Gemini cryptocurrency exchange is set to become the world’s first SOC (Service Organization Control) 2 level company in the industry. Having already completed SOC 1 with Deloitte, and undergone strict oversight certifications within New York State, Gemini is arguably the most transparent and regulation-compliant crypto exchange in the world, Coinbase exchange included.
SOC 2 certification will not be complete until fall 2019 but there is no reason to believe that Gemini will not pass muster. The exchange, led by Tyler and Cameron Winklevoss, has already initiated an ambitious media campaign in New York City. Messages placed on the NY subway system and on cab toppers deliver a message that the past chaos of the crypto industry will be wiped away with sensible regulation and compliance. Gemini hopes to be the leader in this next wave of crypto exchanges.
Not everyone agrees with the Winklevoss plan. Many within the crypto space still long for an industry that operates outside of the confines of government and regulatory oversight. However, to Gemini, this philosophy has already proven bankrupt. 2018 and early 2019 have seemed like nothing other than major price declines, exchange and ICO frauds, and stalled adoption. The industry needs to turn over a new leaf.
By achieving SOC 2, Gemini would start to look less like a crypto exchange and more like a mainstream fintech company. This achievement would surely help the Winklevoss twins pull off their other major goals, like getting the SEC (Securities and Exchange Commission) to approve a Bitcoin ETF (exchange traded fund). With high-level regulation, it’s even possible to imagine Gemini becoming a public traded company, effectively integrating the crypto investment industry with the world of global finance.
These developments should be no surprise to anyone who understands the Winklevoss twins’ pedigree (and, no, we’re not talking about their Olympic rowing record). The Winklevii were part of the early days of Facebook. They had a famous legal showdown with FB CEO Mark Zuckerberg, and the outcome of this era in their corporate ambitions did not turn out according to their plan.
With Gemini, the Twins hope to create a worldwide corporation that’s their own, without the controversy of ownership they once shared with The Zuck. Already millionaires many times over from early Bitcoin investments (the Winklevosses used to be Bitcoin billionaires), the Gemini operators clearly have a reason to want cryptocurrency to be fully legitimate in a regulatory sense. Only time will tell if they succeed but, in the process, they’re likely to change the industry for the better.
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