After Coinbase Steals the Spotlight, Winklevoss Twins Anticipate Approval for Exchange This Quarter

Tyler and Cameron Winklevoss have told Reuters that they expect to get regulatory approval for their planned Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, Gemini, this quarter.

Shortly after revealing their plans last week, Coinbase took the spotlight and launched a licensed exchange of its own, only releasing news of its plans hours before launch.

The twins are basing their target date on the New York Department of Financial Services' (NYDFS) goal of finalizing its regulatory framework for virtual currencies this quarter.

Their firm, Winklevoss Capital, is also investing heavily in security and hiring top IT talent. "Security shouldn't be with this guy in the back office. He should be the most important person in the organization," said Cameron.

They have sought to dispel the notion of hackings being the primary cause for bitcoin losses. "Most bitcoin losses have not been due to theft or hacking. It has been due to user error. It is people forgetting their passwords or losing their keys," said Tyler.

As to the status of their planned exchange traded fund (ETF), which would give investors exposure to bitcoin's value without having to hold on to actual bitcoins, there is currently no ETA. During a session at yesterday's Inside ETFs conference in Hollywood, Florida, they pitched their product to gold bugs.

Despite bitcoin losing as much as 80% of its value during the past 12 months, the twins remain unfazed. "We have never sold a bitcoin," said Cameron.