Today, Gemini ran a full-page ad in the New York Times discussing the cryptocurrency revolution and what we think it needs to succeed. We believe this revolution will re-architect trade, the financial system, the Internet, and money as we know it. It won’t be easy and there are no guarantees, but it is our belief that the revolutions that build a lasting set of rules for a better future are the ones with the greatest chance of success.

So how did we get interested in crypto? We first learned about Bitcoin in 2012 and soon became convinced that it was the dawn of an incredibly profound era for money and the financial history of the world. We began buying bitcoin, but quickly realized that there was no safe and easy way to buy, sell, and store bitcoin (or any cryptocurrency for that matter). So we founded Gemini as a solution to our own problem. This was the first step in Gemini’s mission to build the future of money. A mission that involves building trust and long-term, sustainable value for our customers. 2018 was a banner year for Gemini and we are just getting started. Our goal is to build Gemini into a Centurion — a company that lasts a for more than 100 years — that will help power the crypto revolution onward and upward and to the moon! Join us to talk Gemini, crypto, or anything else that is on your mind!


Comments: 536 • Responses: 22  • Date: 

FreeGums45 karma

How accurate or rather inaccurate is your representation of the film: the social network?

winky_pop120 karma

Great film, great story, but certainly not the full story.

noeeel37 karma

Do you think Bitcoin will allways be Crypto #1?

winky_pop113 karma

Bitcoin is certainly the OG crypto! It's hard to defeat network effects — so in terms of 'hard money' (i.e., store of value) Bitcoin is most likely the winner in the long term.

Jayd3e34 karma

Hello Cameron and Tyler, I am a big fan of how Gemini has approached the space, and I believe that regulated exchanges are needed for the space to grow. I am curious about your quick thoughts on the following:

  1. Have you seen more volume at the retail or institutional level?
  2. How do you see regulators responding to innovations in digital currency privacy like Monero/Zcash have pioneered? Those features could easily be moved into Bitcoin at some point.
  3. What are your thoughts on the long-term potential of both fiat <-> crypto exchanges and crypto <-> crypto exchanges? Which will be used most over the long term?
  4. What is your decision-making process when adding new digital currencies?

Answer any or all that you have time for.

winky_pop29 karma

(1) We have a great mix of both

(2) NYDFS approved us to support Zcash for trading and custody (May 2018)

(3) Fiat onramps are crucial for crypto now, but I can see a future where everything (including fiat) is crypto (e.g., Gemini dollar)

4) We look at management team, legal classification, market cap, technical merit, etc.

winky_pop26 karma

Thank you Reddit for coming today! We loved your questions and enjoyed answering them. Keep it classy crypto!

RealOzSultan23 karma

What’s your short term plan to gain approval on Crypto ETFs and longer term where do you see STOs?

winky_pop42 karma

Great questions. We understand the Commission's concerns and are working hard to address them (i.e., increased marketplace surveillance) w/ the following steps:

  • Marketplace Conduct Rules - we implemented this to foster a rules-based marketplace.
  • Marketplace Surveillance - we have have partnered with Nasdaq to implement Nasdaq’s SMARTS Market Surveillance technology to monitor the Gemini marketplace.
  • Market Surveillance Team - we have built an in-house team to monitor out marketplace for manipulative and deceptive practices.
  • Virtual Commodities Association - we are helping stand up an industry-sponsored self-regulatory organization for virtual commodity exchanges.

We are committed as ever to making an ETF a reality!

Rapscallion3015 karma

"Marketplace Surveillance" sounds Orwellian...isn't this contributing to the Surveillance State, where every purchase you make is known to the "authorities"? This is what crypto was intended to prevent, no?

winky_pop28 karma

I know, it sounds worse than it is, lol. The term suffers from a branding issue, but it's not Big Brother. Marketplace Surveillance is commonplace in equities and derivatives markets — so we aren't re-inventing the wheel here, just bringing best practices into crypto.

horatio-mogul15 karma

Some voices in crypto took umbrage with your recent advertising campaign in NY. The slogan read "Gemini: The REGULATED Cryptocurrency Exchange”. Could you explain the reasoning behind it? Does Gemini stand alone in this respect?

winky_pop26 karma

We know we aren't going to please everyone but the healthiest and most vibrant economies have thoughtful rules to promote positive outcomes. You can't point to a lawless economy that is thriving.

To be clear, there are exchanges and custodians that subscribe to our principles and it's encouraging to see that we are not alone in this regard — but for us this is a core focus and something we have worked hard to be thought-leaders in.

adoucett14 karma

I met you both at Head of the Charles a few years back. Your contributions to the rowing world have not been insignificant, and you've always been a source of inspiration for me. Could you elaborate on any of your favorite experiences from your years competing in the sport, or something we might not otherwise know? Any tales from the Newell Boathouse? In any case, I've enjoyed following your life story since way back then, and thank you both for helping to promote the sport here in the US, whether intentionally or not!

RowAmerica and Howard are doing good things for the sport as well, if you have anything to share about his vision and impact. I rowed my WinTech single at ACRA nationals back in 2014, and absolutely loved that boat while I owned it.

winky_pop26 karma

Thanks for your kind words! Yes, it's funny how the rowing part of our story ends up being a footnote for the most part even though we spent 15 years doing it and are very proud of this chapter — the sport of rowing has had an enormous impact on us as people and how we lead, manage, and build teams. W/r/t to Newell Boathouse, rowing under Harry Parker) was truly a once-in-a-lifetime experience. Harry was not just a coach, but an educator – if you've read Boys in the Boat you will know what I mean. I often say that some of the best lessons in life I learned at the boathouse and they had little if anything to do with rowing. The sport has given us a lot and our family looks forward to continuing to support the sport in various capacities going forward including philanthropically.

entrepreneuby11 karma

  • As angel investors, what characteristics do you look for in a company you want to invest in?

  • As a company, what secret measures do you take to become a Centurion? Any tips for other aspiring entrepreneurs looking to create fellow Centurions?

winky_pop6 karma

We look at management team / entrepreneur, size of addressable market, is the problem authentic?, etc.

Avoid short-termism, don't cut corners.

Mikeross1410 karma

Do people recognize you if you go alone (not together)?

winky_pop19 karma

Sometimes we get recognized alone, but almost always together!

Gaditonecy9 karma


I love your exchange, it's where I send all my beginner friends!

  1. When will segwit and batching be implemented for bitcoin deposits and withdrawals on your exchange? I know you cover withdrawal fees, but segwit and batching would help reduce fees across the network, not just for you.

  2. Are there any plans to support the Lightning Network once it is mature enough?

winky_pop15 karma

Thanks for sending all of your n00b friends!

(2) We are definitely monitoring Lightning Network progress and are open to supporting it if/when the time is right.

Mikeross149 karma

Favorite crypto meme?

winky_pop38 karma

joris_d8 karma

Hello !! I'd like to know what was the purposes of your visit to Jihan Wu ?

winky_pop32 karma

World domination.

travolta_cage8 karma

How many bitcoins you have now?

winky_pop33 karma

Not as many as Satoshi!

mrrat868 karma

Why is regulation such a key part of your latest Gemini marketing campaign?

winky_pop11 karma

Check today's New York Times and our blog here.

paula_vergara6 karma

Hi Cameron and Tyler, can you explain how bitcoin works with the various global exchange rates? (bitcoin newbie here). Thank you :)

winky_pop13 karma

Price of bitcoin is based on supply and demand (similar to gold and other commodities).

FriendlyCraig6 karma

When crypto forks, does your twinsense lead to debate or agreement on which to back?

winky_pop12 karma

Depends on whether it forks right or left. I'm left-handed twin, so I'm always rooting for the Southpaw fork!

Brooks212125 karma

How are you planning to engage with regulators and legislators in 2019? Separately, there hasn't been much news about the Virtual Commodity Association since its launch, what are the plans for the VCA in 2019?

winky_pop11 karma

For 2019, VCA is looking to establish pillar leads, comprised of subject matter experts across various industries, for each of the Sound Practices (e.g. market surveillance, custody, market based rules). The VCA’s Sound Practices pillar candidates include experts from finance, former regulators, consulting firms and law firms. Pillar leads will lend their expertise in forming sensible rules, as applicable, to crypto exchanges and custodians. These rules will form the basis of how crytpo exchange and custodians should conduct business, fostering customer protections and transparency.

Also, these rules are a direct response to the SEC’s concerns while evaluating ETFs for approval, around market manipulation and lack of transparency.

wwwdata3 karma

How do you store your Bitcoins for the long-term cold storage? Do you use paper, steel or hardware wallets or perhaps something different?

winky_pop11 karma

We use hardware security modules (HSMs) to store private keys — you can learn more here.

Declanprime3 karma

What was your fondest memory from attending oxford university?, what made you go there?

winky_pop27 karma

I chose Oxford University because Harry Potter went there.

joeyluvsunicorns3 karma

Hey, guys! Totally random question.

What's your favorite karaoke bar in NYC?

winky_pop7 karma

Baby Grand!

FilmFalm3 karma

How do you see your so-called “stablecoin” fitting into the market of cryptocoin offerings? Are you attempting to compete with money transfer companies?

winky_pop7 karma

We built the Gemini dollar to bring U.S. dollars onto the blockchain. From there it can potentially power decentralized apps and crypto native services. Yes, it can also be used for money transfers, but we view it more about powering a new future than competing w/ existing payment networks built on legacy banking rails.