Gemini is working with regulators to list filecoin

Crypto Exchange Gemini Is Working with Regulators to List Filecoin

Cryptocurrency exchange Gemini is working with its regulators to support trading of Filecoin, the firm said in a blog post on Tuesday. The New York-based exchange said its custody unit would support the asset to start. The launch of the cryptocurrency’s mainnet is tentatively slated for sometime between mid-June and mid-July, as per the report on Feb 24.

“In addition to custody services, we are working closely with the New York State Department of Financial Services (NYSDFS) to obtain approval to offer Filecoin trading for our customers,” the blog said. “We are excited to add this cryptocurrency to our platform and continue our mission – to empower the individual through crypto.”

Gemini crypto exchange is known for taking a more conservative approach to listing new coins. It currently offers trading services for five assets, including bitcoin, ether, bitcoin cash, litecoin, and Zcash.

Gemini Filecoin’s Launch Postponed

In related news, Filecoin has announced that it’s postponing its previous launch window by six weeks. In 2017, Filecoin conducted a successful token sale exercise, raising over $200 million from institutional investors. The firm rolled out Testnet phase 1 on Dece 11, 2019, which gave storage clients, developers, and storage miners a chance to participate in the exercise.

During the launch of phase 1, the firm also released an updated roadmap, where phase 1 was scheduled to end by late Jan 2020, with phase 2 due to start immediately after. The firm also anticipated launching its full mainnet in March.

According to the press release by the firm, the postponement was necessary to allow further time for the development of the platform. The firm also stated that the outbreak of Coronavirus in China has also affected the community members who don’t feel safe going back to their work stations.

However, Gemini expressed its gratitude in adding Filecoin to its platform, stating that it’s following its mission of empowering cryptocurrency users.

Gemini has a pretty conservative reputation when it comes to supporting new coins. But the addition of Filecoin will bring the total tradeable assets on the platform up to six.

What’s your view on this? Do share it in the comment section!