Gemini To Launch Crypto Derivatives Platform Outside US

Crypto Exchange Gemini Lays off an Additional 7% Of Its Staff
  1. Gemini will launch its crypto derivatives trading platform named Gemini Foundation.
  2. The derivatives platform will be available to selected countries — US customers are excluded.
  3. Customers will be able to trade in both spot and crypto derivatives. 

Crypto exchange Gemini announced the upcoming launch of Gemini Foundation, a crypto derivatives trading platform that will become available to customers outside the US. 

According to the exchange’s official announcement, Gemini Foundation will cater to customers and they will be able to trade on both spot and derivatives markets. The crypto derivatives platform will also debut with a bitcoin (BTC) derivatives contract, to be followed by an ether (ETH) perpetual contract.

The primary crypto token used for the platform will be Gemini’s own US dollar-pegged stablecoin GUSD. Customers will be able to convert their US dollars and Circle USD (USDC) into GUSD on a 1:1 basis once the platform has launched.

As said above, Gemini Foundation will not be available to American customers. Instead, the derivatives platform will open its doors to customers in Singapore, Hong Kong, India, Switzerland, South Korea, and many other countries in Central and South America and Asia.

Gemini did not explain the reason for using the word foundation in naming its derivatives trading portal. Also, the announcement did not specify a target date for the launch. However, the team is already encouraging interested customers to sign up for the platform once it launches.

At the moment, Gemini remains to be headquartered in New York. However, the US’ stringent regulatory policy may have prompted the exchange to expand its services overseas, including its upcoming derivatives trading platform. 

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Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.