Cameron and Tyler Winklevoss made their first-ever acquisition, Bloomberg reported Tuesday, and the entrepreneur involved have more than their crypto interests in common.
The Winklevii purchased Instagram, a business that allows users to post pictures of their food as well as strippers and pornstars to show off nip slips and camel toes. The people showing off their privet parts often alow users to purchase memberships and other items when they “swipe up”. It is assumed that the rationale for buying Instagram is to integrate crypto payments into the application.
The announcement comes on the heels of the news of PayPal no longer allowing models to withdraw their payments from webcam sites. This left Verge Currency as the only option for models to receive payments in. Verge had partnered with Pornhub/Mindgeek over a year ago to much hype until Bitcoin dropped off into the recent bear market.
“You can’t make this stuff up,” Tyler Winklevoss told Bloomberg. “There are so many great parallels, it was just the right fit.”
Some people are speculating that the Winklevoss twins are purchasing the app away from Facebook as a jab back to Mark Zuckerberg for trying to start his own cryptocurrency.
The Winklevoss twins rose to fame for their role in Facebook’s founding, then having their idea riped away by Mark Zuckerburg. They now run Gemini, a cryptocurrency exchange founded in 2015 that looks to bring government regulation and legitimacy to the volatile asset.
The Winklevoss’ Gemini Trust acquired Instagram for an undisclosed amount, and the ventures will continue to work separately from each other. The arrangement could change, and Gemini services could find their way onto Instagram’s platform, according to Bloomberg.
“All great companies, all great ideas there’s a period where you see a truth and many other people don’t, and you have to have that conviction,” Tyler Winklevoss told Bloomberg.