Gemini, a popular cryptocurrency exchange founded by the Winklevoss twins, recently announced the launch of its non-US crypto exchange. This new venture is expected to be the first step in a broader expansion strategy as the company seeks to increase its global footprint.
The new exchange will allow users to buy and sell cryptocurrencies with their local currency, and is expected to be available in a variety of countries, with support for multiple languages. In a statement, Gemini co-founder Tyler Winklevoss said that the move was “a natural next step in Gemini’s mission to empower individuals and organizations around the world by enabling them to buy, sell, and store cryptocurrencies, and to participate in the emerging decentralized finance ecosystem.”
Gemini’s expansion into the non-US market comes at a time when interest in cryptocurrencies is growing rapidly worldwide. More and more people are becoming aware of the potential benefits of digital currencies, including lower transaction fees and greater control over their money. In addition, the ongoing COVID-19 pandemic has accelerated the shift towards digital payments, as people seek to avoid physical contact and reduce the risk of infection.
Gemini is well positioned to take advantage of this trend, thanks to its reputation for security and user-friendly interface. The company has been praised for its strong security measures, which include offline storage for the majority of funds and a comprehensive insurance policy in case of any losses. This will be particularly important for users in non-US countries, many of whom may be less familiar with the risks and benefits of cryptocurrencies.
In addition to its strong security record, Gemini has also made a name for itself by focusing on compliance and regulation. The company was one of the first to receive a BitLicense from the New York State Department of Financial Services, which regulates cryptocurrency businesses in the state. This emphasis on compliance is likely to continue as the company expands into new markets, as regulators around the world seek to regulate cryptocurrencies more closely.
Despite the many advantages of cryptocurrencies, there are also significant risks involved. These include the volatility of prices, the potential for hacking or theft, and the fact that cryptocurrencies are not backed by any government or central authority. As a result, it is important for users to be cautious when investing in digital currencies, and to seek guidance from trusted sources.
Gemini’s non-US exchange will provide users with access to a range of popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The company has said that it will offer competitive market spreads and low trading fees, as well as a variety of educational resources to help users get started with the platform.
So far, the reaction to Gemini’s expansion into the non-US market has been positive. Many industry experts see this move as a sign of the growing maturity of the cryptocurrency ecosystem, as established companies like Gemini seek to expand their reach and serve new markets. As cryptocurrencies continue to gain acceptance worldwide, it is likely that we will see more companies following in Gemini’s footsteps, launching non-US exchanges and other crypto-related services to meet the growing demand.
Overall, the launch of Gemini’s non-US exchange is an exciting development for anyone interested in cryptocurrencies. It represents another step forward for the industry, and a new opportunity for users around the world to participate in this exciting and rapidly evolving field. While there are still many challenges to be addressed, including regulatory uncertainty and security risks, the potential benefits of cryptocurrencies are too great to ignore. As Gemini and other companies continue to innovate and expand, we can expect to see even more exciting developments in the years to come.
Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has launched Gemini Foundation, an international derivative trading platform, in response to a crackdown on crypto assets in the US. The move allows eligible customers in 31 countries, including Singapore, Hong Kong, Brazil, and Turkey, to trade both spot and derivatives products and execute all of their trading strategies within a secure and trusted platform.
Perpetual contracts are commonly used in cryptocurrency trading and are similar to traditional futures contracts, but without an expiration date. Gemini Foundation’s first derivative contract is a Bitcoin perpetual contract denominated in Gemini’s stablecoin, GUSD. It will soon be followed by a perpetual ether contract.
The expansion of US exchanges comes amid a tumultuous time for the industry as US regulators set their sights on the industry due to recent catastrophic incidents, including the downfall of FTX. Furthermore, US crypto-friendly banks, such as Silvergate and Signature Bank, fell into bankruptcy after running into financial trouble.
Gemini is currently being sued by investors over the sale of its interest-bearing crypto products. The complaint alleges that Gemini’s Earn program didn’t register its high-yield products as securities in accordance with US securities law.
However, Gemini reached an agreement with bankrupt crypto lender Genesis and its parent company Digital Currency Group that includes a viable restructuring plan. The agreement will see Barry Silbert-owned DCG exchange its outstanding $1.1bn note due in 2023 for convertible preferred stock.
Gemini Foundation is not onboarding any users from the United States as the new division will be accessible only to traders in the aforementioned 31 countries. Rival exchange Coinbase is also planning to launch a new platform overseas as part of its aggressive expansion outside the US, although its nature and location remain unknown. Gemini’s offshore exchange is a necessary measure due to the current regulatory environment in the US.
Overall, Gemini Foundation’s launch shows a continued willingness to adapt and progress, given the changes in the regulatory environment. It also underscores the importance of globalizing cryptocurrency exchanges in order to remain competitive in an increasingly complex and dynamic industry. The cryptocurrency market remains at a nascent stage, and its future development will require innovative and fearless action.