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Winklevoss twins may partner with Facebook on cryptocurrency

TechCrunch [CC BY 2.0 (https://creativecommons.org/licenses/by/2.0)]

Wed, 21 Aug 2019, 04:06 am UTC

Winklevoss twin brothers Tyler and Cameron, the co-founders of cryptocurrency exchange Gemini, said they are open to partner with Facebook’s cryptocurrency Libra.

In an interview with CNN’s Poppy Harlow on Aug. 19, the brothers said they are willing to set aside their previous legal dispute with archrival Facebook’s Mark Zuckerberg for Libra.

Facebook was a dispute, but it didn’t really define who we were as people. Gemini’s much more of a representation of who we are, what we stand for, what we’re interested in,” Tyler said.

The report noted that Gemini’s aspiration to seek regulatory approval globally could make the brothers an attractive partner for Facebook since the push for new regulations has been widely driven following the announcement of Libra in June.

Meanwhile, the duo revealed they have been in talks about joining the Libra Association, the project’s governing body, which currently involves 28 founding members including Gemini’s rival Coinbase.

However, the two noted that they still need to gain in-depth knowledge about the project before joining the association or listing Libra on the Gemini exchange, which they said is another possible partnership. The Libra Association refused to comment on any ongoing negotiations with potential members.

Even if the partnership is not realized, Cameron acknowledged that Libra signifies a step toward the wide acceptance of cryptocurrency.

I think there is a day in the future where we can’t live without crypto, or imagine a world before crypto,” he noted.

The twins also believe that Facebook will not be the last tech giant to enter the crypto space, with Cameron noting that each of the FAANG firms, including Amazon, Apple, Netflix, and Google, will get into crypto eventually.

I think that internet companies have to have a crypto strategy, and I think a lot of them are thinking about their own coin projects. They're probably watching Libra and Facebook to see how that fares as they develop it,” Cameron said.

Earlier this month, it has been reported that Gemini is slated to become a constituent exchange for the Chicago Mercantile Exchange (CME Group)’s crypto reference rates. The new data source will go live on Aug. 30, 2019.

The firm has also reportedly been seeking to obtain a broker-dealer license from the Financial Industry Regulatory Authority (FINRA) to make the company an alternative trading system that will enable it to trade securities and allow trading securities listed on other platforms.

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