Gemini Exchange intends to obtain a license to trade in securities on the blockchain

Belonging to the Winklevossam brothers, Gemini Bitcoin Exchange will apply for a broker-dealer license, which will allow it to operate as an alternative trading system and offer clients securities on the blockchain. It is reported by CoinDesk .

The appeal will be sent to the Financial Institutions Regulatory Agency (FINRA).

Gemini has previously entered into a partnership with Harbor, a real-world startup specializing in real estate assets, which gives institutional investors the opportunity to purchase securities using Gemini Dollar (GUSD).

However, now, a source familiar with the operating activities of Gemini said, the New York Stock Exchange plans to launch trading in similar instruments on its own platform. It is assumed that this will be securities from Harbor, as well as from other projects.

Implementation of these plans, however, may take quite a long time, so FINRA is in no hurry to approve applications for obtaining a broker-dealer license from cryptocurrency companies. Currently, the organization is considering about 40 such applications, while some companies have been waiting for 14 months to complete.

Recall that in April, Harbor raised $ 28 million in funding from a number of venture capital investors, including Andreessen Horowitz and Pantera Capital. In November of the same year, the company launched a platform for distributing security tokens, starting with the sale of shares in The Hub residential complex in South Carolina.

As for Gemini, in May 2018, the exchange received permission from the New York State Financial Services Authority to provide digital asset storage services.