Tyler and Cameron Winklevoss, co-founders of the New York-based crypto change Gemini, might quickly be a part of the Libra Association, the consortium governing Facebook’s proposed cryptocurrency.
“We’re definitely looking at it in earnest and we’re excited about the project,” Cameron advised CoinDesk Tuesday.
Tyler added that of their view, Libra is a harbinger of cryptos to return:
“Our feeling is, this is the first of many FANG [Facebook, Amazon, Netflix and Google] companies to have a token project. Our prediction is in the next 24 months almost every FANG company will have a coin or be working on some sort of project.”
Joining Libra could be a shock transfer to some, contemplating the Winklevoss brothers’ legendary struggle over management of Facebook with its CEO Mark Zuckerberg, their former Harvard classmate. But they now need to be “frenemies”with a mutual aim of selling mainstream crypto adoption.
Plus, the twins are aiming to diversify Gemini’s token choices by 2020. They lately utilized for a broker-dealer license by way of the Financial Industry Regulatory Authority, which might permit Gemini to record digital securities.
The Libra white paper, unveiled final month, envisions “a competitive network of exchanges buying and selling Libra,” enabling holders to simply convert the coin, backed by a basket of secure authorities currencies, into native fiat.
So far, just one crypto trade, Coinbase, has joined the Libra Association, whose ranks additionally embrace conventional monetary gamers akin to PayPal, Visa and Mastercard and VC companies reminiscent of Union Square Ventures and Andreessen Horowitz. (Crypto custodian Xapo can also be a member.)
The Winklevoss are additionally personally invested in each Filecoin and Tezos. So these may supply examples of the varieties of “utility tokens” they’d wish to ultimately supply on the change with regulatory approval, Tyler stated.
“We ask [regulators] for permission, not forgiveness,” Cameron added.
Although U.S. lawmakers have thus far given Facebook’s international cryptocurrency challenge an icy reception, even urging the affiliation to halt development, Libra’s imaginative and prescient of a worldwide foreign money in any other case aligns with the twins’ objectives for their very own trade. Cameron stated they need to broaden internationally, beginning with Europe and Asia.
“Our marketplace will be virtual commodities, virtual securities, and on and on,” Tyler stated. “Pretty much anything that can come onto a blockchain.”
From his perspective, “mainstream adoption” means greater cryptocurrency costs.
“If bitcoin really is Gold 2.0, it has to have a market cap of $7 trillion,” he stated. “I think that market cap is a good measure of adoption and how many people are actually in crypto.”
Winklevoss picture by way of Shutterstock