2023-04-24
Gemini, a
cryptocurrency exchange in the United States, has announced the launch of a
platform for trading crypto derivatives outside the United States. The move
comes amid a regulatory environment that is becoming increasingly stringent and
uncertain for cryptocurrency companies in the country.
Gemini
Foundation will provide services to users in Singapore, Hong Kong, India,
Argentina, Bahamas, Bermuda, Brazil, Cayman Islands, Chile, Egypt, El Salvador,
Guatemala, Grenada, Israel, Jersey, New Zealand, Nigeria, Panama, Peru,
Philippines, Saint Lucia, Saint Vincent and the Grenadines, and South Africa.
However, the platform will not be available to customers in the United States.
The platform's first derivative contract will be a Bitcoin perpetual contract in Gemini Dollar (GUSD), followed by ETH/GUSD. Customers with the right to do so will be able to trade both spot and derivative products, as well as convert US dollars and USD Coin into GUSD at a 1:1 ratio. Fees, profits, and losses will be processed in GUSD, with a starting leverage of 20x and a maximum of 100x.
The move comes just days after Gemini revealed plans to establish a new engineering center in India. Gemini's founders, Tyler and Cameron Winklevoss, have just announced that the company has a "big plan for international growth in the Asia-Pacific region this year." Earlier this month, Gemini applied to register with the Monetary Authority of Singapore.
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