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.
Where Does Bitcoin Cash (BCH) Stand The Day After The Fork?
“Even if the SV mining collation do catch up with ABC or if they manage to do hostile chain re-orgs, its highly unlikely BCash ABC users & investors will ever switch to follow SV. ABC users just need to be patient & wait it out. @CalvinAyre & the SV miners will eventually give up,” BitMEX wrote on Twitter, doubling down on Jonathan Bier’s pre-fork prediction that miners would ultimately abandon the BSV fork.Currently, people are wondering how does the BCH hard fork affect other projects such as Bitcoin. The good news here is that the fork has no effect on BTC other than making it even less likely that Bitcoin Cash (BCH) will overtake Bitcoin (BTC) and claim its mantle.
A New $4 Billion Drop Sees Bitcoin Cash – And The Entire Market – Falling
‘Time May Be Right’ For Home Crypto Mining: Coinbase CTO
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine.”This is a notable perspective mostly because Srinivasan previously founded 21.co which was a startup that emerged from stealth in 2015 and had an ambitious plan to embed Bitcoin miners in everyday devices- which was then backed by Coinbase Ventures. Following the Coinmine announcement, Srinivasan wrote:
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine."As we can see from the above stated, the CTO of Coinbase seems optimistic about Coinmine's ability to add even more coins later, foreseeing a future where the company could play a key role in the launch of new tokens.
“I believe that decentralized mining is an important idea and worth trying again. It’s mining as Satoshi intended: many devices around the world with no single point of failure." Srinivasan concluded.
Crypto Exchange OKCoin Expands To Latin America, Launching A Fiat Market
"We’re aiming to grow throughout the region by bringing institutional and retail traders there an array of trusted trading options so they can buy and sell with confidence,” Buyn said following the official announcement.He also pointed that the Latin American market is extremely important for the exchange as it is for many crypto and blockchain industries.
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