Gemini Sets Foot in Singapore: A Financial Epicenter
In a move that would make even your average financial expert raise their eyebrows, Gemini, the brainchild of the Winklevoss twins, is spreading its wings in Singapore. The island nation, known for its strict regulations and thriving financial scene, has become the latest playground for crypto enthusiasts. On Monday, Gemini couldn’t contain its excitement and unveiled a slew of new features aimed at optimizing the local experience.
Singapore Dollar Now Accepted
Gone are the days of exchanging your cash for crypto in a complicated dance of conversions. With the recent update, Gemini customers can now purchase cryptocurrency using the Singapore dollar, both on mobile and desktop platforms. That’s right—no more mental math trying to figure out the equivalent value. Furthermore, users can utilize debit cards for purchases, making the whole process as smooth as a well-oiled machine.
Embracing the DeFi Revolution
Gemini is throwing its hat into the decentralized finance (DeFi) ring too. Local traders can now dabble in major DeFi tokens such as Yearn.finance’s YFI, Uniswap’s UNI, and Filecoin (FIL). This is more than just a gesture; it’s a robust commitment to supporting the next wave of financial innovation. Overall, Gemini’s Singapore platform supports a total of 20 different tokens, including the crème de la crème like Bitcoin (BTC), Ether (ETH), and Litecoin (LTC).
Local Integration for a Personalized Experience
Gemini is not content with merely setting up shop; they’ve also integrated with local data services like Singapore Personal Access and MyInfo. This savvy move allows for a more personalized experience, resonating with Tokyo-based accountants and Singaporean crypto traders alike. Because who wouldn’t want a locally-tuned interface when managing their digital assets?
Building Strong Foundations with Local Hires
Gemini is also committed to laying down roots in the region. They’ve established a local office and have made key strategic hires, such as Jeremy Ng, a former Leonteq Asia executive, stepping in as Gemini’s head of Asia. Other notable additions include former Asia-Pacific financial crimes legal counsel Andy Meehan as chief compliance officer and Eugene Ng, previously from Deutsche Bank, who will lead business development efforts. Talk about assembling the Avengers of finance!
Why Singapore?
Tyler Winklevoss, CEO of Gemini, aptly dubbed Singapore the “heart of Asia,” highlighting its rapid growth as a cryptocurrency market. And who could argue? The country has positioned itself as a major global hub for all things crypto and blockchain, bolstered by a crypto-friendly regulatory environment and the absence of capital gains taxes on crypto income. Even Singapore’s top bank, DBS, has jumped into the crypto waters with the announcement of a new exchange division in late 2020. For many, it’s clear: if you want to play with cryptocurrency, Singapore is the place to be!
