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Home / Business / The twins of Winklevoss may be working with Facebook again

The twins of Winklevoss may be working with Facebook again

"Facebook was a dispute, but it didn't really define who we were as humans," Tyler Winklevoss told CNN's Poppy Harlow in an interview for the Boss Files podcast. "Twins are much more of a representation of who we are, what we stand for, what we care about."
But it was hard to ignore their history with Zuckerberg when Facebook announced plans to enter the cryptocurrency with Vågen, a digital coin that just happens to be named after a zodiac sign. So, are Zuckerberg and Winklevoss twins at it again?
The brothers don't see it that way. In fact, they are looking for potential collaboration with Facebook ( FB ) about Libra. Whether they decide to team up with their old rival, the Winklevoss brothers say Weight is a good thing for the industry and a step toward a time when cryptocurrency is ubiquitous.

"I think there is a day in the future where we cannot live without crypto, or imagine a world before crypto," said Cameron Winklevoss.

The brothers bought into that vision in the early days of bitcoin, when it was worth around $ 8, after paying out much of the wealth they had earned on the Facebook share from their settlement with Zuckerberg. The value of bitcoin reached a peak of $ 20,000 in 201
7, and is now hovering around $ 10,000.
It was a bold effort to make an investment opportunity that the brothers first learned of from a guy on an Ibiza beach after "a little tequila." But it paid off for the Winklevoss twins, making them, at least for a time, "bitcoin billionaires." (It also happens to be the title of the book about their lives.)

With these returns, the Gemini brothers started in 2014.

Gemini allows people to buy, trade and store digital assets – or cryptocurrency. Cryptocurrency has traditionally been decentralized and largely unregulated. The Winklevoss brothers positioned Gemini as a platform people could trust. So they applied for and got licenses in the state of New York as a so-called trust company, similar to many traditional financial institutions, and as a virtual currency exchange.

"We often say that trust is our product," Cameron Winklevoss said. "And we're basically trying to build a safe and easy way for that person in the Midwest, if they want to buy a piece of crypto, to do it, just like they do in their brokerage account, just like a share of Apple or a share of Amazon. "

Gemini is now available in 49 states and Washington, DC, as well as in the United Kingdom, Singapore and several other countries, and it seeks government approval in other areas around the world. While the company does not publicly share user numbers or revenue, the staff has grown to more than 200 people working in offices in New York, Portland and Chicago.

Gemini's desire to work with regulators positions the company well in the midst of biased calls from US lawmakers for increased oversight of cryptocurrency. It can also make the Winklevoss brothers a valuable partner for Vågen. The press for new regulations has largely been driven by the Weight announcement. Lawmakers fear that Libra could give Facebook too much power, and a quick buy-in to the cryptocurrency driven by the social network's massive audience could destabilize fiat currencies as the US dollar.
The Winklevoss brothers said they have been in conversations with Facebook about joining the project's governing body, Vågenes association. Facebook already announced the 28 "founding members" of the association, including Gemini competitor Coinbase, but has said they hope to have 100 members at Libra launch in early 2020.

The brothers said they are waiting to learn more about the project sooner they decided whether to join the association or to list the emphasis on the Gemini exchange, which they said is another possibility. The Libra Association told CNN Business that it does not comment on ongoing conversations with potential members.

Ultimately, the Twins do not believe Facebook will be the last major technology company trying to launch a cryptocurrency. Cameron Winklevoss Expects All FAANG Companies – Facebook, Amazon ( AMZN ) Apple ( AAPL ) Netflix ( NFLX ) and Google ( GOOGL ) – to get into crypto.

"I think internet companies need to have a crypto strategy, and I think many of them are thinking about their own coin projects. They probably look at Vågen and Facebook to see how it goes when they develop it," Cameron Winklevoss said.

One company suitable for such a coin, he said, is Amazon.

"Amazon can probably get packages to literally any place in the world, even if the last mile is on a dirt bike or something," Cameron Winklevoss said. "What you can't get is paid for these goods, which are very ironic, that the physical things we can move around the world, and that we can't get money to many places in the world."

just one of the ways the brothers expect cryptocurrency to change the world, and they say there is more to come.

"We're at the bottom of the first round," Tyler Winklevoss said. "The game really hasn't started."

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