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You Probably Didn't Know Bitcoin Just Went Legit

The first U.S. Bitcoin exchange opens

Nicole Billitz
You Probably Didn't Know Bitcoin Just Went Legit

The Winklevoss twins, who won a $65 million lawsuit against Mark Zuckerberg for stealing their idea to have a college based social media site, have set their eyes on another venture.

The pair are hoping to begin exchanging Bitcoin that will be overseen by US regulators. The company, Gemini, hopes to begin trading this year.

Cameron and Tyler Winklevoss have invested millions in the virtual currency.

Bitcoin, a cryptocurrency, reached its peak value in November 2013, of nearly $1,200 and has since been in decline. Currently, it’s value is $285.

Last year, New York’s financial services encouraged entrepreneurs using their currency to apply for formal recognition. The Winklevoss twins have since been lobbying financial regulators so as to legitimize the currency and attract more mainstream users. They have also been lobbying banks to handle transfers and deposits.

Bitcoin exchanges have long since been the weak point of the digital currency. Many users have been robbed of deposits, and trade for real currency has also had issues. Many nations are now imposing stricter controls on how to operate the currency.

On Monday, a Wall Street-backed Bitcoin company beat the Winklevoss twins to the punch. Coinbase, the first U.S. bitcoin exchange, started business promptly at 9am.

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