Gemini Trust Company, LLC is a digital currency exchange and custodian that allows customers to buy, sell, and store digital assets. It is a New York trust company that is regulated by the New York State Department of Financial Services and was founded in 2014 by Cameron and Tyler Winklevoss., In June 2016, according to CNBC report, Gemini became the world's first licensed ether exchange. In May 2018, it was announced that Gemini had become the world’s first licensed Zcash exchange. Currently, it operates in the United States, Canada, the United Kingdom, South Korea, Hong Kong, and Singapore. Primary competitors include Coinbase, Binance, Bitstamp, and Kraken. All users are able to trade cryptocurrency and fiat currency on an open market. Users are able to transfer USD to and from their bank accounts., Gemini began in order to facilitate the purchase and storage of Bitcoin through a complex system of private keys and password protected environments. Only a small percentage of the total bitcoin on the exchange is held online to minimize the risk of loss from hacking., The New York Times has reported that Gemini is trusted by Ari Paul, of the hedge fund BlockTower Capital, who deals in virtual currency. According to reports by both Bloomberg News and Fortune magazine, Gemini was the first exchange to launch bitcoin futures contracts in December 2017. Fortune reported that Chicago Board Options Exchange uses Gemini "as the basis for the daily settlement for the bitcoin futures".