Bitcoin Exchange Gemini Approved for Launch in New York

[qwizzie]

http://www.coindesk.com/bitcoin-exchange-gemini-new-york/

Gemini, the much-anticipated bitcoin exchange led by entrepreneurs and investors Cameron and Tyler Winklevoss, has received approval from the
New York State Department of Financial Services to begin serving US customers in 26 states as well as Washington, DC.

Gemini said it is now onboarding customers and will officially open for trading on Thursday, 8th October at 13:30 UTC. Transfers to and withdrawals from the exchange will be free,
though a charge of 25 basis points the value of every trade will be applied to both buyers and sellers.

"We’re a digital asset exchange, we happen to be doing bitcoin right now, but we have the ability to incorporate other digital assets," Winklevoss continued, adding:
"There will be digital assets that do things that bitcoin is unwilling or unable to do. It’s a total possibility we will be doing more assets in the future. What those assets are remains to be seen."

And so it begins..

[BitWater]

I'll be watching this one closely. The next question will be when does the ETF premiere.

[qwizzie]

From one of the comments at Coindesk (pliv84) :

The big value, in my mind, is that it functions just as any other ETF, meaning you can buy it like a stock. Sure, there is one other BTC exchange that does this, but it is very thinly traded.
For the masses, who don't understand where/how to buy BTC, this makes it a lot easier for them to add it to their portfolios.

The corollary here is the gold ETFs. In the years after they launched, gold price skyrocketed. It makes sense - make the security easy to buy, and more people will feel comfortable buying it.

(I'm using that quote to clarify why the ETF part is so important, plus the fact they can also handle big institutions that are excluded from the New York BitLicense)

[TanteStefana2]

I'm really not a market person, so could anyone tell me what 25 basis points means?  Thanks

Got it, 100th of 1%  so I guess, 0.25% will be charged, which sounds great to me.

[avatar_kiyoshi]

Jim Cramer just said "Booh Yaaahh!"

I wonder what all the rest of the CNBC analysts will say when you see that look in their eye. You know, that feeling you felt when you first realized why you should get your first bitcoin.

So what's the difference between the centralized exchange MtGox and The centralized exchange Gemini? besides who holds your private keys for you because you are too lazy to secure them yourself?

They have ETF part.
and people believe if this company will bring more adopter, just let's see.

[Mickeyb]

I'll be watching this one closely. The next question will be when does the ETF premiere.

I think that in order for the ETFs to get approval, first Gemini had to get approved and start working. ETFs will definitely take a bit longer but getting Gemini to work is a great sign for the ETFs and whole Bitcoin ecosystem as well.

[melisande]

There many news of this Gemini stuff in the press release lately but today October 8 is the lunch day and we are yet to see the website link.