Winklevoss Twins Acknowledge Wall Street’s Slow Entry Into Crypto Markets

The Winklevoss twins who are having a tough year so far acknowledged the fact that the entry of Wall Street into crypto markets is relatively slow. They said that although Wall Street is taking cryptocurrencies seriously, a lot of its firms are still not participating in the crypto market. However, they are hopeful that this will change over time.

The twin brothers, who operate the Gemini Trust Co. exchange, said that they are working hard to expand their business, despite having a rough year. They mentioned that the majority of Wall Street investors aren’t yet on the board yet.

The brothers faced a couple of setbacks so far that includes SEC’s denial on their controversial ETF application, declining prices for their cryptocurrency holdings, and the dwindling trading volume on the Gemini exchange.

Until the SEC clarifies their stance on allowing additional financial instruments to enter the market and key questions involving coins, a lot of institutional investors are likely to remain on the sidelines. The ETF approval by SEC would have opened up the market to large investors and pension funds. As of now, the Winklevoss twins can hope for the Wall Street to pick up their pace of entering into crypto markets.

The Gemini exchange in the last six months has doubled its total worldwide staff to 150. The exchange also plans to double it again by the year-end, Tyler Winklevoss said, according to the Bloomberg report. The company hired Robert Cornish, the former Chief Information Officer of the New York Stock Exchange, as its first Chief Technology Officer in July.

The brothers submitted a proposal in March to create the Virtual Commodity Association, in order to pave the way towards greater adoption down the line. The exchange wants to promote transparency, develop industry standards, and work closely with regulators like the U.S. Commodity Futures Trading Commission to prevent frauds. However, meanwhile, the Winklevoss brothers are hopeful that the majority of Wall Street firms will participate in the crypto market.

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