Through a full page ad at the New York Times, Gemini platform has issued its view to the crypto community on how the sector can fulfill its ultimate goal by setting rules and standards. Using its platform as an example, Gemini shows the crypto community how guidelines will help the industry grow significantly.
The guidelines focus mainly on regulation, working within rules, security standards, be principled and lastly pay it forward.
Gemini Principles Entails;
Regulations
New and emerging sectors need regulations and watchdogs to control the industry. Through Gemini testifying in the dialogue between players and NYDFS, it shows how committed Gemini is to ensure the industry has a proper legal framework. The latter meeting was successful and led to the formation of New York Virtual Currency Regulations which has issued licenses to 12 operators in the cryptocurrency sector including Gemini.
Working within rules
For the sector to fulfill its potential, and even grow more industry, players have to first comply with the regulations in place. Just like us operators entering the industry should first arm themselves with legal papers before launching their platforms. Gemini started its journey in 2014, but its’ platform was open to the public only after getting their license in October of 2015.
Set High-Security Standards
The crypto industry is an ever-growing and yet emerging industry that is prone to cyber-attacks leading to losses. And the only way to curb hacking incidences is to employ the use of advanced security systems to not only prevent hacking from manipulation of loopholes but also protect funds. Just like Gemini developers, developing a cutting edge cold storage system and hot wallet industry, players should follow suit. Moreover, the platform operators shouldn’t stop there; they should cushion their investor’s money from losses by getting the best insurance cover.
Be Principled
Investor’s interest must always come first and be the driving force of any other platform. For us, we have built our platform while sticking to principles which form the backbone of Gemini. Our policies are compliance, licensing, security and product with the client’s interest always at the forefront.
Pay it Forward
For crypto to evolve and revolutionize how it does business, industry players must be innovative and take digital coins to the people. Creativity and innovation is key to propelling the industry further. Moreover by taking care of the technical aspects of crypto, and making everything simple its usage will reach everyone with an internet connection. Features such as Gemini dollar and Gemini mobile app are making everything easy and possible for the public.
Cryptocurrency industry is an extensive industry which is evolving at a faster rate, and the principles above are a guideline for its success.
