital currencies using the bank’s credit card, categorizing purchases as cash advances.

JP Morgan Chase has opted to classify crypto purchases as “cash advances,” which are generally charged more than usual. As a result, some of the bank’s clients filed a class action suit back in 2018, which was settled back in March of this year. As part of the agreement, the banking giants will not admit any misdemeanor.

JP Morgan crypto credit card lawsuit was filed in 2018

However, according to a report by Reuters on May 28, the bank accepted to resolve the class action lawsuit by paying $2.5 million. According to one of the plaintiffs, Brady Tucker, JP Morgan breached the Truth in Lending Act; as it did not notify its clients that buying crypto using a credit card is being treated as “cash advances.” The report highlights:

“In a motion filed Tuesday in Manhattan federal court, plaintiffs said the settlement would result in class members getting about 95% of the fees they said they were unlawfully charged.”  

This classification resulted in customers being charged higher fees than usual. In his case, Tucker argues that JP Morgan declined to refund him for excessively charging him; after using his credit card to purchase digital currencies from Coinbase.

JP Morgan changes stance towards crypto

In reality, two years ago, when the lawsuit was filed, JP Morgan was unfriendly to digital currencies. The CEO of the bank, Jamie Dimon, also went on to label Bitcoin as a fraud. However, he later confessed to CNBC that he was mistaken to label Bitcoin as a fraud.

Nevertheless, it has recently been reported that JP Morgan offers banking services to two cryptocurrency exchanges, namely Coinbase and Gemini. This shows that the bank has changed its stance towards cryptocurrencies in recent times.

Crypto Twitter Community Loves Elon Musk’s Attempt to Explain Bitcoin to JK Rowlings

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British author of the popular Harry Potter series of novels, J.K. Rowlings asked for an explanation of Bitcoin on Twitter. Despite the attempts by the crypto Twitter community to educate the author on Bitcoin through memes, links and other materials, she was still not convinced. To much delight, the CEO of Tesla, Elon Musk joined the conversation, principally agreeing with the author that it is difficult to understand Bitcoin.

After starting global waves over the name of his son, Tesla CEO Elon Musk has created sparks again on the internet after his attempt to explain Bitcoin to J.K. Rowlings. Immediately after Rowling’s tweet, the crypto Twitter community flooded the thread offering their insights to the renowned author and her 14.6 million followers.

Ethereum founder joins Crypto Twitter community

Among the respondents to Rowling’s tweet was Ethereum co-founder Vitalik Buterin. According to Buterin, Bitcoin is:  

“Basically global digital payments, plus the store of value properties of gold, all with 21st century cryptographic tech to keep the whole thing running safely.”

Additionally, Gemini which is owned by the Winklevoss brothers also responded to the author’s tweet. The New-York based crypto exchange noted that unlike the popular sentiment, BTC is not ‘magic money’. As the discussions heated up, with popular figures in the cryptocurrency industry offering to help, Tron’s Justin Sun offered to send 1BTC to Rowlings. He tweeted: 

 “I can send you 1 bitcoin. Seeing is believing … Just imagine a magic coin (bitcoin) Dumbledore doesn’t understand (like Warren Buffett) but Harry Potter is fascinated about it.”

Nevertheless, despite the multiple attempts to explain Bitcoin to Rowlings, she admitted that she is still confused and even gave up hope of ever understanding the most popular digital currency: “God bless every single one of you now earnestly explaining bitcoin to me as though I’ll grasp it if you break it down properly. Things like this are white noise to me,” Rowling admitted. “I cannot and will not ever understand Bitcoin, but I love you for thinking that I can or will.”

Still confused? Steps up Tesla CEO Elon Musk

Among the respondents attempting to explain the concept of Bitcoin to the Harry Potter Author was Tesla CEO and SpaceX founder Elon Musk. Musk responded: “Massive currency issuance by govt central banks is making Bitcoin Internet money look solid by comparison.” He added, “I still only own 0.25 bitcoins btw.” 

The SpaceX founder who condemned the United States government’s stimulus relief plans the other day has come under siege off late; following his comment that the price of the Tesla stock was “too high,” which instantly sent the price down.

JP Morgan Goes bullish on Crypto as Coinbase and Gemini Create Accounts with The Bank

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Typically, the cryptocurrency industry has been viewed as an inferior sector compared to mainstream stalwarts. This feeling has caused a great deal of lag in the virtual asset environment, with banking institutions going through hard, at least until now.

Just recently, JP Morgan revealed that it was jumping into the digital asset stranglehold by offering banking services to crypto-bigwigs Coinbase and Gemini. According to official sources, the shift in sentiments of JP Morgan comes after the untapped potential of the decentralized market has been realized.

JP Morgan claimed that they will provide services such as deposits, withdrawals and transfers to both Coinbase and Gemini. Both facilities will be focused on the architecture of the Automated Clearing House [ACH], which is approved by most banking institutions. The latest move by the bank is set to prove beneficial to cryptocurrency companies as it solves one of the biggest concerns of the industry: lack of trust.

Banks have generally deferred from partnering with organizations in the virtual asset world due to rampant fears of money laundering. This has slowly dissipated with the passage of time as legitimate companies have gone through a number of regulatory hoops. JPMorgan was also interested in the sector earlier, with the bank pulling out of the planned stablecoin in 2019.

The latest venture of the bank allowed Gemini and Coinbase to become their first cryptocurrency clients. Sources close to JP Morgan added that the two exchange accounts were approved last month, with transactions already being processed. Speaking of the topic at the online portal, a major banker said:

“It’s quite significant news in my opinion. There is little business in fees associated with processing wire and ACH payments, I would expect that there are other associated benefits to JPM from any associated banking services, additional collaboration with both of those firms, potential for winning any future IPO or another angle such as JPM coin being offered on either of those platforms.”

Major bank on-board cryptocurrency companies can also act as a sign for other institutions to sit down and take note. Analysts said that if JPMorgan succeeds with Coinbase and Gemini, then it was only a matter of time before another suit followed. Some people in space found it ironic that a corporation whose CEO named Bitcoin ‘a scam’ earlier was going to make such a move.

JP Morgan CEO Jamie Dimon had previously claimed that fiat currency was the way to go, and that bitcoin was only a way for scammers to make money. Dimon stuck with his statements even though the bank was playing with the idea of a ‘JPM Coin.’ The CEO claimed that while Bitcoin was useless, its underlying blockchain technology had a huge potential.

Say what you’re going to do about growth, the cryptocurrency world will benefit greatly from the news circulation. The objective has always been to achieve credibility among the institutions, and the two exchanges would be happy to know that they were in the initial stages.

Cameron Winklevoss Claims that Bitcoin Should be Substitute For Failing US Dollar

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The world economy at the moment was not in the best of shape. With a global pandemic killing thousands across the globe and the threat of recession looming large, countries were scrambling to reinforce their defenses.

During this trying period, many analysts and economists have talked about the solutions that can be taken to pull the economy out of a spiral. Just recently, Cameron Winklevoss, the co-founder of Gemini gave his reasoning as to why Bitcoin can be the alternative to the US dollar and serve millions of citizens. 

Cameron Winklevoss’s comments came in the wake of the US Treasury pumping billions of dollars into the country’s economy. This was seen as a bad move in the long term because of its effects on inflation rates. Winklevoss claimed that the dollar needed a switch-up soon with Bitcoin because of the cryptocurrency’s advantages. His latest tweet read:

CaptureAt the time of writing, Bitcoin was trading for $7028 with a total market cap of $128.8 billion. A 2.87 percent drop in Bitcoin’s price over the previous day had brought down the 24-hour market volume down to $32.7 billion. Bitcoin’s dip also triggered the altcoin market to take a tumble towards the bear’s path. The Bitcoin Cash family and Litecoin were the biggest losers among the top 10 cryptocurrency club.

Bitcoin supporters have rallied behind the cryptocurrency since its inception and even after the recent bear crashes, the clamoring has not reduced. Cameron Winklevoss was just one among several Bitcoin evangelists who were out to prove the world’s largest cryptocurrency was indeed better than mainstream fiat currency. Some even claimed that Bitcoin has already made its mark as a global unit and will grow and surpass the US dollar in terms of transparency and accountability.

A recent analysis of all the global reserve currencies since the 16th century showed that Bitcoin’s era of dominance had started a few years after it came to the limelight. Bitcoin’s use case permits it to be used as a currency across borders. The main force of attraction towards Bitcoin was its decentralized nature, something that fiat currencies cannot boast of.

Ex-Gemini CISO Joins Cybersecurity Firm Horangi

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Officials in the cryptocurrency space have always made it a point to diversify and help other core industries. Companies, on the other hand, have welcomed several of these members with open arms, sometimes tasking them with growing the company.

Recently, Jim Rouse, the former Chief Information Security Officer [CISO] of Gemini revealed that he had joined cybersecurity firm Horanki as its Vice-President of cyber operations.

Horangi was also in the news recently when it was recognized by other agencies for its work in the field of cybersecurity. Jim Rouse claimed that he wanted to elevate the standards of business and security with an added personal touch. The Horangi official has earlier worked at Sony, NASA and the Naval Criminal Investigative Service. His vast array of experience in the field was touted to be one of his USPs.

Following his appointment, Mr. Jim Rouse stated:

“I am very excited to be joining the team at Horangi. At its core, security, whether it is information security or physical security, is a people problem. As cybersecurity threats continue to evolve, we will be better placed to protect our clients and organisations from threats if we understand people and their behaviour better.”

Horangi has placed its faith in the cybersecurity expert because the company has plans to improve the customer experience aspect of its functioning. Paul Hadjy, the Chief Executive Officer [CEO] of Horangi added that with Rouse’s help, the company would be able to streamline its processes.

Customers will also be allowed to streamlines their process as well as shed years off their organizational and capabilities developments. The company has been involved in multiple partnerships over the past couple of months and on-boarding officials from the crypto industry have been seen as a good sign.

Horangi was also in the news recently when Tokio Marine Insurance Singapore [TMiS] selected it to be a partner for their clients. Horangi will provide cybersecurity services which made it TMiS’s first partner in the Asia-Pacific region.

Horangi will provide services that include penetration testing, network vulnerability assessment, cybersecurity assessment, and vCISO, a virtual chief information security officer. These kinds of services have also been adopted by companies such as Gojek, Bukalapak, and Ninja Van.

Mr. Jim Rouse’s experience with Gemini was seen as unprecedented and was greatly praised by both Tyler and Cameron Winklevoss. The last time Gemini was in the news, almost $ million worth of Ethereum had moved from it. Some parts of the cryptocurrency community claimed it was a pump and dump scheme but such allegations were never proven to be right.

 

 

Gemini Appoints Ex-Circle Compliance Officer, Blair Halliday

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The UK and European Affiliate of Gemini Trust Company, LLC (collectively known as Gemini), The Gemini Europe Ltd., a Cryptocurrency Exchange and Custodian, appointed former Circle Compliance Officer Blair Halliday.

Halliday carries an experience of decades in regulation and compliance with the world’s top financial organizations. As per the report, Halliday was previously working as the chief compliance officer for the whole EMEA region at the Circle, a cryptocurrency platform. During his working years at the Circle, he brought renewal in companies Anti-Money Laundering Program (AML). He also made some important changes in the Circle’s AML regime before any new launches or its entry into the market. Prior to Circle, he served as Executive Director of Financial Crime and Compliance at CashFlows. He began his career at Royal Bank of Scotland where he served in various financial crime roles for 14 years.

Circle Former Official Joins Gemini Exchange

After joining Gemini Trust as the Chief Compliance and Money Laundering Officer, Blair Halliday will be responsible to guide for the strategic directions of Gemini’s compliance program in the UK and Europe. Gemini considers these two regions as the emerging ones for their business. He will take care of all the regulatory relationships and requirements in day-to-day activities. Making sure that Gemini adheres to the regulatory guidelines will be his major to-do. He will be operating from London and will be reporting to the Managing Director of Gemini, UK & Europe.

Julian Soyer, the Managing Director of Gemini, UK & Europe, informed,

“As we build our team, Gemini is aiming for significant growth in Europe this year. As we continuously iterate on our technology and offers, maintaining compliance and operating within, not around, all relevant legal frameworks will always be our top priority.”

More so, Julian also spoke about Halliday and his relevant experience that can help Gemini to remain adhered to the regulations. He said,

“Blair’s deep domain expertise makes him uniquely poised to drive Gemini’s compliance efforts in the UK. His leadership will be critical in our mission to work with regulators to promote smart frameworks that encourage growth in the crypto industry.”

Looking at the official statements given by Julian, Halliday will have a bigger task to-do once he joins Gemini Trust Company. It will be a watch game on how Halliday will exert his expertise and keep Gemini’s working in the UK and Europe functional with the regulatory norms.