The New York State Department of Financial Services authorized the Gemini Trust Company, LLC to offer the trading of Ether, a new digital currency, on its virtual currency exchange based in New York City. In October 2015, the NYDFS granted Gemini Trust Company a charter under the New York Banking Law to operate a Bitcoin exchange. Ether is a cryptocurrency like Bitcoin whose transactions are recorded on a blockchain known as Ethereum. As a condition of its charter, the Gemini Trust Company is required to comply fully with NYDFS’ BitLicense regulatory framework. (Click here for details of this framework in the article “NYDFS Issues BitLicense Framework for Regulating Virtual Currency Firms” in the June 7, 2015 edition of Bridging the Week.)