Gemini Bitcoin Exchange to start trading on October 8

Gemini, a New York-based bitcoin exchange led by Winklevoss brothers, has announced that it will commence its operations in 26 US states and in Washington, DC, officially on Thursday, October 8th at 9:30 AM EDT.

Gemini Trust Company, LLC is chartered under New York State Banking Law as a limited liability trust company (LLTC). It is domiciled in the State of New York and regulated by the New York State Department of Financial Services (NYSDFS). As an LLTC, Gemini is allowed to service both individual and institutional customers.

The company recently received two crucial approvals from NYDFS - approval for its Articles of Organization, and was granted an exemption from the deposit insurance requirements of Section 32 of the Banking Law.

"We have seen a lot of inbound interest now that people know we’re an entity, we have a long queue of individual and institutional of people waiting to sign up. I think the demand is there”, Winklevoss told CoinDesk.

The exchange will feature email and voicemail support at the launch and offer market and limit orders. No discounts will be offered to new users of the platform, and Cameron Winklevoss suggested the company was seeking a more elite clientele, CoinDesk reported.

"We’re trying to build a business and we want customers who are serious, not people who are here for a discount. You pay for what you get," Winklevoss said.

Tyler Winklevoss explained to TechCrunch why they didn’t consider the BitLicense route in New York:

“We didn’t apply for a BitLicense because we wanted to build an exchange that both Main Street and Wall Street could use and trust, so we decided to obtain a limited liability trust company charter in order to do so. (Gemini will be like) NASDAQ, E-Trade, and DTC built into one.”