Gemini Lays Off 10% Of Its Astronauts In A Crypto Winter Reckoning
Tyler Winklevoss and Cameron Winklevoss, founders of crypto exchange Gemini Trust Co.
The crypto winter is coming. The meteoric rise of cryptocurrencies and fervent hyping and buying of digital assets are falling back to earth. Gemini, the large crypto platform, is feeling the change in the temperature of the markets and economy. In response to turbulent market conditions that are likely to persist for some time, Gemini is downsizing 10% of its astronautsa term it coined for its employees.
In a company blog post, the twin billionaire founders of Gemini, Cameron and Tyler Winklevoss, wrote, “The crypto revolution is well underway and its impact will continue to be profound. But its trajectory has been anything but gradual or predictable.”
The brothers described the volatile nature of digital assets, saying investors need to be mentally and emotionally prepared for periods of equilibrium or stasis that are punctuated by dramatic moments of hypergrowth, followed by sharp contractions that settle down to a new equilibrium that is higher than the one before.” The ominous warning is similar to JPMorgan CEO Jamie Dimons recent stern advice to investors, alerting them to be aware of the forthcoming economic hurricane.
Trade Cryptocurrency On Gemini
Step 1: Register your account
Firstly, create an account on Gemini. On the Sign Up screen, choose between opening a personal account or the institutional registration. After clicking on Open a Personal Account, fill in your email and password. Click the verification link sent to your email address. Next, you will be prompted to verify your identity by SMS code. Alternatively, you may use Authy two-factor identification.
Step 2: Verify your identity
A passport is the preferred photo ID. The FAQs does mention other forms of national ID.
Step 3: Fund your account
Fund your account by making a fiat or crypto deposit. If you choose bank transfer, Gemini will let you start trading right away while your funds are being processed. Though you cannot withdraw the funds until the bank transfer is completed. For a cryptocurrency deposit, copy your Gemini wallet address for the coin you want to deposit and paste it in the withdrawal order for your wallet. The minimum purchase amount when purchasing Bitcoin is 0.0001 BTC. For Ether, it is 0.001 ETH. ACH transfers have a limit of $500 daily maximum and $15,000 monthly for individuals. For businesses, the ACH deposit limits are 10,000 daily and $300,000 monthly.
Step 4A: Trade using the continuous order book
Step 4B: Trade using the Auction
Step 6: Withdrawal your funds
Verdict: Is Gemini Any Good
Geminis strongest point is its Gemini Earn program, which allows users to earn up to 7.4% interest on specified cryptocurrency balances. Gemini has a unique fee structure that may be appealing to particular users this gives the exchange a competitive edge.
Gemini offers incentives for newcomers to the platform and its easy-to-use interface lends itself to inexperienced and experienced traders alike. Gemini has a wide selection of cryptocurrencies available for exchanging on the platform.
However, some notable entries from the top 20 by market cap are missing, such as Cardano and Solana. All in all, Gemini is a good, welcoming exchange for users of all skill levels.
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Main Differences Between Cryptocom And Gemini
Your First Crypto Wallet Is Likely An Exchange Wallet
While there are other ways to purchase crypto, many people acquire crypto on cryptocurrency exchanges. Upon making a purchase, the cryptocurrency you acquired is automatically stored in your exchange-hosted wallet, which is typically custodial, meaning the exchange has control of your private keys.
While well be discussing standard custodial crypto exchanges, it is important to note that a new type of exchange, called a , or DEX, allows you to maintain custody of your private keys.
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Store Your Crypto Safely
If youre new to crypto you may be storing large amounts of money on an exchange wallet. While Gemini and Coinbase are relatively trustworthy, best practice would be to store your assets on a cryptocurrency wallet of your own. This way, should the government decide to restrict access via your exchange of choice, you cant be locked out.
- Presently does not support some trending cryptocurrencies like Litecoin, Monero, TRON, EOS.
What To Know About Gemini
A New York trust company, Gemini is regulated by the New York State Department of Financial Services . As a result, it’s subject to some of the most stringent regulations in the industry. These include capital reserve requirements, NYSDFS banking compliance standards, and cybersecurity requirements.
In a nutshell, Gemini represents an elegant, simple, and secure platform for building out your crypto portfolio. Whether you want to buy, sell, store, or all of the above, you’ll enjoy a seamless customer experience with Gemini.
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What To Know About Cryptocom
Founded in 2016, Crypto.com operates on a basic belief: it’s a fundamental human right to have control over your money, identity, and data. We couldn’t agree more with this basic principle!
Today, Crypto.com serves more than ten million customers worldwide, and the platform has come a long way in meeting its vision of providing financial access to all. It represents a powerful alternative, especially when compared to traditional financial services.
The company was started by four founders: Bobby Bao, Kris Marszalek, Rafael Melo, and Gary Or. These founders remain at the helm of the company today, providing a reputable exchange to crypto users. Learn more about Crypto.com.
What Services Does Gemini Offer
There are so many different crypto exchanges out there, how do you choose one? One of the determining factors is the services offered on the platform. Gemini excels in this respect, with plenty to be excited about. Read on to find out what they offer.
Buy and sell crypto easily with instant buy/sell: Gemini makes it easy for new investors to buy cryptocurrency you can buy directly from the exchange using fiat currency. You can even set recurring buy orders as a simple way to Dollar Cost Average your crypto purchases. Selling your crypto instantly is just as easy, all you need to do is click the Sell button next to the Buy button, and you can select how much you want to sell.
Free fiat withdrawals & ten free crypto withdrawals per month: Gemini offers fee-free fiat withdrawals which is a welcome change among the larger crypto exchanges. On top of that, they also give their users ten cryptocurrency withdrawals free of charge, each month! When you make a crypto withdrawal, there is always a transaction fee to cover mining costs it is unheard of to have free crypto withdrawals. Gemini covers this cost for their users, with ten free withdrawals each month.
Over 90+ different cryptocurrencies: Gemini offers over 90+ different cryptocurrencies to buy, sell or trade. You can find some of the most popular coins such as BTC, ETH, DOGE, LTC, SHIB and BCH as well as DeFi cryptos like UNI, DAI and COMP.
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Waiting On Verification For A While But Finally Have Been Approved
Love the app and have been purchasing crypto for months and trading via Gemini exchange but for some reason my verification is still pending after 3 months and I can transfer or withdraw any funds, but I can buy and trade which should mean Im verified!! Ive emailed constantly but get a pre written response on instructions for using the exchange, I cant get a answer as to why Ive not been granted verification especially after uploading over 20 documents!!! Otherwise I love the app due to lightning fast purchase to trade transactions, security, design, and the ability to purchase gift cards. Definitely more trusting and customer oriented than coinbase where one accidentally charge back gets you banned or eternity even you pay it back !!! Would like to see more promotions or a learn and earn opportunity! But 3 months to verify a customer is strange and probably just a glitch, I mean social security makes decisions disability decisions quicker!!! Update finally received verification with reasonable explanation regarding the massive influx of new users and the increased workload placed on exchange and purchasing platforms. So Ive increased my rating to 5 stars because Gemini has established itself as a leader and shown that they take pride in being an trustworthy, innovative, secure platform. And love the new earn/staking options thats been added!
Is Gemini Regulated And Safe
Gemini is a New York trust company, regulated by the New York State Department of Financial Services . As such, the company is subject to capital reserve requirements, cybersecurity requirements and banking compliance standards established by both the NYDFS and New York Banking Law.
The company is both a fiduciary and a qualified custodian. As a fiduciary, it’s required to put the interests of clients ahead of its own, with a duty to preserve good faith and trust. As a qualified custodian, it’s approved by one or more government agencies to hold assets on behalf of clients, similar to banks and investment brokers.
Please note: .
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Cryptocurrencies That Trade On Gemini
Gemini offers a small selection of popular cryptocurrencies on its platform, including Bitcoin , Ethereum , Litecoin , and Chainlink . There are over 50 cryptos supported, which is lower than most other exchanges. For a full list of supported crypto assets, Gemini maintains an .
Gemini does not currently support XRP, and Ripple is under investigation by the Securities and Exchange Commission . It also doesnt support other popular coins, such as Cardano or Polkadot .
Youhodler Vs Gemini Security
YouHodlers platform is secured by SSL encryption, and it also employs an IP whitelisting feature. This is particularly handy if you want to ensure your device is the only device active on the exchange.
Just like many other crypto exchanges, YouHodler uses an offline storage system in the form of cold storage wallet, with LedgerVault being the custodian. This means that your funds, assets, and info are kept offline and are safe from any breach or cyberattack.
The platform enables multi factor authentication and follows the latest security standards and guidelines.
Geminis security protocols are also in line with industry standard protocols, such as wallet address whitelisting, two factor authentication , and a feature that will enable you to approve or disapprove which devices are used for logging in.
This platform boasts of being SOC-2 certified, with a digital asset insurance in place, and FDIC insurance package amounting to $250,000 in the event of a successful data breach.
Geminis full range of trading features can be accessed by completing a KYC process of verification, which includes attaching an official government ID.
Both YouHodler and Gemini follow and adhere to the latest security standards and protocols, it is again difficult to separate the two.
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A Secure Wallet That Lacks In Customer Service And Freedoms For Power Users
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Gemini Wallet is a digital cryptocurrency wallet which puts user security first, giving users access to 80 cryptocurrencies across eight blockchains. Prioritizing customer safety above all else, Gemini Wallet is best for new investors and those who plan on heavily investing in digital tokens.
Pros & Cons
Supports 80 cryptocurrencies, including the most popular coins: Bitcoin, Ethereum, Litecoin, USD Coin, and more
Trading available on both web platforms and mobile apps on Apple App Store and Android Google Play store
Insured against certain unauthorized withdrawals through private plans
Difficult to transfer cryptocurrencies between outside wallets by design
No live customer support
No anonymity while using cryptocurrencies
- Key Takeaways
- Company Overview
What Is A Decentralized Exchange
A decentralized exchange does not use an intermediary to hold customer funds and accounts. Peers trade directly amongst each other and funds are transferred between their cryptocurrency wallets. Trader money and ID are at lower risk of being hacked. A downside of DEXs is their current lack of liquidity.
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History Of The Winklevoss Twins Gemini Exchange
The Gemini cryptocurrency exchange was first announced in June 2013. The exchange received a charter in October 2015 to operate a virtual currency exchange. In May of the following year, the New York Department of Financial Services authorized Gemini as the first licensed exchange for Ether, the native cryptocurrency of the Ethereum platform.
Gemini achieved institutional adoption in 2017 when the Chicago Board Options Exchange began supporting Bitcoin futures contracts, using Geminiâs auction prices to settle trades. The cryptocurrency exchange in September 2018 received regulatory approval in New York to launch its own stablecoin, known as the Gemini Dollar, or GUSD.
Gemini, since its inception, has continued to increase the number of cryptocurrencies it supports, now enabling the purchase and sale of nearly 100 cryptocurrencies. They also purchased the NFT exchange platform Nifty Gateway in June 2019, enabling the platform to support many additional types of digital assets.
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How To Buy Cryptocurrency Using Gemini
You can buy cryptocurrencies on Gemini website using a five-step process :
You use the same process for buying cryptocurrencies on the mobile app but with a couple of modifications. First, tap the Market tab at the bottom left of your screen. Then follow the steps listed above. But when reviewing your trade at the last step, swipe to confirm your order for execution.
Gemini Vs Coinbase: At A Glance
|Easy-to-use interface Buy, sell, and exchange cryptocurrency Application programming interface keys Lower per-trade fees||Simple interface Buy, sell, and exchange cryptocurrency Credit card purchases available|
|Fees||Trades are fixed-fee for $200 or below, 1.49% for above $200 0.50% additional convenience fee per transaction 3.49% debit card deposit fee No deposit or withdrawal fees for ACH and wire transfers||0.50% per trade Additional 1.49% for bank account or Coinbase Wallet purchases Additional 3.99% for debit or credit card purchases $10 deposit, $25 withdrawal fee for wire transfers|
|Cryptocurrencies supported||76 cryptocurrencies|
|Security features||Two-factor authentication via short message service or Authy app User role management FIDO2 security via hardware key Whitelisting pre-approved addresses United States dollar balances FDIC insured up to $250k Gemini Hot Wallet digital asset insurance||2FA via SMS or Google Authenticator app Cold storage and multi-signature wallets USD balances FDIC insured up to $250K KYC and anti-money laundering protections|
|Types of transactions||Buy, sell, trade, deposit, withdraw||Buy, sell, exchange, send, receive|
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How To Fund Your Gemini Account
- You can fund your account with regular currencies or with digital assets.
- If you fund it using regular currency, you need to link your bank account with your Gemini account. You can do this on the Funding Sources page of the Gemini platform. The external account can be linked by using Plaid or providing your online banking credentials. However, you have the ability to manually link your bank and input wire information.
- If you fund your Gemini account using digital assets, you need to instruct your external wallet or the service provider that holds those assets to initiate a withdrawal to your unique Gemini deposit address. Currently supported digital assets include bitcoin, bitcoin cash, ether, litecoin, zcash and filecoin.