Tyler and Cameron Winklevoss are American entrepreneurs, investors, and former Olympic rowers. They first became known for their lawsuit over the founding of Facebook, and later earned fame as some of the first Bitcoin billionaires. They are also the founders of the cryptocurrency exchange Gemini, one of the most recognized platforms in the world.
Early Years and Education
The Winklevoss twins were born on August 21, 1981, in Southampton, New York. As identical twins, they have often worked on joint projects and share many interests. They attended the prestigious Collegiate School in New York City, where they excelled in both academics and athletics. After graduating from high school, they both enrolled at Harvard University, each studying a different field, but both joined the Harvard rowing team. They competed in international regattas and, in 2008, represented the United States at the Beijing Olympics, finishing sixth in the men’s coxless four.
The Facebook Lawsuit
In 2003, Cameron and Tyler, along with their friend Divya Narendra, conceived a social networking site called “HarvardConnection” (later renamed “ConnectU”) intended to connect students at elite universities. They recruited Mark Zuckerberg as a programmer to help build the site’s initial version. According to the Winklevoss twins, Zuckerberg delayed the project and then used some of their ideas to launch Facebook in February 2004. Feeling betrayed, the brothers filed a lawsuit in May 2004 against Zuckerberg and his company, TheFacebook, Inc. After years of legal battles, a 2008 settlement awarded the Winklevoss twins $65 million in cash and Facebook shares. By the time Facebook went public in 2012 at $38 per share, those shares had appreciated significantly, further increasing their wealth.
Transition to Cryptocurrency
With the funds from their settlement, the brothers began investing in Bitcoin in 2012–2013, when one BTC traded around $120–$130. They believed Bitcoin could revolutionize finance, protect against inflation, and operate outside the control of central banks. When Bitcoin’s price surged to nearly $20,000 in 2017, many referred to them as the first “Bitcoin billionaires.” In reality, they also held other cryptocurrencies and traditional assets, but their Bitcoin holdings were what made them famous. In 2012, they founded Winklevoss Capital, an investment fund focusing on early-stage tech and blockchain startups. Among their investments were projects like Ethereum, Tezos, and Filecoin.
Gemini — The Cryptocurrency Exchange
Gemini officially launched in October 2015. The brothers aimed to create a regulated, secure, and user-friendly platform for buying, selling, and storing cryptocurrencies. From the start, they ensured full compliance with U.S. regulators, especially the New York Department of Financial Services (NYDFS). In 2023, Gemini obtained a license to operate across the EU and the UK, enabling rapid expansion throughout Europe. Users can trade popular pairs such as BTC/USD and ETH/USD. Gemini also offers interest-bearing accounts (Gemini Earn), allowing holders to earn up to 6 percent annually on BTC and ETH. Gemini Pay lets customers spend cryptocurrencies with partner merchants. In 2021, they launched an NFT marketplace to support digital artists, and their digital wallet (Gemini Wallet) features advanced security, two-factor authentication, and insurance coverage up to $200 million against hacks. By early 2025, Gemini had over 10 million verified users worldwide and consistently ranked among the top five exchanges by liquidity, alongside Binance, Coinbase, and Kraken. Recently, they moved some computations off-chain, introduced ETH 2.0 staking for users, and started a carbon offset program to reduce their environmental footprint.
For example, a user from Poland who opened a Gemini account in February 2025 could verify their identity within an hour and buy Ethereum via a SEPA transfer. With Gemini Earn, they earned roughly 4.5 percent per year on their ETH, which was especially attractive given low bank interest rates in Europe.
Investments and Activities Beyond the Exchange
The Winklevoss twins do much more than run an exchange. Through Winklevoss Capital, they invest in DeFi and Web3 projects, backing layer-2 solutions designed to speed up transactions and lower fees. In 2024, they co-funded a Web3 startup launchpad in Berlin, which attracted over fifty teams from Central and Eastern Europe. They regularly speak at major industry events such as Consensus, Crypto Finance, and the European Blockchain Convention, sharing insights on regulation, security, and crypto’s future. They also support academic programs, offering blockchain scholarships at Harvard University and the Kraków University of Economics. In 2022, they founded the Winklevoss Foundation for Digital Future, which aims to promote blockchain technology in developing countries, support research into eco-friendly mining, and provide STEM scholarships for young women.
Controversies and Criticism
The Facebook lawsuit still looms large over their public image, often summed up as “the twins who lost to Zuckerberg and then built a crypto empire.” Critics argue that without their settlement, they would not have had the necessary capital to enter crypto. In 2018, the U.S. Securities and Exchange Commission investigated whether Gemini’s founders had insider information before Bitcoin ETF listings. No charges were filed, but the inquiry drew industry attention. Some users have complained about relatively high trading fees on Gemini (around 0.50–0.75 percent per spot trade), prompting some traders to migrate to lower-fee exchanges during Bitcoin’s 2024 price downturn. Critics also point out an elitist image: despite claiming to be “for everyone,” some Gemini products require minimum deposits of $10,000, discouraging smaller investors.
Impact on the Cryptocurrency Market
One of the Winklevoss twins’ biggest contributions was supporting the first U.S. Bitcoin ETFs. Their advocacy helped the SEC approve the first spot Bitcoin ETF in January 2024, making it easier for institutions and pension funds to hold Bitcoin and legitimizing it as “digital gold.” Their educational initiatives in Latin America have encouraged crypto adoption in high-inflation countries like Argentina and Venezuela. Since 2023, Gemini has offered trading pairs with local currencies (such as the Argentine peso), boosting user growth in the region by 150 percent by mid-2025. Security has become a hallmark of Gemini: they achieved ISO 27001 and SOC 2 Type 2 certifications, and other exchanges often model their cold-storage processes on Gemini’s. In 2025, they introduced a multisignature system requiring five of seven keys spread across different jurisdictions, greatly reducing theft or hack risk even if one data center is compromised.
Summary
Tyler and Cameron Winklevoss started as Harvard students and Olympic rowers. Their lawsuit against Zuckerberg provided the capital they later invested in Bitcoin. By 2017, they were known as the first “Bitcoin twins,” founding the Gemini exchange and playing a major role in securing Bitcoin ETFs in the U.S. Through Gemini and Winklevoss Capital, they influence DeFi and Web3, while their educational and environmental initiatives help build a more sustainable and inclusive crypto ecosystem worldwide.
