Despite the U.S. SEC now twice rejecting the Winklevosses’ application for a Bitcoin-based exchange-traded fund, the brothers are not wasting any time licking their wounds and have already set their sights on the future.
With the overall demand for cryptocurrencies waning quite a bit this year, the twins (who own the Gemini Trust Co. exchange) continue to back Bitcoin even though Wall Street investors are still in two minds about the legitimacy of digital assets.
In regards to this matter, Tyler Winklevoss was noted as saying:
“Wall Street is taking cryptocurrencies seriously, however, the vast majority of Wall Street firms are still not participating in the cryptocurrency market, which remains primarily a retail-driven market. This will change over time, but it will take time.”
“More Institutional Money is On Its Way”
In an interview with Bloomberg, Tyler let it be known that institutional investors are looking to get a piece of the cryptocurrency action, but are staying on the sidelines up until the SEC clarifies its positions on alt-assets.
At this point, it is also worth mentioning that late last year, Gemini and Cboe Global Markets Inc. launched Bitcoin futures contracts— a decision that was welcomed with open arms by the crypto community at large.
Final Take
Over the course of 2018, Gemini has exceeded market expectations and has grown from a mid-level business operation that housed 20 full-time employees, to a venture that currently staffs over 150 personnel.
In addition to this, earlier this July, Gemini also roped in ex-Wall Street honcho Robert Cornish, who served as the CIO (chief information officer) for the New York Stock Exchange.
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