Gemini launches derivative platform in 30 countries Gemini launches derivative platform in 30 countries
Gemini said the new platform is unavailable to customers in the United States of America, the United Kingdom, or the European Union.
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Updated: May. 2, 2023 at 4:26 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Gemini has launched a non-U.S. derivatives platform — Gemini Foundation — in 30 countries, according to a May 2 statement.
The exchange said the new platform would start trading with Bitcoin (BTC) perpetual contracts denominated in Gemini dollars (GUSD) with up to 100 times leverage. It plans to launch trading for Ethereum (ETH) soon.
“In the coming months, we will expand our derivatives offering with additional perpetual contracts, dated futures, and options trading. “
The exchange explicitly stated that the platform is unavailable to customers in the United States of America, the United Kingdom, or the European Union.
Meanwhile, the platform would be available for crypto investors in selected countries in Latin America, Asia, and Africa — like Singapore, Hong Kong, India, Argentina, Bahamas, Nigeria, Egypt, South Africa, etc.
The platform would be available for both institutional and retail traders.
“Gemini Foundation offers customers a capital-efficient, highly available, and trusted venue to trade derivatives. [It is] Purpose-built for both individuals and institutions.”
US regulatory issues pushing exchanges abroad
The exchange’s pivot is coming on the trail of the recent regulatory issues in the United States. The U.S. Securities and Exchange has ramped up its regulatory actions recently, filing actions against exchanges like Bittrex and Beaxy.
The financial regulator has also filed charges against Gemini over its defunct Earn program.
Meanwhile, Gemini’s announcement is coming after Coinbase launched its international exchange. Earlier today, Coinbase said this platform targets institutional traders outside the United States.
Gemini’s Earn update
On April 30, Gemini said it agreed to start a 30-day mediation process to drive to a final resolution with crypto lender Genesis, Digital Currency Group (DCG), the Unsecured Creditors Committee (UCC), and the Creditor Committee.
The crypto exchange said it was “supportive of mediation” and was working with the parties to conclude the matter. However, Gemini expressed its frustration over the pace of progress.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,146.16
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Gemini Dollar
$1.00038
Gemini dollar (GUSD) combines the creditworthiness and price stability of the U.S.
Gemini
Gemini is a regulated digital asset exchange and custodian that allows customers to buy, sell, store, and stake digital assets in a regulated, secure, and compliant manner.
Genesis
Genesis is an institutional digital asset markets and a full-service digital currency prime brokerage providing a single point of access for select qualified individuals and global institutional investors.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Bittrex
Founded in 2014 by three cybersecurity engineers, Bittrex is a global leader in the blockchain revolution.