Gemini Exchange Announces Trading and Custody Support for Filecoin

News / 14.10.2020

In a recent statement, the cryptocurrency exchange Gemini has announced the trading and custody support for Filecoin. As per the announcement, the Filecoin Mainnet will launch at 10:30 am ET, Thursday, October 15, supported by the Gemini exchange custody solution. At the same time, Gemini users will be able to deposit and withdraw FIL through its exchange. The exchange users will also be able to trade FIL subsequently. As of now, the Filecoin network is on testnet and not live yet.

One of the Winklevoss brothers, Tyle Winklevoss, the CEO of Gemini, has also tweeted the announcement saying, “Big News. Filecoin $FIL, the most anticipated crypto since the launch of Ethereum and #Bitcoin itself, is here! Tomorrow, Gemini will support trading and custody for $FIL. Get ready!”

What is Filecoin?

Filecoin is one of the earliest and ambitious projects with a vision to disrupt the data storage and economic model. It defines itself as a decentralized storage network backed by an incentive system with its native token FIL. Filecoin aims to replace the conventional model of cloud data storage with a peer-to-peer network. Hence taking power from big corporations and giving it to the users.

As data has already surpassed oil as the world’s most valuable resource, Filecoin aims to leverage it. The founders of the network believe it could become the fastest and cheapest way to store data on the internet. However, the network requires a mass adoption for that vision to realize.

The network also facilitates an incentive system to reward the miners who allow storage space for the network. These storage miners get paid in the Filecoin network’s native token FIL. Similarly, the users pay in the cryptocurrency to store their files on storage miners.

Earlier in 2017, Filecoin raised $257 million through ICO amid the peak of the crypto bubble. Developed by Protocol Labs, Filecoin Mainnet has gotten delayed multiple since its inception. It’s worth noting Filecoin’s developer Protocol Labs is also behind the IPFS protocol. It aims to replace the HTTP with a peer-to-peer distributed web. However, Filecoin and IPFS are both independent networks but allow some solutions to interact with both of them.

Narender is a digital nomad & crypto writer. He's currently living in this small Himalayan village with a perfect balance of wilderness and an LTE network. His love for Chai and mountains precedes everything. Often wonders about things like, "why $1 earned through leverage feels 100x better than $1 earned selling your time?"