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On Monday, the Department of Financial Services of the State of New York, granted authorization to two companies to issue a cryptocurrency each. The concept is of regulated stable cryptocurrencies, and they will be linked to the dollar.
The superintendent notes that the creative companies will be Gemini Trust Company and Paxos Trust Company, who must adhere to the state's standards and policies for all procedures.
Both currencies will be subject to certain conditions and even to a rigorous inspection that may lead to their revocation, in order to guarantee the protection of consumers.
The CEO of Paxos, commented that they would create a stable token, called PAX, structured as an ERC20 of Ethereum, fast, exchangeable and regulated with a 1 to 1 parity with respect to the American dollar, whose backup will be guarded by the Federal Insurance Corporation Deposits to guarantee the recovery of funds in case the bank breaks.
As for the Gemini exchange house, its creators the Winklevoss brothers announced that it would be called Gemini Dolar, counting on the same parity indicated by PAX and also built on the Ethereum network. They pointed out that registered users can change their dollars to Gemini Dolar and transfer them to an Ethereum address or vice versa.
According to the white paper of the new cryptocurrencies, it is indicated that the core components of Gemini Dolar are three intelligent contracts called Proxy, Impl and Store. To execute each of these, you must find a custodian for approval, be it another contract or a set of keys.
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