The Legendary Rise of the Winklevoss Twins: From Facebook Feud to Crypto Pioneers 🚀
The story of Cameron and Tyler Winklevoss is one of both rivalry and reinvention. Here’s a closer look at how these twins turned a legal battle into a crypto empire:
1. The Facebook Saga: Where It All Began
Back in 2002, while students at Harvard, Cameron and Tyler, alongside their friend Divya Narendra, launched HarvardConnection, later known as ConnectU. They brought on Mark Zuckerberg to help build it, but soon after, Zuckerberg launched Facebook. This led to a high-profile lawsuit that ended in 2008, with the twins securing $65 million in cash and Facebook shares—a settlement that would later become the fuel for their crypto journey.
2. Early Bet on Bitcoin: The Vision for "Gold 2.0"
In 2012, the twins invested a large portion of their Facebook settlement in Bitcoin, with BTC trading at just around $8. Their belief? That Bitcoin could be the new gold of the digital age. As Bitcoin’s value skyrocketed over the years, the Winklevoss twins became some of the first Bitcoin billionaires by 2017, proving their early vision was spot on.
3. Gemini Exchange: Building a Bridge for Mainstream Crypto
In 2014, the twins launched Gemini, a New York-based crypto exchange built on transparency and regulation. Designed to make crypto more secure and accessible, Gemini has become a pillar for digital asset trading in the U.S. They also introduced the Gemini Dollar (GUSD), a stablecoin pegged to the U.S. dollar, and pioneered Bitcoin ETF proposals.
4. Crypto Net Worth: Building a Billion-Dollar Legacy
With substantial Bitcoin holdings and the growth of Gemini, the Winklevoss twins’ net worth has fluctuated in the billions. By 2021, their combined crypto wealth was estimated to be over $6 billion, marking them as influential voices for crypto adoption and regulation.
From a notorious rivalry over social media to pioneering the crypto space, the Winklevoss twins have shown the power of reinvention. They continue to shape the digital finance landscape, advocating for a future where crypto is accessible, trusted, and mainstream.
#CryptoLegends #WinklevossTwins #BitcoinPioneers #Gemini #Write2Earn!
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According to recent reports by Kaiko, some of the world’s largest cryptocurrency exchanges have seen a significant drop in market depth due to disruptions in USD payment channels and crypto bank failures.

Specifically, Gemini’s market depth fell by 74% in March, Coinbase by 50%, and BinanceUS by 29%. However, Binance Global only saw a drop of 13%. This lack of liquidity could lead to more price volatility and unpredictable swings in both directions.

The crypto market liquidity in March was already down 52% before the news hit that depositors in SVB would be made whole. This only added to the volatility of prices in the immediate aftermath. However, the market depth increased by over $125m overnight, or 30%, as price effects played a role in restoring USD liquidity to exchanges.

Interestingly, a closer look at liquidity at the pair-level shows that a large portion of the increase actually came from renewed liquidity for USDC in particular. As Circle gained access to the $3.3bn they had in SVB as soon as Monday morning, USDC moved closer to its peg and market makers began offering liquidity for USDC pairs again.

Using USDC as the base asset, there was a huge spike of over $100m in extra liquidity offered overnight, with over $60m belonging to the relisted USDC-USDT pair on Binance, while the USDC-USD pair on Kraken saw an injection of $20m in liquidity as well.

The lack of liquidity and the recent disruptions in USD payment channels and crypto bank failures have highlighted the need for greater stability and security in the cryptocurrency market.

In conclusion, the drop in market depth on some of the major cryptocurrency exchanges is a cause for concern, as it can lead to increased price volatility and longer transaction times. It is crucial for exchanges to take steps to address these issues and ensure that they have sufficient liquidity to meet the needs of their customers.

Read more: https://azcoinnews.com/gemini-coinbase-and-binance-us-experience-major-decrease-in-market-depth-in-march-2023.html

#Gemini #Coinbase #Binance #azcoinnews