Coinspeaker
Gemini Launches Non-US Derivatives Platform Dubbed Gemini Foundation
One of the top traded centralized crypto exchanges, Gemini Trust Company LLC, has announced the launch of its non-United States entity to serve markets outside the European market and the United Kingdom. According to the announcement, Gemini Foundation will begin to offer individual and institutional investors a Bitcoin perpetual contract denominated in Gemini dollars (GUSD) with up to 100x leverage. Later, the company announced it will be unveiling aN ETH/GUSD perpetual contract for both retail and institutional investors.
Some of the jurisdictions that Gemini Foundation is available include Egypt, South Africa, Brazil, Singapore, Hong Kong, India, Argentina, Bahamas, Bermuda, British Virgin Islands (BVI), Bhutan, Nigeria, Panama, Peru, Philippines, Switzerland, Thailand, Turkey, Uruguay, and Vietnam, among others.
“Gemini Foundation offers customers a capital-efficient, highly available, and trusted venue to trade derivatives. Purpose-built for both individuals and institutions, Gemini Foundation combines powerful trading tools with an elegant user experience,” the company noted.
The company has promised its customers that it will be expanding its derivatives offering with additional perpetual contracts, dated futures, and options in the coming weeks.
Gemini Flee Hostile United States
The United States regulators have not yet unanimously come up with a solid plan to regulate the digital asset industry, similar to the European Union, UAE, Hong Kong or Singapore. As a result, local crypto companies including Coinbase Global Inc (NASDAQ: COIN) have opted to diversify into the international markets for the sake of their future growth prospects.
Gemini is already under the radar of the United States Securities and Exchange Commission (SEC) for its Earn Program that succumbed to the FTX and Alameda Research quagmire.
“This past week, Genesis, Digital Currency Group (DCG), the Unsecured Creditors Committee (UCC), the Creditor Committee, and Gemini agreed to start a 30-day mediation process to drive to a final resolution as soon as possible,” Gemini recently noted.
As many other global jurisdictions enact crypto-friendly policies, Gemini exchange with more than 94k Bitcoins in its balance felt obligated to flee the United States market. Moreover, the company wants to get a huge share of global crypto users as adoption goes mainstream before the next bull market.
Notably, the SEC has charged several crypto exchanges for apparently providing unregistered securities to United States investors. Nevertheless, the agency has been slammed for issuing Coinbase with a green light to go public and later charging it for doing the same business.
“If lawmakers could come together and build a clear framework for crypto companies, it would be a huge boon for the US,” Tyler Winklevoss said adding that the company is not leaving the United States market but leaning to the global markets for future growth prospects.
Gemini Launches Non-US Derivatives Platform Dubbed Gemini Foundation
