The chief executive officer of one of the world’s leading digital asset exchange ShapeShift, Erik Voorhees, is of the view that the introduction of a U.S. dollar backed digital asset in the form of Gemini dollar is a great move for the crypto market and will help incorporate cryptocurrencies more into peoples’ lives.
Talking to BlockPublisher regarding the improvement of crypto acceptance among the masses after the development made in the form of the introduction of Gemini dollar, Erik stated that:
For sure… yet another development that brings crypto further into peoples’ lives.
Many crypto experts in the financial industry are also praising this development made and only see it as a positive move for the development of the crypto market as a whole. Linda coin’s blockchain advisor, David Gokhshtein, is also of the view that the introduction of the Gemini dollar will prove to be a positive move for the crypto industry overall. Talking to BlockPublisher, David said:
Might not be a fan of them, but I think it’s a great move and I see it only being a positive move for the industry.
The image that cryptocurrencies have in the public eye is marred by various shortcoming and problems that they posses as of now. Lack of stability, lack of regulation and presence of manipulative activities are some the reasons why investors hold back from entering this volatile market. Gemini dollar changes the game by presenting forward a 1:1 peg with the U.S. dollar, thus ensuring more stability. The fact that it is regulated by the New York State Department of Financial Services (NYDFS) is something that provides assurance to the general public regarding its creditworthiness. It handles some the major concerns that people have concerning cryptocurrencies. Regarding the possibility of people giving it a chance despite the image that Winklevoss twins have in the masses, David stated:
I mean, the public’s opinion of the twins isn’t all that favorable, but if you look deeper into what they are trying to accomplish with this move, people might give it a chance. Now, obviously if Zuckerberg or Jeff B came out with this type of news, of course their would be more interest.
Being on an ethereum network, the Gemini dollar combines the technological prospects offered by blockchain with the stability and creditworthiness of the U.S. dollar. The ease of usage that is provides by Gemini dollar is something that makes it stand out. The entire framework provided by Gemini is auditable, secure and stable.
U.S. dollars can be easily converted into Gemini dollars by the user through his/her Gemini exchange account. The U.S. dollars are then transferred to an ethereum address specified by the user. On the other hand, users can easily get back their U.S. dollars by depositing the Gemini dollars back into their corresponding account. In this way, users can easily enjoy the possibilities that are offered by digital currencies without having to worry about the issue of volatility that is prevalent in almost all the cryptocurrencies.
As implied from the statement made by Erik Voorhees, Gemini dollar is surely the one to look out for as we move forward in time. It will most likely improve the general perception of cryptos that is prevalent in the public’s eye.