Governor Andrew Cuomo of New York, has accepted the application of Gemini Trust Company, founded by Tyler and Cameron Winklevoss, to trade digital currency ether on its bitcoin exchange.Governor Andrew Cuomo said in a statement.”With robust regulatory oversight, we are maintaining our status at the forefront of this technological revolution and ensuring that users have a safe and secure experience,” New York State Department of Financial Services approval marks the state’s first agreement for a digital currency related service beyond bitcoin.On Monday, May 9 Trading on ether will begin Cameron Winklevoss said, Gemini’s co-founder and president, in an interview. Clients will be able to store their ether from Thursday until it starts trading on the exchange on Monday.The brothers’ investment firm Winklevoss Capital is a significant holder of ether. Winklevoss also said “We started buying ether at the beginning of the year.” Ethereum Foundation has a set number of ether that they have set aside over a period of time and that proceeds from that go to the funding of the foundation and the developers to further the protocol.”He also added. Winklevoss twins chose ether to trade on their exchange because of its unique abilities that are dissimilar from bitcoin.
Winklevoss said “There is a place for ether on our platform. It does what bitcoin doesn’t do,” “So that is the sort of criteria: that it is different enough from bitcoin and the proposition is great enough that this makes sense for us to include it in our platform.”He also added. Ether is trading at $9.97 on late Thursday, with a market capitalization of about $795 million, the second biggest next to bitcoin.Right now Bitcoin has a market cap of $6.9 billion. Everyday volume for ether is around $20 million.According to coinmarketcap.com. Winklevoss said”It’s pretty clear that in the U.S. if you’re an exchange, you are required at the minimum a money transmission license in each state,”. “Anybody who’s operating an ether exchange doesn’t have a license and is on borrowed time.”He added Since it start last year demand for ether has growing. Winklevoss said.”Most of the people who work currently on ether are (software) developers evolving applications for smart contracts on Ethereum and you need ether to do that,”