Gemini Trust Company scored a success in the cryptocurrencies' world. The significant breakthrough of the company consists in becoming the first licen
Gemini Trust Company scored a success in the cryptocurrencies’ world. The significant breakthrough of the company consists in becoming the first licensed Ether Exchange in the world. Ether is one of the newest cryptocurrencies, launched in July 2015. To be more precise, it is a part of the Ethereum platform, which presented itself as “a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference”.
This is just another proof that cryptocurrencies tend to become more and more accepted. It is just a matter of time more countries in the world to take next step by making cryptocurrencies official or at least to recognize them as an alternative payment method.
Maybe at the beginning the operations with cryptocurrencies will need some supervision. That is what Gimini plans to do. According to Maria T. Vullo, Acting Department of Financial Services Superintendent, cited by Futurism.com: “Through smart and careful regulation, New York State continues to flourish as a virtual currency leader in the global marketplace. DFS will continue to encourage the development and long-term future of this growing industry.”
Unfortunately digital currencies are still notorious due to options for misappropriations they provide. As we all know they use decentralized model and are based on cryptography. That allows user to remain anonymous and to transfer money without any information about users’ data to be recorded. Another reason for cryptocurrencies’ bad reputation are the warnings of official financial bodies, where is said digital currencies were a risky or even dangerous investment, because they are not regulated by the government. I can summarize this with the following statement: Every investment hides some risks.
If more companies follow the example of Gemini, a more secure network will be established and developed all over the world. Thereby operations with cryptocurrencies could be regulated on a higher level and that will make them a more trustworthy tender.