Cryptocurrency exchange Gemini’s founders, Tyler and Cameron Winklevoss, said they hope to add additional cryptocurrencies to their exchange later this year, including Litecoin and Bitcoin Cash. The brothers, famous for being outspoken Bitcoin billionaires, started the Gemini exchange in 2015 with a focus on customer service, security, and simplicity.
The exchange currently only trades Bitcoin and Ethereum with USD pairings, and adding new coins provides greater liquidity and volume for the coins that are added. Opening an account entails a fee, and Gemini has significant minimum investment requirements compared to other exchanges. That being said, the additional costs provide additional security, as the majority of the exchange’s coins are held in offline storage and are impervious to being hacked.
The brothers made the announcement to Bloomberg at an event hosted by CBOE Global Futures on Thursday. In addition to generating greater liquidity for the coins it lists, the Chicago futures exchange also uses Gemini’s pricing data for its Bitcoin contracts.
The news of potentially more digital assets being added to the futures markets comes on the heels of executives at LedgerX, a cryptocurrency clearing house, announcing that they would be adding several new cryptocurrency derivative products in 2018, including Ethereum futures.
The Chief Operating Officer at CBOE Global Markets spoke on this topic and said, “You look at the entire crypto space and you look at what other products have the liquidity and the national size, a derivative makes sense.”
According to the Bloomberg article, Tyler Winklevoss said that Gemini plans to add things that are “from the Satoshi Nakamoto family tree – Bitcoin Cash, Litecoin.” Users of Gemini that received Bitcoin Cash as a result of the fork have been allowed to withdraw it to other wallets since October of 2017, but they have not been able to trade it as of yet.
Tyler Winklevoss has reportedly called Litecoin the “godfather” of digital currencies, so it is no wonder that it stands to be one of the next currencies added to the exchange.
According to coinmarketcap.com, Gemini is ranked 16th in exchange volume, with a total volume sitting around $121,000,000 USD as of March 8th. The additional volume and liquidity could be beneficial for those who own Bitcoin Cash and Litecoin.