Bitcoin backers seek to create ‘regulated’ exchange

The Winklevoss twins, who clashed with Mark Zuckerberg over Facebook, are seeking approval for a Bitcoin exchange overseen by US regulators.

The pair plan to have the exchange, called Gemini, trading later this year, reports the New York Times.

Cameron and Tyler Winklevoss are known to have invested millions in the virtual currency.

Currently the value of each bitcoin is approaching $200 (£133) – far below the $1,200-high it hit in November 2013.

Lost money
Development work on software underpinning the exchange is being carried out at the Bitcoin start-up founded by the Winklevoss twins. In addition, they have been lobbying New York financial regulators to drum up support for the idea and have signed up banks to handle deposits and transfers.

Work on the exchange began after New York’s financial services watchdog last year encouraged virtual currency entrepreneurs operating in the state to apply for formal recognition. This, said the watchdog, was the first step towards full regulation of such exchanges.

Read the Full Article: Source – BBC News

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