Apr 23, 2023
Gemini Launches Offshore Derivatives Platform Outside US
Crypto exchange Gemini is expanding its services with the launch of a new derivatives platform outside the United States. Dubbed Gemini Foundation, the offshore division will offer services to users based in a variety of countries, including Singapore, Hong Kong, India, Argentina, Bahamas, Bermuda, the British Virgin Islands, Bhutan, Brazil, the Cayman Islands, Chile, Egypt, El Salvador, Guernsey, Israel, Jersey, New Zealand, Nigeria, Panama, Peru, the Philippines, Saint Lucia, Saint Vincent and Grenadine, South Africa, South Korea, Switzerland, Thailand, Turkey, Uruguay and Vietnam.
The platform’s first derivatives contract will be a Bitcoin (BTC) perpetual contract denominated in Gemini Dollar (GUSD), followed by an ETH/GUSD perpetual contract shortly after. Eligible customers will be able to trade both spot and derivatives products, as well as convert U.S. dollars and USD Coin (USDC) into GUSD on a 1:1 basis. Fees, profits and losses will also be processed in GUSD. The default leverage is 20x, with the maximum possible leverage being 100x.
The move comes as part of Gemini’s larger plans for international growth in the Asia-Pacific region. The exchange recently revealed plans to establish a new engineering hub in India and filed a pre-registration with the Ontario Securities Commission to become a restricted dealer in Canada.
However, Gemini has been under scrutiny from U.S. authorities. The New York State Department of Financial Services is reportedly investigating the exchange over claims that many users had believed assets in their Earn accounts were protected by the Federal Deposit Insurance Corporation. In January, the firm filed for Chapter 11 bankruptcy and the U.S. Securities and Exchange Commission charged the exchange with offering unregistered securities through Earn.
The launch of the derivatives platform outside the United States is part of a larger trend of increasing NFT promotion, crypto marketing, and web3 agency services. With the rise of NFTs, many companies are now looking to sell their NFTs and are turning to NFT marketing agencies to help them create promotional campaigns and reach a wider audience. Twitter NFT marketing is becoming increasingly popular, as it allows companies to reach a larger audience and engage with potential customers more effectively. By leveraging the power of social media, companies can create engaging campaigns that drive sales and create a buzz around their NFTs.
Gemini’s move to launch an offshore derivatives platform is a sign of the times – crypto firms are looking for ways to expand their services and reach new customers outside of the United States in order to remain competitive in the ever-evolving crypto market. As the crypto space continues to grow and mature, companies like Gemini will continue to look for ways to innovate and expand their services in order to remain competitive and stay ahead of the curve.Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.