Winkevoss twins may join Facebook's Libra project

10 Jul, 2019
by David Robb
Winkevoss twins may join Facebook's Libra project

The Winklevoss Twins have claimed that they may get behind Facebook's new crypto project. Coindesk reports that the billionaires are considering joining Libra's consortium of validators.

A number of high-profile figures from the financial world have already joined the Libra Association as validators. These include PayPal, Visa and Mastercard, and a number of major VC firms. Coinbase is the main player from the crypto space that has signed up so far, with crypto-focused custodian Xapo also on board. A few observers have also suggested that the Ethereum Foundation could join the consortium.

The involvement of the Winklevoss Twins could come as a surprise to anyone who has followed the history of Facebook, or seen David Fincher's 2010 drama The Social Network. Tyler and Cameron were in the same Harvard class as Mark Zuckerberg when the idea for Facebook first emerged, and were subsequently embroiled in a major legal battle for control of the game-changing social media platform. 

According to Tyler Winklevoss, "We’re definitely looking at (Libra) in earnest and we’re excited about the project...Our feeling is, this is the first of many FANG (Facebook, Amazon, Netflix and Google) companies to have a token project. Our prediction is in the next 24 months almost every FANG company will have a coin or be working on some sort of project".

The twins run the crypto exchange Gemini, and launched the Gemini Dollar (GUSD) stablecoin last year. GUSD currently has a total market cap of around $10.4 million. Towards the end of last month, a number of high-ranking Coinbase employees jumped ship to join Gemini, which is expanding from its New York base to a new location in Chicago.

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