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Do We Really Need Gemini (GUSD) in Crypto Market?

Gemini, the world’s first licensed ether exchange by the early investors of the  Bitcoin, Winklevoss twins. As Gemini is the US-based Cryptocurrency exchange. The launch of Gemini Dollar was totally a great surprise for stable-coin, there were no rumors regarding its launch Gemini, however, certainly had a need for a stablecoin: the exchange doesn’t use the controversial Tethers used on other exchanges. Tether and its USDT track the USD 1:1 on the blockchain, but Tether has come under controversy for failing to adequately audit its purportedly massive USD cash reserves.

“To date, there has been no trusted and regulated digital representation of the U.S. dollar that moves in an open, decentralized manner like cryptocurrencies. Enter the Gemini dollar — a stable value coin (often called a “stablecoin”) that is (i) issued by Gemini, a New York trust company, (ii) strictly pegged 1:1 to the U.S. dollar, and (iii) built on the Ethereum network according to the ERC20 standard for tokens.”

In their announcement Gemini doesn’t mention Tether and other Stablecoin but still stablecoin require more stability to be regulated. 

Winklevoss Twins has confirmed that every Gemini Dollar will correspond with one US Dollar:

“The U.S dollars that correspond to the Gemini dollars issued and in circulation will be held at a bank located in the United States and eligible for FDIC “pass-through” deposit insurance, subject to applicable limitations.”

According to Chris Coney, the host of The Cryptoverse,“Tether, a token is with controversy and conspiracy is dead for good.”

But as review given on Gemini is prove to be scam, it is impossible to withdraw from Gemini as it thought coin base was bad, Gemini utilizes texts for 2 step signing in. When anyone attempt to withdraw, no code is texted to you. “GEMINI IS A SCAM.”

Gemini Dollar has backed up Tether? 

According to the host Chris Coney thinks that the Gemini Dollar will be the end of Tether is accountability. The tether has undergone by many audits by monthly audits by regulators in New York. This will ensure that the supply will always be equal to the USD in the Gemini reserves.These monthly audits are major departures from the accountability practices by Tether. In the past, the Tether has faced numerous audit delays. The result is almost about transparency about Tether is almost non-existence. Besides that, nobody knows whether Tether really has the supply of US dollars equal to the amount of Tether the company has.

Although “Gemini is unable to disclose any further detail. The risk review process is confidential and Gemini will not be able to elaborate any further.” 

Why did you even bother asking for my tax returns, trust agreement, LinkedIn profile, fill out pages of applications, numerous stupid questions then to deny me an account.

MAYBE IT’S FOR THE BEST IF YOU ARE A SCAM COMPANY.

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