Mt. Gox Fades As New Exchanges Emerge

Although last year’s Mt. Gox exchange collapse was a major setback for bitcoin, developers and firms looking to expand the currency’s infrastructure haven’t slowed their efforts to bring the cryptocurrency into mainstream use.

First U.S. Regulated Exchange Opens

On Monday, Coinbase was the first company to introduce a regulated market for trading the cryptocurrency. The company was able to gain regulatory approval in 23 U.S. states and promises a safe, secure environment for customers to buy and sell bitcoins.

Not only does Coinbase promise to store 98 percent of users’ bitcoins offline in order to reduce the risk of a hacking attack, but the company also boasts significant backing from the largest stock exchange in the world, the New York Stock Exchange.

Winklevii Close Behind

The Coinbase exchange has been a welcome step in moving the cryptocurrency forward, but it will face stiff competition now that the door has been opened.

Tyler and Cameron Winklevoss, known as the Winklevoss twins or “Winklevii," say they are planning to launch their own regulated bitcoin exchange later in the year.  They used the $65 million obtained in 2008 after their dispute with Facebook Inc. FB in order to develop Gemini.com, which they hope will become “the NASDAQ of Bitcoin."

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The Winklevoss twins are also working to gain regulatory approval for an exchange-traded fund that will hold bitcoins.

The fund, called Winklevoss BitCoin Trust, is aimed at providing investors an opportunity to bet on the currency in a secure, regulated environment.