What Is Gemini?

Gemini is a cryptocurrency exchange that lets users buy, sell, trade, and store bitcoin, ether, and about 40 other cryptocurrencies. It was launched in 2015 by Cameron and Tyler Winklevoss.

Gemini has a service that is different for casual investors and hardcore traders. They have a mobile app, a payment app, and their own currency, the Gemini dollar. The Gemini dollar is different from other cryptocurrencies because it is stable and tied to the U.S. dollar.

Gemini is a cryptocurrency exchange that competes with Coinbase and Kraken.

The formal name of the company is Gemini Trust Co., LLC.

KEY TAKEAWAYS

• Gemini is a website and mobile app that allows you to buy, sell, store, and spend cryptocurrencies.
• Its major selling points are security and how easy it is to use.
• Gemini is a cryptocurrency exchange that supports trading in more than 40 cryptocurrencies. It also has its own currency, the Gemini stable coin.
• Since its 2015 launch, Gemini has added a payment app and an interest-paying savings account. A Gemini credit card is in the works. It is still being developed, but it will soon be available to the public.
• The Winklevoss twins have hinted that they may launch an initial public offering (IPO) in the future.

Understanding Gemini

As any astrology buff knows, Gemini represents twins. This sign can also mean that someone is two-faced. Aside from the obvious reference to the Winklevoss twins, the Gemini name is a reference to the Gemini space program. (The holding company that owns the Gemini platform and the brothers’ other assets is called Gemini Space Station.)

Gemini is a platform that allows users to trade different types of currency. U.S. dollars and bitcoins can be traded on Gemini. People can also trade other currencies in about 20 combinations.

Gemini offers its customers a platform to buy, sell, and store digital currencies in a safe and regulated environment. Gemini focuses on the core principles of security, liquidity, and trust.

How to Trade on Gemini

Gemini is a 24/7 online broker. A standard market order on Gemini is filled immediately at the best available market price. Gemini also offers different types of limit orders. These include immediate or cancel (IOC), maker or cancel (MOC), and auction-only (AO) limit orders.

Gemini requires all orders to be fully funded. This means that customers must have the money in their account to cover the entire order. Gemini does not offer margin trading, which allows investors to borrow money to trade on the platform. The exchange also does not allow short trading, which is when an investor sells a security they do not own in anticipation of buying it back at a lower price and then returning it to the original owner.

Gemini focuses on user security. Most users’ crypto is stored in offline “cold storage” while the ready money is held in an insured “hot wallet.” Customers can transfer coins from a cryptocurrency wallet to a Gemini account, and vice-versa. To deposit crypto coins into a Gemini account, the customer needs to generate an exclusive deposit address on the Gemini platform and then initiate the transfer from the wallet to the deposit address.

First-of-Its-Kind Custodian Service

Gemini is a virtual currency exchange that also offers custodian services. This means that they are licensed to hold your digital assets on behalf of the customer. Gemini is obligated to maintain required cybersecurity measures and meet banking compliance standards.

Gemini has a banking relationship with State Street, a New York State-chartered bank. This means that all customer funds are held by the bank. Gemini’s adherence to conventional banking requirements ensures that money in whatever form is backed by adequate monetary reserves.

The company offers a service that stores customers’ money offline in a secure and auditable way. The service is meant for large institutional customers like mutual funds, exchange traded funds, and hedge funds.

Gemini’s Fees

Gemini has separate fee structures for its Gemini Exchange, mobile app, and Active Trader offering. For accounts worth less than $1 million, buyers are charged 0.250%, sellers are charged 0.100%, and auction participants are charged 0.150%. Certain very high-dollar transactions are free of charge.

Gemini Pay, a cryptocurrency app that allows users to pay for goods with their Gemini dollars, is fee-free. Transactions can be made in Gemini dollars, the service’s Gemini stable coin, which has the advantage of being less volatile in price as it is tied to the U.S. dollar. Pay app users can also pay with bitcoin, ether, litecoin, zcash, or bitcoin cash.

Gemini’s Place in the Cryptocurrency Industry

The Winklevoss twins seem to be determined to be the good guys in the Wild West of cryptocurrency trading. Gemini has sought to distinguish itself from its rivals by stressing that it is licensed and regulated by the New York State Department of Financial Services, the agency that is responsible for overseeing banking, financial services, and insurance companies that do business in the state.

The company has obtained insurance for its customers’ cryptocurrency assets.

Gemini’s History and Leadership

Cameron and Tyler Winklevoss are the majority owners of Gemini. The Winklevoss twins are best known for suing Mark Zuckerberg for stealing their idea for Facebook. They won a $65 million settlement.

The twins used some of their money to buy bitcoin and ether in the early days. They became billionaires in 2017. Some of that money was put into Gemini, their company.

Right now, Facebook seems very old-fashioned to young people. Tyler Winklevoss told Forbes that “the idea of a centralized social network is just not going to exist five or ten years in the future.” He believes that the next generation will live in a world where decentralized networks like Bitcoin and Ethereum are more common.

Gemini’s International Expansion

Gemini was launched in January 2015. It became available to customers in the United States in October 2015. The exchange expanded internationally starting with Canada and the United Kingdom in mid-2016. Gemini soon added Hong Kong, Singapore, South Korea, and Japan to serve the increasing number of Asian cryptocurrency enthusiasts. As of December 2021, Gemini is available in over 60 countries around the world.

Gemini was the first company to offer a daily bitcoin auction. This type of auction is used in all modern stock exchanges. Gemini also offers a daily ether auction.

Gemini’s Recent Developments

Gemini was originally created as an exchange for institutional traders, not individual investors. However, as of December 2021, more than 60 cryptocurrencies can be bought and sold on Gemini.

Gemini Pay

Now, Gemini is becoming more popular. It has a mobile app that is accepted at about 30,000 stores, including Bed, Bath & Beyond and Petco. Gemini also has a partnership with TaxBit to help people calculate their tax obligations related to cryptocurrency. People who own cryptocurrency can even earn interest on their holdings through Gemini. In early 2021, a savings account feature called Earn was introduced that offers annual interest rates of up to 8.05% on cryptocurrency holdings, much more than what banks offer for conventional money deposited in savings accounts.

Gemini Credit Card

There are plans to create a Gemini credit card. However, the Winklevoss twins have not yet announced any firm plans for an initial public offering.

What Is Gemini Exchange?

Gemini is a cryptocurrency trading platform that has its own cryptocurrency, called the Gemini dollar. You can use it to buy and sell more than 60 types of cryptocurrencies. The platform is available through a website and a mobile app, and it offers separate interfaces for individual and institutional investors.

Who Owns Gemini Exchange?

The Gemini Exchange is owned by Cameron and Tyler Winklevoss. They are the main owners. If there are any other minority owners, they are not very well known.

What Crypto Can You Buy on Gemini?

Here is a list of all the cryptocurrencies that can be bought, sold, and stored on Gemini as of December 2021. (The names in parentheses are those which can only be stored on Gemini, not bought or sold.) If some of these names are unfamiliar to you, don’t worry – you’re not alone!

Aave, Alchemix, (Alchemy Pay), Amp, Ankr, API3, Audius, Axie Infinity, Balancer, Bancor, BarnBridge, Bancor, BarnBridge, Basic Attention Token, Bitcoin, Bitcoin Cash, (Bread), Burn, (Caspian), Chainlink, Compound, Cryptex, Curve, Dai, Decentraland, (DerivaDAO), Dogecoin, Enjin Coin, Ether, Fantom, Fetch.ai, Filecoin, Gemini dollar, (Golem), (Illuvium), Injective, (Keep Network), Kyber Network, Litecoin, Livepeer, (Loom), Loopring, Maker, Mask, Mirror, Moss Carbon Credit, Numeraire, (Ocean), (OMG Network), 1inch, Orchid, Ox, PAX Gold, Polygon, Quant, Radicle, Ren, SKALE, Shiba Inu, Smooth Love Potion, Somnium Space, Storj, SuperRare, SushiSwap, Synthetix, (tBTC), Terra, Terra USD, The Sandbox, The Graph, (Total Crypto Market Cap), Uma, USD Coin, Uniswap, (Wrapped Bitcoin), Wrapped Centrifuge, (Wrapped Nexus Mutual), (Wrapped TON Crystal), Yearn.finance, Zcash.

How Much Is Gemini Worth?

Gemini is a private company, so it’s value is unknown. However, it employs 350 people. As reported by Bloomberg on Nov. 19, 2021, Gemini has a value of $7.1 billion.

Is Gemini Bigger Than Coinbase?

There are two dominant cryptocurrency platforms: Gemini and Coinbase. They both have similar features and stress security and ease of use. Precise user numbers are hard to come by, but they are probably outdated as soon as they’re posted. According to BitDegree, Gemini had a slightly larger user base, at about 13.6 million compared to Coinbase’s 13.3 million.

The Bottom Line

Gemini and Coinbase are two of the most popular platforms for buying and selling cryptocurrencies. Gemini is a licensed New York trust company, which means it is regulated and your money is safe. The company also has an ad campaign that promises “cryptocurrency without chaos.”