Winklevoss Join With State Street For New Bitcoin Exchange Fund
The Olympic rowing twins Cameron and Tyler Winklevoss, founders of the Bitcoin exchange Gemini, have joined forces with State Street in their Bitcoin exchange-traded fund (ETF) that they have set up, the first one of its kind in the world.
According to a new filing by the Securities Exchange Commission (SEC), the Winklevoss Bitcoin Trust will be utilizing State Street as an administrator and transfer agent, where the Boston-based finance giant will be in charge of the "day to day running of the trust", including looking after and managing all of its books and determining its net value.
An exchange-traded fund is basically a holding booth for assets like stocks and bonds that are traded on the stock market. The Winklevoss Bitcoin Trust is exactly the same thing, a place allowing investors in Bitcoin to trade their holding of the digital currency on the stock market, something that has not been attempted before. The Winklevoss brothers have been looking to set up such a find for many years now in order to allow regular investors on the stock market easier access an understanding of the market movements of Bitcoin and other digital currencies.
Even though the Winklevoss brothers and State Street have joined together for this, it still could be a long time before the ETF actually manages to go live, according to many observers. There's still just too little knowledge about Bitcoin on Wall Street to make traditional investors interested enough.