Winklevoss twins plan regulated Bitcoin exchange


American internet entrepreneurs, Cameron Winklevoss and Tyler Winklevoss, are planning to develop a regulated bitcoin exchange in the US.

The twin brothers are famous for founding HarvardConnection, later renamed as ConnectU, and later sued Facebook founder Mark Zuckerberg for allegedly stealing the idea of ConnectU to develop the social networking site Facebook.

The Winklevoss brothers, who consequently got $65m from Zuckerberg, plan to create the exchange to trade the virtual currency for American customers. They say the service will become the ‘Nasdaq of Bitcoin’, according New York Times.

The Winklevoss twins plan to open their exchange in the coming months, which will be named after the latin word for twin, Gemin.

For the planned exchange the entrepreneurs have hired engineers from unnamed top hedge funds, and roped in a bank and engaged regulators.

Tyler Winklevoss told the paper, "Right now we have to build the infrastructure. You have to walk before you run."

Despite existential problems, the twin brothers are said to be keen to see the virtual currency succeed, as they have already own some amount of Bitcoins.

The twin brothers are already in talks with regulators to create an exchange traded fund since 2013, though they are yet to get approval.

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