Yesterday, we reported breaking news about New York regulators approving two dollar-pegged stablecoins, one of which is the Gemini Dollar, launched by the Winklevoss brothers and the creators of the cryptocurrency trading platform Gemini.
Today, we have more information – specifically about Gemini and the so-called Gemini dollar that now has the backing of the New York Department of Financial Services (NYDFS). According to an official post on Gemini’s Medium, the coin will be backed by US dollars that are:
“….held at a bank located in the United States and eligible for FDIC ‘pass-through’ deposit insurance, subject to applicable limitations.”
This move is also important because it represents the first crypto asset that the Winklevoss twins launched. Even though their original mission was to launch a Bitcoin exchange-traded fund (ETF), the second rejection from regulators in July made them shift their plans.
Forbes quoted Tyler Winklevoss stating:
“It’s not just Gemini Trust. But you have to build a network of important players that are also trusted to solve for the [sic] trust problem of a stablecoin.”
The official trading of the Gemini dollar will begin today. Tyler Winklevoss already told Forbes that he hopes this will solve issues associated with time delays between 24/7 crypto markets and time-restricted fiat ones.
The crypto analysts are still with mixed reactions regarding stablecoins. While some see them as potentially controversial, others think that they are designed to be less volatile and can improve the economy in the crypto world.
One way or another, the Gemini dollar is the “world’s first” regulated stablecoin to launch, according to the brothers, although the second one which has also been approved and issued by the trust company Paxos is making the same claim.
Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
“Similar to 2015, 2019 may be the year of accumulation.’’Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
Dmitry Medvedev: ‘’We Should Watch Closely What Happens To Cryptocurrency’’
‘’But this, of course, is not a reason to bury cryptocurrencies. There are both light sides and dark sides, as in any social phenomenon, in any economic institute. And we should just watch closely what happens to them.’’He continued to discuss social inequalities and how the global digital transformation is speeding up saying the cryptocurrency is a part of that fast-going phenomena. The news comes right after major media outlets published the story of Russia’s plan to purchase $10 billion worth of BTC. Turns out that the news was fake. The Russian economist from the Presidential Academy of National Economy and Public Administration Vladislav Ginko pointed out that he strongly believes that Russia might use Bitcoin to fight economic sanctions and this story swamped the media and got massively exaggerated. Russia is, however, preparing a crypto bill that will provide stable cryptocurrency regulation in the next two months. The Duma State will be drafting a regulatory framework in February to regulate ICOs and crypto crowdfunding.
Nearly 1.5 Million People Used dApps In 2018, More Than A Half Being On Ethereum
"TRON is the most ambitious in the dapp field, with a $2 billion Project Genesis launched in the second half of the year. In addition, it spends $100 million on TronArcade to promote its dapp ecosystem."TRON (TRX) launched 97 decentralized applications in 2018, while its ecosystem and community have been growing at an alarming rate. This week, TRX was added to OKCoin, which is one of the largest US exchanges, in order to be traded against fiat, Bitcoin and Ethereum. The report also showed that gambling accounted for $3 billion in transactions over the course of 2018 in dApps.
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