The Winklevoss Twins, Tyler and Cameron, are famous for their legal battle with Facebook CEO Mark Zuckerberg, whom they accused of stealing their idea for the world famous social network. The twins have moved on from that case, and are now known as two of the highest-profile proponents of Bitcoin, and are pushing for the mainstream adoption of the virtual currency.
Dubbed as Winkdex, obviously the name is taken from their surname, it’s a platform that uses values from six currency exchanges to get an approximation of Bitcoin’s value. It uses BitFinex, Bitstamp, BTC-e, CampBX, localBTC, and MtGox. Winkdex aims to make Bitcoin more detailed and transparent, allowing for an easier way to track the value of the virtual currency.
Winkdex’s creation was announced in a regulatory filing to the Securities and Exchange Commission closely tied to the Winklevoss Bitcoin Trust they applied for last summer. It’s said that the fund is moving closer to regulatory approval, and that the twins hope to start the fund later this year.
There is already one investment fund in the market, the Bitcoin Investment Trust, but this is only directed at the wealthier side of the market. It allows rich Americans to bet on the movements of Bitcoin’s price. What the Winklevoss Twins aim to accomplish with their fund is to trade Bitcoin publicly, work with other financial firms to buy and sell Bitcoin each day and keep the number of outstanding shares of the ETF in check.
The Winklevoss Twins recently came under scrutiny when BitInstant CEO Charlie Shrem was arrested for money laundering. The twins had invested $1.5 million in BitInstant, but stated that they were just passive investors and had nothing to do with whatever Shrem was up to.
The Twins are pushing for the mainstream adoption of Bitcoin, and are said to possess tens of millions of dollars worth of the virtual currency. They’re hoping for greater stability in Bitcoin’s value, and to do so they’re providing services that make it easier for people to monitor or invest in it.
photo credit: btckeychain via photopin cc
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