Tyler and Cameron Winklevoss, the founders of Gemini, believe that the cryptocurrency market is in need of more regulation.
While speaking at SXSW in Austin, Texas on Friday, the Winklevoss twins touched on the aftermath of the alleged death of Quadriga CX CEO Gerald Cotten, which has left investors unable to access some $200 million CAD.
“There are a lot of carcasses on the road of crypto that we’ve seen and learned from,” Cameron said. “At the end of the day, it’s really a trust problem. You need some kind of regulation to promote positive outcomes.”
Cameron added that better oversight and compliance will ultimately help boost Bitcoin’s price back to previous levels.
The twins also touched on Gemini’s long-term goal to promote adoption globally, with a specific focus on the more than 1 billion currently unbanked individuals.
“With a crypto address and a smartphone, all of a sudden you are in the system,” Cameron said. “We are really just trying to extend the financial system, so you can send dollars anywhere in the world.”
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.