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Winklevoss brothers are trying to build a regulated bitcoin exchange

According to a report, the twins have managed to secure an agreement with an unnamed New York bank that will allow them to move virtual currency in and out of client checking accounts.

January 23, 2015

Cameron and Tyler Winklevoss, who became spectacularly wealthy when they sued Mark Zuckerberg over the concept that would become Facebook, are working on a regulated bitcoin exchange, according to a report in the New York Times.

The twins have long been proponents of virtual currency, having sunk a considerable amount of their fortune into bitcoin and several endeavors involving it. Now, they have brought together a team of about a dozen programmers and hackers to build Gemini, which they are calling "the Nasdaq of bitcoin."

The Times report says that the Gemini team is "creating Gemini's security infrastructure and trading engine from scratch," and testing is underway. They are working to get regulatory approval from Benjamin Lawsky, superintendent of New York's Department of Financial Services. It also says the twins have managed to secure an agreement with an unnamed New York bank that will allow them to move virtual currency in and out of client checking accounts.