Nauticus Exchange will list the Gemini Dollar — the stablecoin launched by the Winklevoss Twins, famed for their involvement in the inception of Facebook. As part of the listing, Gemini will feature Nauticus Exchange as a partner exchange on their site.
STABLECOIN: WHAT IS THE GEMINI DOLLAR?
The Gemini Dollar launched last month after receiving approval from the New York Department of Financial Services.
It is one of the world’s first regulated stablecoins and combines the credit worthiness and stability of the US dollar with blockchain technology.
It is designed to be a genuine medium of exchange, with the value pegged to the US dollar.
“With the recent uncertainty around Tether, we are delighted to be able to be the first in Australia to offer the Gemini Dollar — a well-regulated and totally transparent stablecoin pegged to the US Dollar,” said Nauticus COO Jonathan Chang.
WHAT ARE ADVANTAGES OF THE GEMINI DOLLAR?
The Gemini Dollar has advantages over it’s much larger competitor Tether.
Each token is backed a US dollar which is held in an FDIC insured account by investing giant State Street. Multiple third party audits ensure trust in the cryptocurrency’s value.
The token is issued by the Gemini exchange, a New York trust company regulated by the New York State Department of Financial Services (NYSDFS).
STABLECOIN CREATES “GATEWAY TO TRANSPARENCY”
Transparency is the key to preserving confidence in a stablecoin, to ensure it maintains its ‘peg’ with the greenback.
As the GUSD white paper states: “Building a viable stablecoin is as much of a trust problem as it is a computer science one.”