Winklevoss Twins Receive New York Approval to Launch New Crypto Coin
- New York approves two stable coins from Winklevoss duo, Paxos
- Newcomers tout transparency, ties to conventional banking
Cameron and Tyler Winklevoss
Photographer: David Paul Morris/Bloomberg
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Two financial technology companies won New York state approval to issue cryptocurrencies pegged to the U.S. dollar, creating more regulated and transparent competitors to Tether and other so-called stable coins.
Gemini Trust Co., the digital-asset exchange founded by Cameron and Tyler Winklevoss, received approval from the New York Department of Financial Services to launch the Gemini dollar, according to a statement Monday. Paxos Trust Co., a blockchain company that caters to financial institutions, got permission from the same regulator to issue the Paxos Standard, which also launched Monday.