Crypto Exchange Gemini Hires Former NYSE Chief Information Officer

Francisco Memoria
  • Cryptocurrency exchange Gemini has recently hired a former New York Stock Exchange chief information officer as its CTO.
  • The move will help Gemini build its platform to cater for institutional clients such as hedge funds.

Prominent cryptocurrency exchange Gemini, founded by the Winklevoss Twins Tyler and Cameron, has recently revealed through a press release it hired New York Stock Exchange’s (NYSE) former chief information officer (CIO) Robert Cornish.

Cornish was hired as the company’s chief technology officer, and is set to help it build up the cryptocurrency platform with institutional investors in mind, as the Winklevoss twins reportedly hope large hedge funds and other investors will get involved with the cryptocurrency space. In the release, Tyler Winklevoss stated:

Rob is a tremendous addition to our team. He will ensure that Gemini continues to deliver the best platform experience to our customers as possible and set the standards of excellence for the cryptocurrency industry as a whole.

Tyler Winklevoss

According to skeptics, institutional investors may not enter the market as soon as believed, as they may be deterred by the performance of bitcoin, the flagship cryptocurrency. It saw its price plummet from a near $20,000  in mid-December all-time high to about $6,580 at press time. To Cameron Winklevoss, however, this performance doesn’t hinder the cryptocurrency industry’s progress.

Speaking to CNBC, Cameron Winklevoss revealed that his “belief and thesis” haven’t changed, and that day-to-day moves don’t dissuade him. In fact, Cameron argued he’s shutting out the noise and investing in Gemini, which currently trades bitcoin, bitcoin cash, ethereum, zcash and will soon add litecoin.

When asked about a drop in trading volume in the bitcoin futures market, Winklevoss stated:

It’s been arguably a slower couple of months in terms of trading, but at Gemini it’s been one of the busiest months of our existence as we scale and build. Certainly there’s going to be people in the market that lose their interest. That is what it is.

Cameron Winklevoss

The Winklevoss twins are notable cryptocurrency bulls, who’ve earlier this year stated bitcoin has the potential to grow “30 to 40 times,” because of its potential to take a share of the gold market. The twins have also proposed a self-regulatory organization to police cryptocurrency trading.

Gemini notably hasn’t received New York’s BitLicense, which was recently granted to storage service Xapo and Jack Dorsey’s Square, but operates under a banking charter. Cornish himself has in the past worked at ISE Holdings, a securities exchange owned by Nasdaq, as chief information officer.

Cannabis Shops Turn to Crypto Apps Amidst Coronavirus Cash Shortages

Michael LaVere
  • Cannabis shops in Boulder, Colorado are using bitcoin payment app Strike to conduct "contactless" exchanges.
  • Cash shortages and lack of sanitation are causing businesses to find alternative means for transaction. 

Cannabis shops are using bitcoin payment services to conduct business in place of fiat amidst the coronavirus pandemic. 

According to a report by CoinDesk, cannabis dispensaries in Boulder, Colorado have been onboarded to the closed beta for Strike, a bitcoin payment service application founded by lighting network supporter Zap. 

Zap, founded by Jack Mallers, has been operating a closed beta for the payment application Strike which allows users the option of sending bitcoin or dollars and receiving funds in their bank account. The application uses a simple QR code interface, similar to Venmo, that allows users to send funds without having prior knowledge or expertise with bitcoin. 

Mallers said, 

Every Strike user is given a public domain at strike.me. We’re using Lightning for really fast online settlement of value transfers. … It’s also beneficial for privacy on the sender’s side.

Johnny Kurish, general manager at Boulder’s Helping Hands Herbals cannabis shop, said the application allowed his dispensary to process $1,000 worth of purchases since being added to the beta last week. 

Kurish said the dispensary will switch to only accepting Strike payments, which allow for contactless exchanges in light of the coronavirus pandemic. 

He said, 

We’re really lucky to have curbside drop-offs. We check the ID through the roll-up window, deliver the cannabis to a podium in front of the car. We’re happy to reopen with an option that’s safe for our staff.

Featured Image Credit: Photo via Pixabay.com