Gemini, an institutional bitcoin exchange project announced by Cameron and Tyler Winklevoss, has recently sent emails to institutional traders, including traders belonging to pension funds, mutual funds and insurance companies, asking them to start the procedure of opening accounts for trading on the exchange, as reported by BraveNewCoin.

"Just wanted to clarify that the emails sent out today were sent to institutional customers (who signed up to our early access list) in order to begin the process of setting up their account -- there's more KYC work to do to get institutions onboarded than individual customers, hence why we have started to get the process started with these folks earlier," wrote Cameron Winklevoss.

"We'll be sending out invites to individuals once we're ready to launch, which we expect to be quite soon", he added.

The announcement comes after the Winklevoss brothers announced that they had filed to become a trust company with the New York State Department of Financial Services, operating within the state of New York. If the trust status is granted to them, they would be able to operate the exchange without a BitLicense.

However, it is not yet clear what kind of trust have been filed for, but it is expected to help them a great deal in securing the partnerships and deals required to operate the exchange.

"We are also thrilled to announce that we have secured a banking relationship with a New York State-chartered bank," the Winklevoss twins announced earlier this year in a blog post, adding, "Your money will never leave the country. It also means that US dollars on Gemini will be eligible for FDIC insurance and held by a US-regulated bank. Your US dollars on Gemini will be as safe and secure as they are in your bank account today".