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Gemini to Expand Operations Beyond the U.S.

On Friday, Gemini, a crypto exchange based in the United States, disclosed its intention to establish a derivatives platform outside of the home country. This decision was made as the regulatory climate becomes increasingly challenging in the U.S.

Gemini seems to be following in the footsteps of rival rival Coinbase by establishing an offshore crypto platform. The timing of Gemini’s decision to launch an offshore crypto platform coincides with U.S. regulators adopting a stricter stance on cryptocurrencies in the world’s largest economy, which has impacted Gemini. In January, the Securities and Exchange Commission accused Gemini and Genesis of selling unregistered securities.

The initial product to be offered by the Gemini Foundation, according to a blog post from the Winklevoss-owned crypto exchange, will be a BTC perpetual contract dominated in the GUSD stablecoin. Following that, the crypto derivatives platform will launch an ETH/GUSD perpetual contract. Unlike conventional derivatives, perpetuals don’t have an expiration date. Over the next few months, the derivatives products will reportedly be expanded.

Gemini Foundation will allow eligible customers to leverage their crypto assets to achieve long or short crypto exposure in order to manage risk, generate returns, and gain directional exposure

Gemini Foundation

The services provided by the platform will not only involve derivatives, as customers from more than thirty nations will also have access to trading spot products. These countries consist of Singapore, Hong Kong, India, El Salvador, Thailand, Bermuda, Brazil, South Korea, and others. However, individuals from the United States will not have access to the platform.

To fund their account, customers will need to exchange their USD and USD Coin for GUSD at a 1:1 ratio. Perpetual funding payments will only be accepted in GUSD. Trading on the platform will permit a maximum leverage of 100x, with 20x being the default. The announcement of the platform’s launch was made shortly after Gemini revealed its plan to establish its second-largest engineering center in India to expand globally. Additionally, the exchange appointed Chief Technology Officer, Pravjit Tiwana, as the Chief Executive Officer for the Asia Pacific Region (APAC).

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