The Winklevoss twins-led Gemini, a strictly regulated crypto exchange in the U.S., has been aggressive with their advertisements flooding across the state of New York and unique initiatives to introduce Bitcoin to the masses.
Since early 2019, Gemini has acquired high-demand advertisement spaces in New York to expand its presence in the state.
The exchange published Gemini advertisements on subways, buildings, and buses. The message the exchange has chosen to deliver is the necessity of regulation and professionalism in the emerging cryptocurrency sector.
Professionalism is Needed and Bitcoin Awareness Has to Change
To the eyes of the majority of investors especially outside of the cryptocurrency sector, digital assets are recognized as the go-to currency for criminals and exchanges are perceived as vulnerable and unsecured platforms.
Cases like the QuadrigacX’s loss of $150 million in digital assets and security breaches of minor exchanges have contributed to an overall decline in the confidence of investors toward the global industry.
However, major cryptocurrency exchanges in the likes of Gemini are establishing industry-wide standards, prioritizing regulatory compliance, investor protection, and professionalism.
Most recently, Gemini completed SOC 2–SOC for Service Organizations Type 1 examination–with Big Four auditor Deloitte & Touche LLP (Deloitte), becoming the first cryptocurrency exchange to do so.
“This makes Gemini the world’s first cryptocurrency exchange and custodian to demonstrate this level of security compliance in protecting customer data and funds,” the exchange said.
The exchange further emphasized that the lack of regulatory compliance has prevented both retail and institutional investors from entering the cryptocurrency market throughout the past several years.
The Gemini team said:
“We feel strongly that this standard of compliance is what all retail and institutional consumers should expect of their cryptocurrency exchange and custodian. We know what’s at stake when you trade and store crypto.”
This week, at New York’s Zuccotti Park, the Gemini team led an initiative of passing out free coffee to many individuals and help people understand the basis of Bitcoin and cryptocurrencies in general.
In a light coffee discussion with a State Government of New York federal employee, Sarah Olsen, Gemini Trust’s head of business development, said:
“Our founders tend to think Bitcoin more as a just a sort of value, really similar to gold. It’s fungible, it’s global. It’s globally recognized. It’s just better than gold because you don’t have to physically carry it. It’s infinitely divisible. Basically, every property that gold has, Bitcoin is better.”
— Gemini (@Gemini) February 5, 2019
Trend is Shifting
Even up until early 2017, the cryptocurrency sector consistently experienced security breaches, hacking attacks, and scandals that could have damaged the reputation of the industry as a whole.
Following the entrance of large-scale financial institutions and the increasing efforts from security or regulation-driven companies like Gemini and Coinbase, investors are beginning to prefer established and regulated businesses over unregulated and profit-driven entities.
The trend is noticeable in overseas markets, especially in South Korea and Japan, wherein corporations such as South Korea’s second largest commercial bank Shinhan Bank are investing in transparent and compliant exchanges.
As Fidelity, Nasdaq, Bakkt, and other widely recognized institutions begin strengthening the infrastructure supporting the asset class, over time, the industry is expected to see improvements in areas of security, investor protection, fraud prevention, and transparency.
Featured Photo by Oliver Niblett on Unsplash