Gemini Exchange Likely to List Litecoin and Bitcoin Cash
The Winklevoss twins have been strong advocates of Bitcoin since they invested back when it was trading at $8. Today the billionaire brothers have their own exchange which is set to expand to include others from the ‘Satoshi family tree’, these are likely to be Litecoin and Bitcoin Cash.
Welcoming Members of the Satoshi Family
The Gemini Exchange operates primarily as a Bitcoin and Ethereum trading platform, however the twins have plans to expand this to include LTC and BCH this year. The move could have a big impact on CBoE Global Markets Inc which is Gemini’s partner on Bitcoin futures. The Chicago based exchange also has plans to expand its futures contracts beyond Bitcoin and currently uses Gemini to calculate its XBT contracts.
At the 34th annual CBOE Risk Management Conference the twins discussed ‘Digital Assets and the Future of Finance’ with Paul Stevens from the exchange.
The next possible futures contracts could well be Ethereum, possibly followed later in the year by Litecoin and Bitcoin Cash if they get listed on Gemini, which will be responsible for supplying the data.
According to Tyler Winklevoss the licensing agreement with CBoE is scalable, and they entered into the deal knowing it could expand in terms of offerings. Prices usually react when cryptocurrencies get listed on major exchanges; this has been the case historically with rival exchanges Coindesk Inc., and Coinbase. The move would place Gemini in a better position to compete with Coinbase which may then need to increase its own listings by adding others such as Ripple.
Optimistic about greater institutional investor participation in 2018, Tyler went on to say;
“Futures have gotten off to an incredible start. In 2018, you’re really going to see institutions and Wall Street really get in, and it’s going to look very different,”
The Winklevoss twins also praised the SEC for taking the official stance that crypto exchanges must register as a national exchange with the regulatory agency. Gemini itself is regulated by the New York State Department of Financial Services. Regulation is a critical move in protecting investors from fraudulent activity and products.
Bitcoin Cash has seen a positive reaction already, trading up 11.5% on the day however Litecoin has remained lackluster during this morning’s Asian trading session and is only up 4.4%. Real price action will be seen when the official announcement is made.