Crypto exchange Gemini goes global by launching non-US crypto derivatives platform. It will allow the trading of Gemini in 30 territories excluding the United States. This expansion is taking place in light of the recent events of several crypto organizations leaving the country.
Gemini, a cryptocurrency exchange based in the US and owned by the billionaire twin brothers Tyler and Cameron Winklevoss, has been making strategic moves towards expanding its reach globally.
Gemini has recently unveiled its latest offering, the Gemini Foundation, a non-US crypto derivatives platform that will initially feature Bitcoin and Ether perpetual contracts. This new platform will allow trading in 30 territories, excluding the US, as announced in a blog post by the company.
With this new platform, Gemini is poised to offer crypto derivatives trading to a wider global audience, catering to the growing demand for these types of financial products.
The exchange’s first product to debut on the platform will be a BTC perpetual contract that will be denominated in GUSD, which is the exchange’s stablecoin that is pegged to the US dollar. Following this, an Ethereum perpetual contract (ETH/GUSD) is expected to launch soon.
This crypto exchange platform will allow eligible users to leverage their crypto assets to gain exposure to the price of an underlying asset without actually owning it. This means that users will be able to speculate on the price movements of cryptocurrencies without having to buy or sell them directly.
The Gemini Foundation has stated that its crypto derivatives trading platform will be available to customers in several countries, including Singapore, Hong Kong, India, Israel, and Thailand, as well as some Central and South American and Asian countries.
This move by Gemini is expected to attract more users to its platform and increase its market presence in these regions.
Just last week, the company announced the appointment of an Asia-Pacific CEO and plans to establish an engineering hub in India. India hasn’t entirely embraced the concept of cryptocurrencies yet, but it appears to be softening its position.
The exchange may have been inspired to relocate its technical core to South Asia by the region’s developing crypto ecosystem.
The finance minister of India, Nirmala Sitharaman, suggested earlier this month that the G20 nations, of which the United States and India are a part, shall create a uniform framework for cryptocurrencies and digital assets. This has led to this decision as Gemini goes global by launching non-US crypto derivatives platform.
The Winklevoss twins, Tyler and Cameron, have personally invested their funds to provide support for their cryptocurrency exchange, Gemini. Over the past year, the digital asset market has experienced a significant decline, which has led to several challenges for Gemini.
Despite these setbacks, the Winklevoss brothers remain committed to the success of their platform and have taken action to help stabilize and strengthen the company.
Source: Gemini
