фото показано с : blokt.com

Cameron and Tyler Winklevoss are persevering entrepreneurs looking forward to growth in cryptocurrencies. Despite the rejection of their Bitcoin ETF proposal by the Security and Exchange Commission (SEC), the two brothers are keeping their hopes high. This was the second time their proposal was rejected by SEC. Additionally, Gemini crypto exchange has yet to bring in big Wall Street investors to the platform. Despite all of this, they suggest that business is growing. So how do things manage to stay good while the markets are plunging? The twins explain.

This year, prices of digital coins have plunged drastically, leaving little space for the mega returns of 2017.  Wall Street has largely been opposed to the digital coins, with some banks even disallowing their customers from buying coins using their credit cards.

Tyler Winklevoss, the chief executive of Gemini, seems convinced that it will change. He said:

“Wall Street is taking cryptocurrencies seriously, however, the vast majority of Wall Street firms are still not participating in the cryptocurrency market, which remains primarily a retail driven market. This will change over time, but it will take time.”

As of now, institutional investors are sitting on the fence. They have big money and a bigger risk appetite. The only obstacle in their way is regulatory clarity. SEC is yet to decide its position on cryptocurrencies and needs to clarify what kinds of assets can be traded legally in the crypto market. If the SEC gives the nod on crypto investments, a huge influx of money in the sector will create a regulated, legal asset class.

Gemini’s joint proposal for Bitcoin futures contract with Cboe Global Markets Inc. was accepted last year. If the SEC would have approved the Bitcoin ETF product too, it would have opened cryptocurrencies to pension funds and several large investors. For now, there are several similar applications pending with the SEC.

The exchange is currently focusing on retail investors, and it is trying to add new cryptocurrencies to its platform. The company has increased its total global staff to 150, registering 2x growth in the past six months. Tyler said that the number would double again by year-end. Their biggest hire of the year was Robert Cornish, former chief information officer of the New York Stock Exchange, who joined Gemini in July as its first chief technology officer.

In March, the brothers also proposed a Virtual Commodity Association to better support the adoption of cryptocurrencies. The nonprofit, self-regulatory organization works over custodians and exchanges. It will also work with the US Commodity Futures Trading Commission to prevent fraud in the market.

Winklevoss Twins Confident of Crypto Business Even As Problems Continue was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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