Winklevoss’ Gemini Dollar Represents ‘Golden Gate Bridge’ in Crypto Space, Says Charlie Shrem

The founder of the Bitcoin Foundation, Charlie Shrem, shares a positive view on the US dollar-pegged stablecoin issued by billionaire investors Cameron and Tyler Winklevoss.

After earlier this week the founders of digital asset platform Gemini, Cameron and Tyler Winklevoss, issued a stablecoin pegged to the US dollar, the founder of the Bitcoin Foundation and Crypto.IQ Charlie Shrem shared his view on the cryptocurrency. According to him, the Gemini Dollar (GUSD) represents the “Golden Gate Bridge” between the crypto world and traditional financial sectors.

Shrem said in an opinion piece, published on Crypto.IQ on Monday, that a solid stablecoin will allow people to enter the crypto market without having to buy a particular digital asset or worry about any potential loss in value.

“What Cameron and Tyler did was build the Golden Gate Bridge, the Verrazzano Bridge,” Shrem said. “It took a long time to build, but it’s solid, stable, and it will span decades.”

The entrepreneur noted that the Winklevoss twins are not the first to come up with the idea of “building this bridge”, hinting to competitors in the sector such as Tether (USDT), bitUSD (BITUSD), bitEUR (BITEUR), TrueUSD (TUSD), and NuBits (USNBT). However, previous attempts proved unsuccessful due to “little thought given to the quality or longevity of that bridge,” Shrem stated. He stressed that a less than optimal stablecoin could do more damage than good to the crypto space.

A prominent Bitcoin (BTC) advocate, Shrem further noted that he still believes in the future of the original cryptocurrency, but GUSD is what could further “foster this monetary revolution”.

The Gemini Dollar is built on Ethereum’s ERC20 standard and has all the necessary approvals from the New York Department of Financial Services (NYDFS), Winklevoss said in a blog post on Monday. Gemini exchange will allow its customers to convert their US dollar into GUSD 1:1 and to withdraw them from a specified Ethereum address. The dollars that back the new coin will be held in a US bank, that has the Federal Deposit Insurance Corporation (FDIC) pass.

Just a day after announcing the GUSD launch, Bibox, an AI-enhanced, encrypted cryptocurrency exchange platform, said it will be the first exchange to list the new stablecoin after its inception.

“We are so excited to be the first official partnered exchange to list GUSD, congrats!,” Bibox said in a Twitter post on Tuesday.