The exchange of the Winklevoss brothers, Gemini.com announces the launch of the "Gemini Dollar", available today September 10, 2018, an ERC20 token in the Ethereum blockchain that maintains parity 1: 1 with the North American Dollar.
Below is the translation of the original Gemini Blog Post by Cameron and Tyler Winklevoss
When we founded Gemini more than 4 years ago, our mission was simple: to build a bridge to the future of money. As a first step this involved making safe and easy the purchase, sale and storage of cryptocurrencies such as Bitcoin, Ether and ZCash. However, when fiat coins interact with cryptocurrencies, the differences between the traditional banking system and the cryptocurrencies become clear. While cryptocurrencies operate 24/7/365 (similar to email), fiat coins only operate during specific "office hours" (such as physical mail), a fundamental incompatibility. As a next step in our mission, we must improve the link between these worlds by giving the fiat currency the same desirable qualities as cryptocurrencies.
To date, there has not been a reliable and regulated digital representation of the North American Dollar (USD), which moves in an open and decentralized manner like cryptocurrencies. Introducing the Gemini Dollar - a stable value currency (often called "stablecoin") which is (i) generated by Gemini, a trusted New York company, (ii) strictly linked 1: 1 to the USD, and (iii) ) built on the Ethereum network according to the ERC20 standards for tokens. Dolar Gemini (symbol GUSD) combines the credit value and price stability of the USD with blockchain technology and the supervision of North American regulators, in particular, of the New York State Department of Financial Services (NYDFS). You can read more about the Gemini dollar - the first regulated stablecoin in the world - in our white paper.
Starting today, September 10, 2018, at 10am Eastern Time, you can convert the USD into your Gemini account, in Gemini dollars and withdraw it to an Ethereum address that you specify. You can also automatically convert Gemini dollars to USD by depositing them to your Gemini account
The exchange of the Winklevoss brothers, Gemini.com announces the launch of the "Gemini Dollar", available today September 10, 2018, an ERC20 token in the Ethereum blockchain that maintains parity 1: 1 with the North American Dollar.
Below is the translation of the original Gemini Blog Post by Cameron and Tyler Winklevoss
When we founded Gemini more than 4 years ago, our mission was simple: to build a bridge to the future of money. As a first step this involved making safe and easy the purchase, sale and storage of cryptocurrencies such as Bitcoin, Ether and ZCash. However, when fiat coins interact with cryptocurrencies, the differences between the traditional banking system and the cryptocurrencies become clear. While cryptocurrencies operate 24/7/365 (similar to email), fiat coins only operate during specific "office hours" (such as physical mail), a fundamental incompatibility. As a next step in our mission, we must improve the link between these worlds by giving the fiat currency the same desirable qualities as cryptocurrencies.
To date, there has not been a reliable and regulated digital representation of the North American Dollar (USD), which moves in an open and decentralized manner like cryptocurrencies. Introducing the Gemini Dollar - a stable value currency (often called "stablecoin") which is (i) generated by Gemini, a trusted New York company, (ii) strictly linked 1: 1 to the USD, and (iii) ) built on the Ethereum network according to the ERC20 standards for tokens. Dolar Gemini (symbol GUSD) combines the credit value and price stability of the USD with blockchain technology and the supervision of North American regulators, in particular, of the New York State Department of Financial Services (NYDFS). You can read more about the Gemini dollar - the first regulated stablecoin in the world - in our white paper.
Starting today, September 10, 2018, at 10am Eastern Time, you can convert the USD into your Gemini account, in Gemini dollars and withdraw it to an Ethereum address that you specify. You can also automatically convert Gemini dollars to USD by depositing them to your Gemini account