Cameron and Tyler Winklevoss Those who lost ownership of Facebook in a dispute with Mark Zuckerberg are now billionaires due to their business dealing with crypto assets. The dispute made famous by the movie ‘The Social Network’ in 2010 showed that the twins had settled for $ 45 million in Facebook shares and $ 20 million in cash. But what followed next? This is how the twins, now billionaires, have triumphed in the boom of the digital commerce market.
Invest in Bitcoin
In 2012, Cameron and Tyler invested $ 10 million in the new digital sensation: Bitcoin, which was only worth $ 8 per unit back then. They also founded the family office Winklevoss Capital Management, which made venture investments, and to date the twins have invested in at least 25 digital asset startups. One of his most recent investments has been in Block-Fi, the fast-growing Bitcoin lending giant. The two investments that have brought them billions in profits so far have been primarily two companies, Gemini and Nifty Gateway.
Gemini Trust Co. is a platform for cryptocurrency exchange and portfolio, which helps clients buy, sell and store digital assets. It was founded in 2014 and two years later, it became the first exchange to authorize the purchase and sale of Ethereum, the second most popular digital currency after Bitcoin. Today, Gemini Trust Co. is an exchange that offers storage for 33 cryptocurrencies of the more than 300 that exist in the market. Also, the Winklevoss twins have their own digital currency, which is called the Gemini dollar. It is pegged to the value of the US dollar and is therefore considered stable.
In November 2019, Gemini Trust Co. purchased Nifty Gateway, a digital art auction platform in the form of NFT. Today, it is the most exclusive digital art platform in the world, offering it only to a select few artists. It charges a 15% commission from artists, which keeps the dollars rolling while offering a diverse platform to its target audience. His most famous is Mike Winkelmann, whose work ‘Every Day: The First 5000 Days’ is the most expensive NFT to date. The digital piece was sold in March 2021 for a whopping $ 69 million.
What does the future of the twins look like?
The Winklevoss twins plan to integrate the two companies, Gemini and Nifty Gateway, into a single entity in which the NFTs are offered as collateral for loans that are sanctioned in cryptocurrencies. As a result, users could leverage their digital assets to finance them without having to sell them.
The rise of digital commerce has definitely proven to be beneficial for the twins who are here to revolutionize the market with their offerings.