Cryptocurrency exchange twin brothers Cameron and Tyler Winklevoss (Cameron and Tyler Winklevoss) Gemini announced the release of its own stabilini on the Ethereum blockchain-backed dollar.
Gemini will provide dollar liquidity to users wishing to conduct transactions in U.S. dollars in Ethereum. Stablein strictly tied to the dollar, and the means by which it is provided, are stored in the accounts of the Gemini Trust Company. As stated in the press release, the Department of financial services of the state of new York (NYDFS) has already reviewed and approved the release of stabilin Gemini.
To ensure the safety of funds is designed to maintain the digital currency, the exchange stores them in the American State Street Bank, which ranks among the global systemically important banks. In addition, the company has insured the contribution to the Federal Corporation on insurance of contributions (FDIC).
The state of the Bank account Gemini Trust will be a monthly check of the independent audit company Accounting and Consulting BPM, and the exchange will publish the results of these audits.
“Gemini dollar part of our mission to create the future of money… It’s the missing link between traditional banking system and cryptoamnesia”, — explains in a press release, Tyler Winklevoss.
Listed Gemini users can convert dollars into stablely and bring the tokens back to Fiat dollars.
It seems that the Winklevoss brothers have taken into account all the mistakes of another Issuer stabilio company Tether. Cryptocurrency startup that support the release of the same name token Tether (USDT), were repeatedly accused of manipulating the price of bitcoin, as well as transparency in business management. The fact that the company did not submit a complete audit, despite requests from the crypto community. Because of this, market participants have a reasonable doubt about the veracity of the allegations of the startup status of Bank accounts, kept funds to maintain stablein.