Cameron and Tyler Winklevoss: Blockchain & Cryptocurrency
SXSW, Austin, TX
March 8, 2019
By Jim Chapin
The Winklevoss Twins, Tyler and Cameron, are Internet entrepreneurs. They competed as rowers for the United States Olympic Team in Beijing in 2008. But they are perhaps best known for their lawsuit against Facebook. In the suit settled for $65 million, the brothers claim that Facebook founder Mark Zuckerberg stole their idea for the social network when they were students at Harvard.
Today, Tyler and Cameron Winklevoss are venture capitalists and founded the Gemini Trust Company, a digital currency exchange that allows customers to buy, sell, and store digital assets. The company is regulated by the Department of Financial Services in New York and is as an exchange that allows customers to buy, sell and store cryptocurrencies.
The twins believe that cryptocurrency has the potential to revolutionize trade, the financial system, the Internet, and the future of money as we know it. In their SXSW session on Friday, March 8, the brothers called for more effective regulation of cryptocurrency reiterating their “crypto needs rules” advertising campaign the exchange launched back in January. They stress that it won’t be easy and will require a thoughtful, rules-based approach.
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ce its high of $19,666 in December of 2017, Bitcoin – the best-known cryptocurrency, or “electronic cash” – has slumped over 80 percent. But the Cameron Winklevoss told the SXSW crowd that the future of digital coins remains bright if confidence can be rebuilt. They believe that checks and balances need to be implemented through regulation to ensure that trust.
The brothers insisted that the issues surrounding Bitcoin and other cryptocurrencies are not based on any technical issues or with the technology itself, but have been the result of the actions of companies and individuals. Regulation would have prevented the volatility
Although they wouldn’t make specific predictions, the brothers believe that Bitcoin will climb significantly again over the next couple of years. But for cryptocurrency to live up to its potential, the sector needs to build confidence with the public. “Gemini’s chief product is trust,” Cameron said.