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New York Approves New Digital Currency for Winklevoss Bitcoin Exchange

TechCrunch Disrupt NY 2015 - Day 3TechCrunch Disrupt NY 2015 - Day 3
Tyler Winklevoss (L) and Cameron Winklevoss speak during TechCrunch Disrupt NY 2015 on May 6, 2015 in New York City. Photograph by Noam Galai — Getty Images

The New York State Department of Financial Services has approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade digital currency ether on its bitcoin exchange, New York Governor Andrew Cuomo announced on Thursday.

Cuomo said Gemini would be the first U.S.-based ether exchange, created, and operated in New York.

Ether is a token or digital asset of the Ethereum platform, a public blockchain, or distributed ledger, that can execute peer-to-peer contracts automatically without the need for intermediaries. The blockchain is the underlying technology behind bitcoin.

The Winklevoss twins have have dubbed the exchange the “Nasdaq of Bitcoin.” They have also developed a bitcoin exchange traded fund (ETF) that would go by the name COIN, which regulators have yet to approve.