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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.

Tim Draper, Winklevoss Twins, Matthew Roszak Bag Big Gains During Bitcoin Rally

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Bitcoin’s upward trajectory was lauded by many. The king coin seeped through the bears and got onto the bulls for a long ride ahead. This crypto rally proved to be beneficial for many. While some just started investing in the industry, the ones who had bagged the asset when it was worth a pittance, seem to have been making tremendous profits. The ongoing bull run seems to have birthed new billionaires in the crypto-verse. 

Bitcoin’s Latest Billionaires

Institutional investors poured in huge funds into the asset and pushed its price to a new high. In a recent list, curated by Forbes, several prominent figures of the crypto-industry were the most significant victors of the recent bull run. The list was topped by the Winklevoss twins who have been in the industry for quite a while now with their cryptocurrency exchange, Gemini. Steering away from Facebook and Mark Zuckerberg, the duo decided to invest in Bitcoin and reportedly hoard over $1.4 billion in virtual assets. Cameron Winklevoss even went on to take a dig at Facebook after Bitcoin overhauled the formers market cap. His tweet read,

“#Bitcoin has surpassed Facebook $FB in market cap. Makes sense that a money network would be more valuable than a social network.”

Bitcoin

Matthew Roszak, the co-founder of Bloq stood second as his crypto net worth was about $1.2 billion. Last year, Roszak had about $300 million, however, the latest Bitcoin rally aided his journey on becoming a Bitcoin billionaire. Venture Capitalist, Tim Draper wasn’t far off as his crypto net worth was noted at $1.1 billion. Draper has time and again expressed his interest in Bitcoin. He even predicted that the king coin could go to $250K by the end of 2022. He tweeted,

Ethereum’s co-founder, Vitalik Buterin along with Mike Novogratz as well as Michael Saylor of MicroStrategy also made it to the list as millionaires.

Bitcoin, however, seems to be on a downtrend. The asset fell from a high of $40K, all the way down to $30K. At press time, The king coin was trading for $34,255.50 with a 2.88% dip in the last 24-hours.

Goldman Sachs’ Negative Comments About Bitcoin Riles up the Community; Winklevoss Twins Come to Forefront

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The cryptocurrency market is no stranger to backlash from mainstream communities and establishments. Many have come forward over the past few years claiming that assets like Bitcoin are speculative and that holdings will lose their value sooner than later.

Goldman Sachs was the latest banking institution to attack Bitcoin and its characteristics by pointing at its rollercoaster price movement. Claims that the world’s largest cryptocurrency was “not an asset class” did not go down well with crypto supporters who took to social media to voice their concerns. 

On Wednesday, Goldman Sachs stated that there was no use case for Bitcoin because of its starkly speculative nature. Compared to the promise and reassurance of fiat currency, cryptocurrencies depend on other people buying and selling their assets, said the American bank. The bank’s officials concluded that cryptocurrencies, in general, were not an asset class as it primarily depended on whether “someone else was willing to pay a higher price for it”.

Goldman Sachs made their discussions public ahead of an investor call addressing the impact of the coronavirus on the economic front. The release from the organization said:

“We believe that a security whose appreciation is primarily dependent on whether someone else is willing to pay a higher price for it is not a suitable investment for our clients. We also believe that while hedge funds may find trading cryptocurrencies appealing because of their high volatility, that allure does not constitute a viable investment rationale.”

Cryptocurrency enthusiasts were miffed with the latest comments from the bank as they expected a positive turn from Goldman. Their positive expectations were based on the fact that other major institutions like Fidelity had already dipped its toes into crypto and blockchain technology. Goldman Sachs even compared Bitcoin’s 2017 bull run to other bubbles in the past, adding that the digital asset industry was not based on any solid foundation.

Despite the negative feedback, Bitcoin surged on the charts as it crossed the $9500 market for the first time in weeks. At press time, BTC was trading for $9500 with a total market capo of $174.69 billion. The 4 percent hike over the previous 24-hours had increased the daily trading volume to $36.46 billion. Overall it was a good week for Bitcoin as the weekly gain also treaded in the bull region.

Several cryptocurrency enthusiasts came forward to support Bitcoin, with none being more vocal than the Winklevoss twins. The co-founders of Gemini stated that Goldman Sachs needed to update its arguments against Bitcoin as it felt extremely dated. They even opined that the current comments may be a method employed by the bank to head fake those following the updates.

Winklevoss Duo Opens Marketplace for Blockchain Digital Art 

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Despite the market turmoil, Bitcoin billionaires Tyler and Cameron Winklevoss announced the launch of a marketplace for Non-Fungible Tokens (NFTs).

As per the report, Gemini’s Winklevoss twins acquired ‘Nifty Gateway’, a platform for non-fungible tokens (NFTs) back in November 2019. However, the platform, Nifty Gateway was established by ‘Twin brothers Duncan and Griffin Cock Foster’ and the latest announcement notes that they have launched the Nifty marketplace with Gemini infrastructure to enable the dollar exchange feature when people buy Non-Fungible Tokens (NFTs)

The latest report also notes that the website, ‘niftygateway.com is available from Tuesday, allowing consumers to buy and sell digital collectibles from famous artists. With a website in place, renowned artists including Michael Kagan and Lyle Owerko, Singer Pharrell Williams and others will be able to sell the collection of their digital arts. Concerning this idea, Lyle Owerko who is famous for photography and filmmaking said;

“I haven’t done anything like this before, which is all the more reason to do this now,”

Owerko further added that he knew twin brothers for a few years now, noting;

We met socially in New York, through friends…It’s fun to be an early adopter. … It’s like being a painter in the 1880s and seeing a camera for the first time.”

It was also stated that the deal between him and the twin brothers is mutually beneficial as he would be offering a series of six images via Nifty’s website. The cost mentioned for each image ranges between $200 to $2500. While the idea looks super cool, the platform is yet to ascertain the consumer demand for such digital arts. If you’re active in the crypto market, you might have heard of ‘CryptoKitties’ which was on the hype with its ‘digital breeding cats’ concept.

However, as per Winklevoss duo, the digital collectible market will likely be as big as the ones for art.

What do you think readers, let us know.