Gemini CEO Tyler Winklevoss: Chainlink (LINK) Is a 'Fantastic Project'

On Tuesday (April 14), Tyler Winklevoss, Co-Founder and CEO of digital asset exchange Gemini, called Chainlink (LINK) a "fantastic project."

Here is how Binance Info describes Chainlink:

"Chainlink (LINK) is a decentralized network that provides information (oracles) to smart contracts.

"Founded in 2017 by Sergey Nazarov and Steve Ellis, Chainlink aims to solve the problem of off-chain information sourcing by smart contracts for their execution parameters.

"Smart contracts are designed to execute automatically when certain parameters are met, however, when these parameters exist off-chain there is a reliance on sources of information (known as oracles) to provide the necessary information.

"Off-chain oracles tend to be centralized and with it comes a reliance on a third party to provide critical information in a trustworthy and time critical manner.

"ChainLink aims to break this reliance by feeding information to smart contracts via a network of decentralized oracles that work together on the Link blockchain to verify and forward critical information to these contracts.

"The ChainLink network allows users who have either a data feed or information carrying APIs to easily provide information to smart-contracts in exchange for the LINK token. "

The story of Gemini's involvement with Chainlink started on 13 June 2019, when the CEO of Block Journal asked Gemini on Twitter when it would be listing the LINK token:

Well, it was not until 10 months later when Winklevoss replied to the above tweet:

Winklevoss's tweet linked to a blog post titled "Chainlink, Dai, and Orchid Support Coming Soon!" that Gemini had published on April 9.

In that blog post, Gemini announced that it planned to support three new cryptoassets on its trading platform: Chainlink (LINK), Dai (DAI), and Orchid (OXT). Gemini also said it will be allowing LINK, DAI, and OXT deposits into Gemini accounts starting at 09:30 Easter Time (or 13:30 UTC) on 24 April 2020, and mentioned that trading would "follow shortly thereafter."

April 2020 is the first month that conservative crypto exchange Gemini has added support for any new digital assets since December 2018 (when it listed Bitcoin Cash), and this move by Gemini will bring the total number of cryptoassets it supports to nine (Bitcoin, Ether, Bitcoin Cash, Litecoin, Zcash, Chainlink, Dai, Orchid, and Chainlink).

When someone replied to the Gemini CEO's tweet and asked him if he owned any LINK, Winklevoss replied:

Then, earlier today, Winklevoss found time to praise the highly passionate community of LINK HODLers (aka "LINK marines"):

Yesterday, CryptoGlobe published a report that compared the Q1 2020 performance of Bitcoin, the world's most valuable cryptocurrency (by market cap), with that of Chainlink (LINK), one of the hottest altcoins of 2019 and 2020.

For the Q1 2020, here is how Bitcoin and Chainlink fared against USD:

  • Bitcoin: went from $7,183 at the start of the year to $6,423 on 31 March 2020, i.e. it went down 10.58%
  • Chainlink: went from $1.76 at the start of the year to $2.26 on 31 March 2020, i.e. it went up 28.40%