By The Winklevoss brothers cryptocurrency exchange Gemini is establishing a new HQ in Chicago as per an announcement from the firm on Thursday, June 27.
Based in New York, Gemini adds its new Chicago office to their existing headquarters in Portland, Oregon, according to a blog post from Tyler Winklevoss published on Thursday.
As per the statement, Gemini’s new office will serve as an engineering hub and reflects the firm’s goal of providing a “safe and reliable institutional-grade infrastructure” for storing and trading of cryptocurrencies. In the post, Tyler highlighted the city’s position in the global financial system, citing Chicago as the “birthplace of commodities markets.”
As part of the project, Gemini has allegedly hired former engineers from Coinbase, another major U.S-based crypto exchange. The new hires were reportedly laid off when Coinbase closed its Chicago office in April.
Furthermore, Tyler in his blog post wrote that the new Chicago team has “deep expertise in matching engines and marketplaces,” and will be focused on the creation of the “core platform” for Gemini as well as the optimization of existing services on the platform.
The news comes on hot on the heels of Tyler and Cameron Winklevoss’s recent doubling of their fortune which has reached a total of $1.45 billion due to Bitcoin (BTC) hitting a 17-month high of above $13,700 on Wednesday.
However, Bitcoin recently saw a significant price plummet when the crypto dropped by more than $1,400 within minutes after Coinbase went down.
In a recent interview, Tyler said that Facebook’s forthcoming Libra project is “huge validation” for the cryptocurrency sector, calling it yet another revolutionary step by Mark Zuckerberg, a well-known nemesis of the Winklevoss twins.
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