U.S. Markets closed

It’s Water Under the Bridge as Zuckerberg & Winklevii Talk Crypto: Report

Wes Messamore
Mark Zuckerberg has reportedly turned to his former archnemeses Cameron and Tyler Winklevoss for advice on Facebook's new GlobalCoin. | Source: (i) REUTERS/Charles Platiau (ii) REUTERS/Lucas Jackson/File Photo; Edited by CCN

By CCN: Mark Zuckerberg has been collaborating with his old rivals, the Winklevoss twins, to launch a digital currency that can be used across Facebook, WhatsApp, Instagram and beyond, according to a report in the Financial Times. Facebook’s cryptocurrency, reportedly dubbed GlobalCoin, is expected to make its debut next year.

The FT reports that Facebook is talking to crypto exchanges including Gemini, which was founded by Tyler and Cameron Winklevoss, in addition to Coinbase. The concept is that users of Facebook’s payment crypto would have the option to potentially hold their coins on a trading platform or convert it for another coin or cash.

Winklevoss Twins Bet Big on Bitcoin

Aaron Sorkin’s blockbuster film “The Social Network” made the Winklevii famous.  The movie tells the story of young Mark Zuckerberg jumping ship from the Winklevoss’ ConnectU network to start his own social media platform. The twins sued the Facebook founder in 2004 for stealing their idea. The judge awarded a $65 million settlement.

Loathe to miss the next big disruption in technology, Cameron and Tyler Winklevoss plowed $11 million of their Facebook settlement into bitcoin in 2013 when 1 BTC was selling for $120. They claim to own around 1% of all bitcoin in existence.  Their holdings reportedly made them the first known bitcoin billionaires during the bull run of 2017.

It appears Mark Zuckerberg and the Winklevoss twins have patched things up since 2004. There might be a lot in it for all three tech entrepreneurs. After launching a New York-based bitcoin exchange Gemini Trust in 2015 and battling with the SEC to introduce a bitcoin ETF, the Winklevoss’ have both regulatory and technical experience to offer.

Zuckerberg Copying the Winklevosses Again

At this point one might be forgiven for thinking Mark Zuckerberg’s business strategy is to copy the Winklevosses. He cribs their business ideas to engineer them and market them better.

Read the full story on CCN.com.