Gemini Exchange Makes First Acquisition
Gemini, a cryptocurrency exchange owned by the Winklevoss twins recently announced their acquisition of Nifty Gateway. This platform allows users to buy and manage crypto-collectibles, also known as non-fungible tokens. These NFTs are cryptographic tokens that represent a unique asset on the blockchain, such as crypto-collectibles, crypto-art, and more.
“Cryptocurrency is ushering in the future of money– it’s also enabling the future of digital goods and collectibles. As part of our goal to build the future of money, we are building bridges into these new digital economies. To that end, we have acquired Nifty Gateway.” Said Gemini in their blog post.
These types of blockchain collectibles are much alike real-world items, such as baseball cards, stamps, magic the gathering cards, etc. Gemini plan to bring these crypto-collectibles mainstream by using the ERC-721 token standard which makes it possible for anyone to own these unique collectibles.
In 2017, Cryptokitties skyrocketed in price and popularity as the world started to adopt crypto-collectibles, and ever since then more and more have come to the market, making this a very favoured and smart acquisition for the exchange company.
Nifty Gateway makes all this possible as they allow the purchase of these goods via a simple method using a credit or debit card. The founders of Nifty Gateway truly believe this market will strive as the cryptocurrency community has grown dramatically since it’s release. The Winklevoss twins have stated they also believe in this vision by saying:
“All great companies, all great ideas there’s a period where you see a truth and many other people don’t, and you have to have that conviction.”