Do not invest more money than you can afford to lose.
Tyler and Cameron Winklevoss, the twin brothers who are known to the general public with their early involvement in Facebook before it became Facebook, and are currently internet entrepreneurs, announced that their cryptocurrency exchange Gemini launches operations in Canada.
According to the company announcement, Gemini’s expansion to Canada is the first step in its plans for international presence and “our tireless pursuit of building a world-class digital asset exchange with global reach.” Tyler Winklevoss told the Bloomberg wire agency that within the next few days Gemini will launch its services in another country, but did not reveal which.
As of Monday Gemini’s registered customers can trade bitcoin for ether and vice versa on the exchange’s ETH/BTC order book. The option to trade the two cryptocurrencies for USD would be available to Canadian customers soon.
This would allow them to buy BTC with USD or ETH, and sell BTC for USD or ETH buy ETH with USD or BTC, and sell ETH for USD or BTC.
According to analysts, Canada is a lucrative market for digital currencies and exchanges, as it has a high penetration rates of electronic payments and smartphones that enable digital activities. It has several own cryptocurrencies exchanges such as Taurus, CanadianBitcoins and QuadrigaCX. Gemini would not be the first US cryptocurrency exchange offering its services to Canadians, as Kraken and Coinbase already entered the market in 2015.
The Gemini exchange was launched in October 2015 and until recently offered trading in bitcoin and other “regular” currencies. In early May it got a license from the New York State Department of Financial Services (NYSDFS) for trading in ether.
Even though the exchange has not published official trading volumes data, Winklevoss told Bloomberg it handled ether and bitcoin trading worth $30 million in the last 30 days.
Meanwhile, on Tuesday the bitcoin reached a high of $590.98 and a market capitalization of $9.169 billion. One ether cost almost $14 and had a market cap of $1.1 billion.
Besides Gemini, the Winklevoss twins, have invested through their company Winklevoss Capital in Hitch – a car sharing service similar to Uber, recently acquired by Lyft, several freight, shipping and transport companies, a storage firm, a wine and spirits delivery service, a family social network, etc.