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While the cryptographic community is arguing the rights and disadvantages of Binance's decision to withdraw Bitcoin S.V, a single exchange, Gemini, has further established its credentials as a pillar of trust.
As the first major exchange to support SegWit, Gemini Exchange has demonstrated its commitment to advancing the cryptography program for the greater good. With this in mind, the Winklevoss twins deserve to be commended for their enlightened approach.
Gemini exchange
Launched in 2014 by the Winklevoss Twins, Gemini led the way in terms of regulatory compliance and building trust in the community.
As a company regulated by the NYS Financial Services Department (NYSDFS) and the first Ether and ZCash approved stock exchange, it is clear that Gemini aims to establish legitimate ties between the old and the new world. Their slogan "the most reliable way to buy and sell cryptocurrency" is a reflection of how they conduct their business – that is, according to the book's guidelines.
Hey @Gemini… Crypto already has a lot of rules. Crypto IS rules. These rules are stronger than all political inscriptions; they are objective, open and known to all parties, they transcend boundaries and are applied by mathematics. Crypto is a system of laws and not of men. https://t.co/fblSPH0BZE
– Erik Voorhees (@ErikVoorhees) January 4, 2019
Gemini, eager to demonstrate this business philosophy, launched an advertising campaign early in the year. It contained several prominent ads on subway cars, taxis, buses, bus stops and even an entire page in the New York Times. Their message was clear, to rebadure non-coiners that Gemini was not a "nothing" company. Chris Roan, director of marketing at Gemini, said this in the Wall Street Journal:
"We believe that investors who enter cryptocurrency deserve exactly the same protections as investors in more traditional markets, adhering to the same standards, practices, regulations and compliance protocols."
Find it @Gemini #cryptobus around Manhattan all week! #cryptowithoutchaos pic.twitter.com/5kwhG0czaF
– Gemini (@Gemini) January 8, 2019
In addition, while the impact of Bitcoin S.V continues to divide the community, it is rebaduring to know that there is still a sense of guardianship within the community. Commenting on the situation, Tyler Winklevoss pointed out that the list of Gemini was based on merit. And not on short-term monetary gain.
JUSTIN: @Gemini never listed $ BSV in the first place.
– Tyler Winklevoss (@tylerwinklevoss) April 15, 2019
SegWit Support
In keeping with its forward-thinking approach, Gemini is the first major exchange to support SegWit. In an article published on Medium, Brian Kimjohnson, software engineer at Gemini, spoke about the timing of the publication:
"We believe that SegWit will become the norm. And, in doing so, will generate many benefits for all Bitcoin network participants. Given the level of community adoption – and ecosystem support – we now recommend that all Gemini customers use SegWit addresses. After extensive testing and development, we know that launching SegWit support is the right decision for our customers at the right time. "
He continues to defend the benefits of SegWit, while hinting that it's the launch pad for even more things:
"Our team sees SegWit as a positive step forward for crypto and big future of money. As SegWit is used, supported and adopted, it will help reduce network fees, wait times and congestion. SegWit transactions lay the foundation for more advanced technologies; whose Lightning network is the best known. "
And while SegWit is far from an industry standard, this decision largely helps to fill the gaps in Bitcoin as a first-generation technology. Therefore, one can only infer that the Winklevoss twins think that there is only one bitcoin.
Thanks for segwit!
– eugenelee3 (@ eugenelee3) April 16, 2019
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