Gemini’s mission is simple – build a safe and secure bridge to the future of money. Gemini’s platform attempts to make the purchase, sale, and storage of crypto currencies, such as Zcash, Ethereum, and Bitcoin, safe and simple. When crypto currency and fiat money interact, the divide between cryptocurrencies along with the banking platform become apparent. Even though cryptocurrencies function 24/7/365, fiat institutions just function during particular “business hours” (such as any business) – a basic mismatch. We must bridge the divide between these two worlds by giving the desired qualities of cryptocurrencies with fiat-currency. Gemini is eager to offer the Gemini dollar and supply a platform between the fast growing crypto-market and with your banking institution. Together with the Gemini dollar, Gemini will continue to deliver their goal – to offer a secure and safe platform – and help bridge international fiat institutions with cryptocurrency . Gemini Dollar might be an answer to the question – how can I seamlessly incorporate crypto with my banking account, and how can I inject liquidity and at the same time, swap my holdings into fiat securely? In short, how can we make cryptocurrency more liquid?
As of September 10, 2018 at 10am ET, Gemini might have the answer. You’re going to have the ability to convert U.S. dollars on your Gemini accounts into Gemini dollars and deposit them into any ERC-20 compliant wallet of your choosing. Additionally, you will be able to seamlessly convert Gemini dollars into U.S. dollars, and vice versa, by simply depositing them right into your Gemini account. Up until now, there has not been a dependable and controlled electronic representation of this U.S. dollar which operates within an open and decentralized exchange, including crypto currencies, outside of Tether (USDT). You can read more about the Gemini Dollar – the planet’s first controlled “stablecoin” , at Gemini’s white newspaper here. The U.S dollars which will reflect the number of Gemini bucks issued will be kept in a bank located within the United States of America, and will be qualified to receive FDIC “pass-through” deposit-insurance, subject to applicable limitations. Additionally, the U.S dollar deposit balance at the US located bank will be analyzed yearly by an independent registered public accounting firm to validate that the 1:1 ratio of USD to Gemini bucks is accounted for. Each of the Independent Accountants’ Reports will soon be freely accessible here. Lastly, Gemini will offer the independently audited report regarding their underlying smart contracts available to the public here.
