Entrepreneurs Cameron and Tyler Winklevoss have filed an application for a limited liability trust company in New York.
The filing for Gemini Trust Company, if approved by the New York State Department of Financial Services (NYDFS), would enable the Winklevoss brothers to launch Gemini, their forthcoming bitcoin exchange product first announced in January.
The announcement notably follows itBit’s May announcement that it received a trust company charter from the NYDFS. Under New York banking law, trust companies are financial institutions that, while unique from banks, are able to take deposits and issue loans.
Upon launch, Gemini will join itBit as the second bitcoin exchange to launch services in New York following the passage of the BitLicense earlier this year.
A spokesperson for the NYDFS confirmed the agency has received the application and that it is currently under review.