It all started with Facebook…
Tyler and Cameron Winklevoss are twin brothers also known as the Winklevii and they became well known after suing Mark Zuckerberg, claiming he stole their ConnectU idea to create the popular social networking site Facebook. They ultimately received $65 million from the suit.
It appears that the twins started accumulating Bitcoin in 2013 and they claim that they own 1% of all Bitcoins in existence. Not bad…
Also In 2013, the twins led a $1.5 million in seed funding of BitInstant, a bitcoin payment processor. Charlie Shrem, CEO of BitInstant, was arrested in January 2014 and charged with money laundering related to the Silk Road online black market investigation.
The brothers maintained that they were passive investors in the company.
Gemini, a Bitcoin exchange founded by the twins, October 2015, received approval to operate from the New York State Department of Financial Services. The exchange is targeted mostly at institutional investors.
The brothers tried on numerous occasions since 2013 to get approval from the SEC to launch their Winklevoss Bitcoin Trust as an Exchange Traded Fund [ ETF ], the application was finally denied in March 2017. The twins are however continuing to seek approval in this regard.
Storing their Crypto Fortune
There were not many online wallets and exchanges back when the Winklevoss brothers began investing in cryptocurrencies. Those that did exist were prone to hacks.
To protect their bitcoin holdings, the brothers distributed snippets of a printout of their private keys across multiple safe deposits around the United States. This ensured that even if thieves got their hands on a fragment of the private key, the others would still be outside their reach.
A solution today would be to use the Swiss Bank In Your Pocket.
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