Difference between revisions of "Gemini"

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== Basics ==
== Basics ==
* Exchange established in 2014 by the [[Winklevoss Twins|Winklevoss]] twins
* Exchange established in 2014 by the [[Winklevoss Twins|Winklevoss]] twins
* "''First fully regulated [[Bitcoin (BTC)|Bitcoin]] & [[Ethereum (ETH)|Ether]] exchange in NYC (We are a fully regulated, fully compliant, New York-based digital asset exchange. We are regulated by the New York State Department of Financial Services (NYSDFS) and held to the highest level of capital reserve requirements and banking compliance standards.)"''
* "''First fully regulated [[Bitcoin (BTC)|Bitcoin]] & [[Ethereum (ETH)|Ether]] exchange in NYC (We are a fully regulated, fully compliant, New York-based digital asset exchange. We are regulated by the New York [[State]] Department of Financial Services (NYSDFS) and held to the highest level of capital reserve requirements and banking compliance standards.)"''
* Has insurance coverage for the digital assets it holds in custody.
* Has insurance coverage for the digital assets it holds in custody.
* A fully regulated licensed US Bitcoin and Ether exchange. That means Gemini’s capital requirements and regulatory standards are similar to a bank. Also, all US dollar deposits are held at a FDIC-insured bank and the majority of digital currency is held in cold storage. Gemini trades in three currencies, US dollars, bitcoin, and ether, so the platform does not serve traders of the plethora of other cryptocurrencies. The exchange operates via a maker-taker fee schedule with discounts available for high volume traders. All deposits and withdrawals are free of charge. The platform is only fully available to customers in 42 US states, Canada, Hong Kong, Japan, Singapore, South Korea and the UK.
* A fully regulated licensed US Bitcoin and [[Ether]] exchange. That means Gemini’s capital requirements and regulatory standards are similar to a bank. Also, all US dollar deposits are held at a FDIC-insured bank and the majority of digital currency is held in [[cold storage]]. Gemini trades in three currencies, US dollars, bitcoin, and ether, so the platform does not serve traders of the plethora of other cryptocurrencies. The exchange operates via a [[maker]]-taker fee schedule with discounts available for high volume traders. All deposits and withdrawals are free of charge. The platform is only fully available to customers in 42 US states, Canada, Hong Kong, Japan, Singapore, South Korea and the UK.
* Dynamic fees
* Dynamic [[fees]]
* has [https://medium.com/gemini/gemini-upgrades-wallet-with-full-support-of-segwit-5bb8e4bc851b announced] (4-2019) full support of deposits and withdrawals for [[SegWit]], becoming the first major exchange to add the 2017 [[Bitcoin]] upgrade
* has [https://medium.com/gemini/gemini-upgrades-wallet-with-full-support-of-segwit-5bb8e4bc851b announced] (4-2019) full support of deposits and withdrawals for [[SegWit]], becoming the first major exchange to add the 2017 [[Bitcoin]] upgrade


== Token ==
== Token ==
* Has a [[Stablecoins|stablecoin]]: Gemini Dollar (GUSD).
* Has a [[Stablecoins|stablecoin]]: Gemini Dollar ([[GUSD]]).
* CMC trading launch: 6-10-2018
* CMC trading launch: 6-10-2018


* [https://coinmarketcap.com/currencies/gemini-dollar/ from] [[CMC]]:
* [https://coinmarketcap.com/currencies/gemini-dollar/ from] [[CMC]]:
''"The Gemini dollar (GUSD) issued by Gemini Trust Company LLC is meant to provide tokens built on the [[Ethereum (ETH)|Ethereum]] network according to [[ERC20 tokens|ERC20]] standards corresponding 1:1 with holdings of traditional [[fiat]] USD held at State Street Bank and Trust Company. Intended to provide creditworthiness and price [[Stablecoins|stability]] that mimics the U.S Dollar, code within the GUSD contracts were audited by a firm specializing in information security research & development. To verify the necessary 1:1 peg, the deposit balance at the U.S. Bank is examined monthly by BPM, LLP an independently registered public accounting firm."''
''"The Gemini dollar (GUSD) issued by Gemini Trust Company LLC is meant to provide [[tokens]] built on the [[Ethereum (ETH)|Ethereum]] network according to [[ERC20 tokens|ERC20]] standards corresponding 1:1 with holdings of traditional [[fiat]] USD held at State Street Bank and Trust Company. Intended to provide creditworthiness and price [[Stablecoins|stability]] that mimics the U.S Dollar, code within the GUSD [[contracts]] were audited by a firm specializing in information security research & development. To verify the necessary 1:1 peg, the deposit [[balance]] at the U.S. Bank is examined monthly by BPM, LLP an independently registered public accounting firm."''


== Nifty Gateway ==
== Nifty Gateway ==
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=== Pros ===
=== Pros ===
* Security & Compliance, slick/minimalistic and user-friendly design, great analytics, high liquidity. Insurance coverage for the digital assets it holds in custody.
* Security & Compliance, slick/minimalistic and user-friendly design, great analytics, high [[liquidity]]. Insurance coverage for the digital assets it holds in custody.


=== Cons ===
=== Cons ===
* Limited currencies, small community, average customer support, limited worldwide availability, no margin trading.
* Limited currencies, small community, average customer support, limited worldwide availability, no margin trading.
* [https://bankless.substack.com/p/the-bear-case-for-yield-farming From] [[Bankless]] (27-8-2020):
* [https://bankless.substack.com/p/the-bear-case-for-yield-farming From] [[Bankless]] (27-8-2020):
''"A straightforward example of incentives gone wrong comes from [[stablecoin]] issuer Gemini ($GUSD). In January of 2019, as GUSD was near its all-time high, [[The Block]] [https://www.theblockcrypto.com/daily/6352/gemini-gave-trading-firms-a-stablecoin-discount-and-it-caused-big-headaches-for-one-of-its-rivals wrote]:''  
''"A straightforward example of incentives gone wrong comes from [[stablecoin]] issuer Gemini ($GUSD). In January of 2019, as GUSD was [[near]] its all-time high, [[The Block]] [https://www.theblockcrypto.com/daily/6352/gemini-gave-trading-firms-a-stablecoin-discount-and-it-caused-big-headaches-for-one-of-its-rivals wrote]:''  


<em>To spur adoption, Gemini offered their Gemini dollar to some over-the-counter trading desks at a discount - meaning each $1 token could be bought for less than a dollar. However, traders spotted an arbitrage opportunity in the deal where they could buy the discounted GUSD and then exchange it for [[Paxos]] Standard, Paxos' stable coin, at the full dollar price - pocketing the difference.</em>
<em>To spur adoption, Gemini offered their Gemini dollar to some over-the-counter trading desks at a discount - meaning each $1 [[token]] could be bought for less than a dollar. However, traders spotted an [[arbitrage]] opportunity in the deal where they could buy the discounted GUSD and then exchange it for [[Paxos]] Standard, Paxos' stable [[COIN|coin]], at the full dollar price - pocketing the difference.</em>


''As rebates dried up, so did GUSD’s market cap."''
''As rebates dried up, so did GUSD’s market cap."''
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''"Gemini announced Thursday it completed an independent SOC 2 Type 2 examination conducted by consulting firm Deloitte, [https://www.coindesk.com/crypto-exchange-gemini-passes-security-compliance-audit-conducted-by-deloitte a year after] it completed an SOC 2 Type 1 examination. Where the previous examination evaluated Gemini’s design and system control implementation, the Type 2 exam looks at operations across a period of time. The firm will be completing a SOC 2 Type 2 on an annual basis, Hussain said."''
''"Gemini announced Thursday it completed an independent SOC 2 Type 2 examination conducted by consulting firm Deloitte, [https://www.coindesk.com/crypto-exchange-gemini-passes-security-compliance-audit-conducted-by-deloitte a year after] it completed an SOC 2 Type 1 examination. Where the previous examination evaluated Gemini’s design and system control implementation, the Type 2 exam looks at operations across a period of time. The firm will be completing a SOC 2 Type 2 on an annual basis, Hussain said."''
* [https://www.coindesk.com/deloitte-approves-geminis-financial-reporting-systems-in-audit?utm_campaign=DAR%20Newsletter%20Campaign&utm_source=hs_email&utm_medium=email&utm_content=86824144&_hsenc=p2ANqtz-8c2h0DS1fufmlma5vACzaxL5L0DAmtSm1FgOL6QBkj6ecdMYVjxkmc6rWWxJsTBwfs9dBGviPsaITXo80e2uPYxZ1f0g&_hsmi=86824144 From] [[CoinDesk]] (22-4-2020):
* [https://www.coindesk.com/deloitte-approves-geminis-financial-reporting-systems-in-audit?utm_campaign=DAR%20Newsletter%20Campaign&utm_source=hs_email&utm_medium=email&utm_content=86824144&_hsenc=p2ANqtz-8c2h0DS1fufmlma5vACzaxL5L0DAmtSm1FgOL6QBkj6ecdMYVjxkmc6rWWxJsTBwfs9dBGviPsaITXo80e2uPYxZ1f0g&_hsmi=86824144 From] [[CoinDesk]] (22-4-2020):
''"Completed the SOC 1 Type 1 examination in March. The report, conducted by [[Deloitte]], is an attestation that Gemini’s financial reporting obligations work at a given moment."''
''"Completed the SOC 1 Type 1 examination in March. The report, conducted by [[Deloitte]], is an [[attestation]] that Gemini’s financial reporting obligations work at a given moment."''


== Team, Funding, Partners ==
== Team, Funding, Partners ==
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* [[The Winklevoss Twins]]; co-founders
* [[The Winklevoss Twins]]; co-founders
* Gemini [https://www.theblockcrypto.com/post/68049/gemini-hires-former-goldman-sachs-exec-for-asia-expansion-plans-to-get-licensed-in-singapore hired] a former [[Goldman Sachs]] executive to lead their Asia expansion. 
* Gemini [https://www.theblockcrypto.com/post/68049/gemini-hires-former-goldman-sachs-exec-for-asia-expansion-plans-to-get-licensed-in-singapore hired] a former [[Goldman Sachs]] executive to lead their Asia expansion. 
*On June 2, 2022, the company said in a [https://www.gemini.com/blog/a-message-from-cameron-and-tyler blog post] it would be cutting approximately 10% of its workers, citing “turbulent market conditions that are likely to persist for some time.”


=== Funding ===
=== Funding ===
* It's founder is part of [[HODLpac|HOLDpac]]'s [https://medium.com/@hodlpac/announcing-hodlpac-bd4368cb57cb first donors] (23-3-2020).
* It's founder is part of [[HODLpac|HOLDpac]]'s [https://medium.com/@hodlpac/announcing-hodlpac-bd4368cb57cb first donors] (23-3-2020).
* Is funding [[Bitcoin Core]]. [https://decrypt.co/50302/winklevoss-gemini-bitcoin-developers From] [[Decrypt]] (3-12-2020):
* Is funding [[Bitcoin Core]]. [https://decrypt.co/50302/winklevoss-gemini-bitcoin-developers From] [[Decrypt]] (3-12-2020):
"''Gemini today announced the launch of a $200,000 [[Bitcoin]] development fund. Called the Gemini Opportunity Fund, $150,000 of the money, in Bitcoin of course, will go straight to Brink, a London non-profit fellowship program to sponsor Bitcoin developers. The developers will work with [[John Newbery]], Brink’s co-founder and executive director, and a [[Bitcoin Core]] contributor. [[Mike Schmidt]], another Bitcoin core contributor. [[Square]], the Human Rights Foundation and Kraken are among other donors. [[Kraken]] also [https://decrypt.co/49339/independent-nonprofit-set-to-support-bitcoin-protocol-development donated] $150,000. So far, the only fellow is [[Gloria Zhao]], a Bitcoin Core contributor fresh from University of California, [[Berkeley]], where she sat as president of its blockchain club."''
"''Gemini today announced the launch of a $200,000 [[Bitcoin]] development fund. Called the Gemini Opportunity Fund, $150,000 of the money, in Bitcoin of course, will go straight to Brink, a London non-profit fellowship program to sponsor Bitcoin developers. The developers will work with [[John Newbery]], Brink’s co-founder and executive director, and a [[Bitcoin Core]] contributor. [[Mike Schmidt]], another Bitcoin core contributor. [[Square]], the Human Rights [[Foundation]] and Kraken are among other donors. [[Kraken]] also [https://decrypt.co/49339/independent-nonprofit-set-to-support-bitcoin-protocol-development donated] $150,000. So far, the only fellow is [[Gloria Zhao]], a Bitcoin Core contributor fresh from University of California, [[Berkeley]], where she sat as president of its [[blockchain]] club."''


* [[PompCryptoJobs]]; on of the three [https://www.coindesk.com/pomp-launches-crypto-jobs-board-with-gemini-coinbase-and-blockfi backers] (27-1-2021).
* [[PompCryptoJobs]]; on of the three [https://www.coindesk.com/pomp-launches-crypto-jobs-board-with-gemini-coinbase-and-blockfi backers] (27-1-2021).
Line 54: Line 55:
=== Partners ===
=== Partners ===
* Is a partner with [[Alchemy]], according to their [https://www.alchemy.foundation/alchemy_english.html#sec08 website] (20-4-2020).
* Is a partner with [[Alchemy]], according to their [https://www.alchemy.foundation/alchemy_english.html#sec08 website] (20-4-2020).
*Is one of the projects that is [https://www.coindesk.com/micorosfts-ion-digital-id-network-live-bitcoin contributing] to Microsoft's [[Identity Overlay Network (ION)|ION]] (25-3-2021).
*Is one of the projects that is [https://www.coindesk.com/micorosfts-ion-digital-id-network-live-bitcoin contributing] to [[Microsoft]]'s [[Identity Overlay Network (ION)|ION]] (25-3-2021).


[[Category:Companies/Organisations]]
[[Category:Companies/Organisations]]

Revision as of 09:39, 11 July 2022

Basics

  • Exchange established in 2014 by the Winklevoss twins
  • "First fully regulated Bitcoin & Ether exchange in NYC (We are a fully regulated, fully compliant, New York-based digital asset exchange. We are regulated by the New York State Department of Financial Services (NYSDFS) and held to the highest level of capital reserve requirements and banking compliance standards.)"
  • Has insurance coverage for the digital assets it holds in custody.
  • A fully regulated licensed US Bitcoin and Ether exchange. That means Gemini’s capital requirements and regulatory standards are similar to a bank. Also, all US dollar deposits are held at a FDIC-insured bank and the majority of digital currency is held in cold storage. Gemini trades in three currencies, US dollars, bitcoin, and ether, so the platform does not serve traders of the plethora of other cryptocurrencies. The exchange operates via a maker-taker fee schedule with discounts available for high volume traders. All deposits and withdrawals are free of charge. The platform is only fully available to customers in 42 US states, Canada, Hong Kong, Japan, Singapore, South Korea and the UK.
  • Dynamic fees
  • has announced (4-2019) full support of deposits and withdrawals for SegWit, becoming the first major exchange to add the 2017 Bitcoin upgrade

Token

"The Gemini dollar (GUSD) issued by Gemini Trust Company LLC is meant to provide tokens built on the Ethereum network according to ERC20 standards corresponding 1:1 with holdings of traditional fiat USD held at State Street Bank and Trust Company. Intended to provide creditworthiness and price stability that mimics the U.S Dollar, code within the GUSD contracts were audited by a firm specializing in information security research & development. To verify the necessary 1:1 peg, the deposit balance at the U.S. Bank is examined monthly by BPM, LLP an independently registered public accounting firm."

Nifty Gateway

  • Nifty Gateway, the online marketplace for crypto-collectibles (NFTs), announced (19-11-2019) that they have been acquired by Gemini.

Pro's and Con's

Pros

  • Security & Compliance, slick/minimalistic and user-friendly design, great analytics, high liquidity. Insurance coverage for the digital assets it holds in custody.

Cons

  • Limited currencies, small community, average customer support, limited worldwide availability, no margin trading.
  • From Bankless (27-8-2020):

"A straightforward example of incentives gone wrong comes from stablecoin issuer Gemini ($GUSD). In January of 2019, as GUSD was near its all-time high, The Block wrote:  

To spur adoption, Gemini offered their Gemini dollar to some over-the-counter trading desks at a discount - meaning each $1 token could be bought for less than a dollar. However, traders spotted an arbitrage opportunity in the deal where they could buy the discounted GUSD and then exchange it for Paxos Standard, Paxos' stable coin, at the full dollar price - pocketing the difference.

As rebates dried up, so did GUSD’s market cap."

Audits / Compliance

"Gemini announced Thursday it completed an independent SOC 2 Type 2 examination conducted by consulting firm Deloitte, a year after it completed an SOC 2 Type 1 examination. Where the previous examination evaluated Gemini’s design and system control implementation, the Type 2 exam looks at operations across a period of time. The firm will be completing a SOC 2 Type 2 on an annual basis, Hussain said."

"Completed the SOC 1 Type 1 examination in March. The report, conducted by Deloitte, is an attestation that Gemini’s financial reporting obligations work at a given moment."

Team, Funding, Partners

Team

  • Yusuf Hussain, head of risk at Gemini
  • The Winklevoss Twins; co-founders
  • Gemini hired a former Goldman Sachs executive to lead their Asia expansion. 
  • On June 2, 2022, the company said in a blog post it would be cutting approximately 10% of its workers, citing “turbulent market conditions that are likely to persist for some time.”

Funding

"Gemini today announced the launch of a $200,000 Bitcoin development fund. Called the Gemini Opportunity Fund, $150,000 of the money, in Bitcoin of course, will go straight to Brink, a London non-profit fellowship program to sponsor Bitcoin developers. The developers will work with John Newbery, Brink’s co-founder and executive director, and a Bitcoin Core contributor. Mike Schmidt, another Bitcoin core contributor. Square, the Human Rights Foundation and Kraken are among other donors. Kraken also donated $150,000. So far, the only fellow is Gloria Zhao, a Bitcoin Core contributor fresh from University of California, Berkeley, where she sat as president of its blockchain club."

Partners