- Libra’s vision of a global currency aligns with the Gemini’s goals for their own exchange
- The Winklevoss twins and Facebook CEO Mark Zuckerberg have a well-documented past.
The co-founders of Gemini, a New York-based crypto exchange, Tyler and Cameron Winklevoss might be joining the Libra Association, the board governing Facebook’s upcoming cryptocurrency Libra.
“We’re definitely looking at it in earnest and we’re excited about the project.”
Tyler added :
“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.”
Given the well-documented tensions between the Winklevoss brothers and Mark Zuckerberg, over the control of Facebook, the move sure does come as a surprise to some. But they have supposedly come together with a mutual goal of promoting mainstream crypto adoption.
Additionally, the Winklevoss brothers are planning to diversify Gemini’s token offerings by 2020. Through the Financial Industry Regulatory Authority, they have recently applied for a broker-dealer license which will permit Gemini to list digital securities.
The Libra white paper stated that it envisions “a competitive network of exchanges buying and selling Libra,” helping holders to have the coin converted into local fiat easily. As of now, only Coinbase has joined the Libra association, whose ranks, however, include financial giants like PayPal, Visa and Mastercard and VC firms such as Union Square Ventures and Andreessen Horowitz. (Crypto custodian Xapo is also a member.)
Moreover, the twins are personally invested in Filecoin and Tezos. These might offer examples as the types of “utility tokens” they’d like to offer in the exchange with regulatory approval eventually, Tyler said.
Despite US lawmakers being quite hostile towards Facebook’s Libra project, its vision of global currency otherwise is on par with the brothers’ goals for their own exchange. Cameron said that they’re hoping to expand globally, starting with Asia and Europe. Tyler revealed:
“Our marketplace will be virtual commodities, virtual securities, and on and on, pretty much anything that can come onto a blockchain.
If bitcoin really is Gold 2.0, it has to have a market cap of $7 trillion, I think that market cap is a good measure of adoption and how many people are actually in crypto.”