Winklevoss twins Tyler and Cameron, are looking to launch the first regulated Bitcoin exchange for American customers.

Reports state the twins have hired engineers from top hedge funds, enlisted a bank and engaged regulators to aid them in opening the exchange, called Gemini, which means “twins” in Latin. The Winklevoss twins say they see Gemini one day becoming the ‘Nasdaq’ for Bitcoin, though whether or not investors will share their enthusiasm remains to be seen.

The Winklevoss twins have much to gain and much to lose when it comes to Bitcoin, thus they’re aggresively pushing for it to become more valuable and more widespread among consumers. The two have amassed a small fortune in Bitcoin since 2012, and with the decline in its value, they’re doing what they can to help the cryptocurrency get back on its feet.

Some are now wary about Bitcoin exchanges, especially in light of what happened toMt.Gox and the recent hack of Bitstamp, but the two are going about Gemini with a whole new approach, and that involves playing ball with regulators. Because of this strategy, Gemini has managed to get a bank account with an American bank.

According to the New York Times, under the condition that only the general outline will be discussed regarding the involvement of the American bank, “the Winklevosses have an agreement with a bank chartered in New York to handle the dollars moving in and out of customer accounts.”

Though this is a milestone for a Bitcoin exchange, Gemini may not please all Bitcoin afficionados, as it goes against the unregulated nature of digital currencies. Some Bitcoin enthusiasts believe that governments and banking institutions shouldn’t have a say in the way Bitcoin works, but others believe the only way for it go mainstream is if it becomes regulated.

You can’t really blame the twins for wanting Bitcoin to be better regulated, as they’ve been burned on their investment with BitInstant, a startup launched by Charlie Shrem, who was later arrested and convicted of money laundering charges.

Aside from Gemini, the Winklevoss twins are also busy with the Winklevoss Bitcoin Trust exchange traded fund (ETF) which is in the final stages of getting listed on Nasdaq.

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