Gemini Dollar - a digital currency exchange that allows you to buy, sell and store digital assets, founded in February 2014. GUSD was created by the Gemini cryptocurrency exchange.
Contents:
- Description of Gemini Dollar
- Project founders
- What makes the Gemini Dollar unique?
- Cryptocurrency of the project: buying and selling
Description of Gemini Dollar
The company received approval from the New York City Department of Financial Services or NYDFS to launch a stablecoin in September 2018. It is considered one of the first stablecoins, like Paxos. The Gemini Trust Company holds deposits in US dollars, which correspond to the number of tokens in circulation.
Gemini Dollar - an ERC-20 token that runs on the Ethereum network and has smart contracts, verified by the security company Trail of Bits Inc. This dollar is meant to bridge the gap between traditional finance and the crypto industry due to the fact that this particular stablecoin is fully regulated by the NYDFS.
Project founders
The founders of the Gemini Dollar (GUSD) are Tyler Winklevoss and Cameron Winklevoss.
| Tyler Winklevoss | He is the co-founder and CEO of Gemini, as well as the president of WinkDex and co-founder of Winkevoss Capital. Tyler Winklevoss is also an advisor to the Rowing Blazers. |
| Cameron Winklevoss | He is the co-founder and president of Gemini, as well as the CEO of WinkDex and co-founder of Winkevoss Capital. Cameron Winklevoss is also an advisor to the Rowing Blazers. |
They both graduated from Harvard University with a bachelor's degree in economics in 2004 and received their Master of Business Administration (MBA) from Oxford University's Said Business School.
What makes the Gemini Dollar unique?
Gemini Dollar is the first US dollar-backed stablecoin to be backed by a US regulator. This is an ERC-20 token, built on Ethereum. The coin differs from Bitcoin and other traditional cryptocurrencies in that it is able to maintain a stable value. It is not like bitcoin, for example, which can have extreme price fluctuations. To achieve this stability in terms of value, there are certain things that are rolled out. This can be done through advanced calculations or by linking the value to underlying assets such as flat currencies such as the US dollar, Euro or even gold. The Gemini dollar is intended to provide a transparent link to regulatory complaints between traditional financial systems and the blockchain industry as a whole.
There are also some features of the GUSD turnover. GUSD coins are created when a request is received to buy them on the Gemini platform. The creation of new coins occurs only if the required amount in dollars is available on the bank account of the exchange. If the user decides to buy fiat for GUSD, then the coins are burned in this case. Thus, a balance is maintained between the number of coins in circulation and the amount of their security. Other characteristics of the Gemini dollar are no different from standard ERC-20-based tokens. The token is managed by smart contracts and takes full advantage of the Ethereum network.
Cryptocurrency of the project: buying and selling
The main platform for buying Gemini Dollars is Gemini's native exchange. To buy GUSD here, the user needs to deposit dollars into their exchange account. Next, the exchange converts the deposited amount into tokens and credits it to the user's balance. In the first month of its existence, the GUSD token was sold only on Gemini, but the token is listed on 39 cryptocurrency exchanges now, including such popular exchanges as:
- Exmo;
- HitBTC;
- Bibox;
- YoBit.
It does not have its own GUSD wallet yet, so any Ethereum wallet can help to store coins. The most popular are Trust Wallet, MyEtherWallet, MetaMask Wallet, and well-known Ledger and Trezor hardware wallets. A more secure option for storing assets is offered by the Gemini exchange, which provides custody services. Gemini is licensed to provide storage services for digital assets and assumes that they are stored offline on their own cold wallets.