There have been multiple rumours surrounding the Winklevoss brothers and their crypto exchange Gemini. One of the most popular ones was that the twins tried to bribe a New York official to get an approval for their exchange.
We will probably never know if its true or not, but the fact remains: Gemini received an approval from the New York city administration, and now the Gemini dollar also got green light.
From now on, Gemini’s crypto will be officially backed up by the US dollar. The same happened for the standard of Paxos Trust Company.
Frankly speaking, many experts don’t see much use in having dollar-tied coins. Though they are way less volatile than the regular cryptocurrencies, it doesn’t seem a good reason to stop using a fiat dollar. Hopefully, we will see more incentives for using such coins soon.
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