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About Gemini Dollar
Key Points
- Founded in 2014 by Tyler and Cameron Winklevoss
- Received approval from NYDFS in September 2018
- ERC-20 token built on Ethereum network
- 1:1 pegged to USD, backed by USD deposits
- Traded on 41 exchanges, all-time high value of $1.3435
- Monthly audits by LLP, BPM, and independent accounting firms
- Smart contracts audited by Trail of Bits Inc.
- Secure storage using multisignature technology and HSMs
- Available on exchanges including Gemini, Coinbase, Bit
Introducing Gemini Dollar: A Stablecoin Pioneer
Introducing Gemini Dollar (GUSD): A Stablecoin Pioneer
The Gemini Trust Company (Gemini), a pioneering digital currency exchange and custodian, enables users to seamlessly buy, sell, and store digital assets, having been established in February 2014. The GUSD, a stablecoin, is the brainchild of the esteemed cryptocurrency exchange, Gemini.
In September 2018, the company secured approval from the New York Department of Financial Services (NYDFS) to launch its stablecoin. The Gemini Trust Company maintains a reserve of USD deposits, which are pegged to the number of tokens in circulation.
Notably, the Gemini Dollar is an ERC-20 token, built upon the Ethereum network, and boasts smart contracts that have undergone rigorous auditing by the esteemed security firm, Trail of Bits Inc.
This dollar is designed to serve as a conduit between traditional finance and the crypto industry, given that this particular stablecoin is fully regulated by the New York State Department of Financial Services (NYDFS).
The Visionaries Behind Gemini Dollar: Meet the Founders
The esteemed founders of the Gemini Dollar (GUSD) are the visionary twins, Tyler Winklevoss and Cameron Winklevoss.
Tyler Winklevoss, a visionary entrepreneur, assumes multiple roles with distinction, serving as the co-founder and CEO of Gemini, president of WinkDex, and co-founder of Winklevoss Capital. Additionally, he lends his expertise as an advisor to Rowing Blazers.
Cameron Winklevoss, a multifaceted entrepreneur, holds the esteemed positions of co-founder and president at Gemini, CEO of WinkDex, and co-founder of Winklevoss Capital. Additionally, he serves as an advisor at Rowing Blazers.
Both individuals graduated from Harvard University in 2004 with a Bachelor’s degree in Economics, and later earned a Master of Business Administration (MBA) from the University of Oxford’s Saïd Business School.
Unveiling the Uniqueness of Gemini Dollar
The Gemini Dollar, a pioneering U.S. dollar-backed stablecoin, boasts the distinction of being the first to receive regulatory approval from a U.S. governing body. As an ERC-20 token, it is ingeniously built on the Ethereum blockchain.
The Gemini Dollar distinguishes itself from Bitcoin and other traditional cryptocurrencies in its ability to maintain a stable value. Unlike Bitcoin, which is prone to extreme price fluctuations, the Gemini Dollar achieves stability through various mechanisms. These include advanced computational methods and pegging its value to underlying assets, such as fiat currencies like the USD or EUR, or even gold. The Gemini Dollar is designed to provide a transparent, regulatory-compliant bridge between traditional financial systems and the blockchain industry as a whole.
The Circulating Supply of Gemini Dollar (GUSD) Coins: An Overview
The Gemini Dollar boasts an impressive presence on 41 prominent exchanges, having previously reached an all-time high value of $1.3435.
To ensure the 1:1 peg is securely backed by dollars, the deposit balance at Gemini’s U.S. bank undergoes rigorous monthly examinations by esteemed firms, including LLP and BPM, as well as independently registered public accounting firms.
The Gemini Dollar Network: A Fortress of Security
The Gemini Dollar is an ERC-20 token, meticulously crafted on the Ethereum network, boasting smart contracts that have undergone rigorous auditing by the esteemed security company, Trail of Bits Inc.
All private keys utilized for signing cryptocurrency transactions are securely stored in geographically dispersed, guarded facilities, leveraging a cloud-based storage system to ensure maximum protection and redundancy.
The cryptographic keys are securely stored on hardware security modules (HSMs) that meet or surpass the stringent computer security standards set by the U.S. government, specifically FIPS 140–2 Level 3.
Notably, the incorporation of multisignature technology, commonly referred to as multisig, affords an additional layer of protection against potential attacks, while concurrently enhancing fault tolerance.
To ensure the highest level of security, multiple signatories are mandated for fund transfers from cloud storage. Consequently, neither Tyler Winklevoss nor Cameron Winklevoss, individually or collectively, can unilaterally transfer customer funds to or from the hot wallet or cloud storage system.
Where to Acquire Gemini Dollar (GUSD): A Comprehensive Guide
The Gemini Dollar, denoted by the ticker symbol GUSD, can be conveniently bought, sold, and traded on a multitude of reputable exchanges, including:
The esteemed Gemini
The esteemed cryptocurrency exchange, Coinbase
Bitstamp, a stalwart in the realm of cryptocurrency exchanges, has established itself as a trusted platform for traders and investors alike.
Uniswap, a pioneering decentralized exchange, has revolutionized the realm of cryptocurrency trading.
DigiFinex: A Pioneering Digital Asset Exchange
OKEx, a premier digital asset exchange,
If you’re eager to delve into the world of cryptocurrency investment but are unsure where to begin, we’ve crafted the ideal guide to get you started.