The Winklevoss twins have revealed plans for their crypto exchange Gemini, to begin trading Litecoin and Bitcoin Cash this year. At present, Gemini only trades Bitcoin and Ethereum. Speaking to media at a Cboe event held in Florida, Tyler Winklevoss confirmed that expansion of Gemini’s offerings would be “from the Satoshi Nakamoto family tree – Bitcoin cash, Litecoin.”
The move comes in the wake of Gemini’s recent partnership with Cboe Global Markets Inc. The Cboe wants to begin trading futures contracts with cryptocurrencies other than Bitcoin, opening its exchange up to Litecoin and Bitcoin Cash would be of mutual benefit to both parties.
Gemini’s relationship with Cboe is based on an exclusive deal, whereby Gemini supplies Cboe with data that can be used to calculate their Bitcoin contracts. When the deal was announced, Tyler Winklevoss described the agreement as scalable, a clear hint at the potential for future expansion of offerings.
The addition of Litecoin and Bitcoin Cash to Gemini’s crypto exchange will see it equal main US rival Coindesk Inc. in terms of offerings. The move could also inspire a rise in the share price of both Gemini and Coindesk stock. Both companies benefited from a jump in value when Coindesk made the same expansion in offerings.
Speaking at a Cboe event in Florida, the Winklevoss twins also emphasised their confidence in cryptocurrency, despite the recent fall in price and trading volume of Bitcoin. The cryptocurrency slumped to $8300 last week, with the price of Ethereum, Bitcoin Cash and Ripple also falling 11% respectively. Much of this drop-off can be attributed to an Mt. Gox trustee selling off $400 million USD of Bitcoin. But Tyler Winklevoss insisted that the long-term trend was still moving in the right direction, pointing to the days of when Bitcoin was worth just $8.