One of the first crypto businesses announcing their stability after the wash-out year of 2018 is Gemini, the Winklevoss’ backed crypto exchange. The online trading platform is populating all media platforms with a well-timed campaign setting itself for prime positioning in a beleaguered crypto trading industry.
Disarray in crypto industry
As cryptocurrencies had a dramatic price ride, faltering downward at the first instance and continued to fall in even further to lower than $3,000 from $20,000 thereabouts in the December of 2017. The unexpected turn of events for the highly priced bitcoin proved to be undone for the industry as cybercriminals exploited every avenue available to siphon off these valuable assets – from poorly secured exchanges in South Korea to crypto-jacking, jacking of mining services and physical robbery, swapping of SIM cards to rob bitcoins.
The result of the negative associations of these decentralized ledger currencies was that prices continued to plunge, pulling down other pegged alternative coins thereby unsettling the industry entirely.
The result of the all of the crimes was the over-regulation of the industry and especially so in the US, where the head of the securities monitoring authority, the Securities Exchange Commission issuing stringent orders which demanded high levels of compliance by crypto exchanges willing to operate in the country.
The standards of compliance needed include reporting transactions made from bank accounts and similar stipulations alleged constituted to protect vulnerable investors.
Gemini Establishes Compliance and Readiness
Gemini has displayed its willingness to toe the line set up by the SEC and has time and again take a public stance in favor of the regulator’s crackdown.
Now, at the start of the New Year, it hopes to begin with a clean slate and establish its primacy as a trusted and seasoned provider of crypto services, operating profitably in the framework set up by the SEC.
Additionally, it is exhibiting its best practices which match the regulatory need on billboards, on taxi-tops, subway and more places than the mind’s eye can see!
Hoping to take advantage of the compliance factor, Gemini is positioning itself as a well-meaning ‘bridge’ between the ways of the old and plans of the future currencies.
These eye-catching ads are hence perfect in establishing the retail presence of the exchange and is aimed at appealing to mobile-touting retail investors via a just-launched mobile app. But the issue of market fraud and manipulation of prices are likely to affect the overall adoption by mainstream investors.