Gemini Foundation: A New Dawn for Offshore Trading
On April 21, Gemini, the U.S.-based cryptocurrency exchange, announced it is taking its talents overseas with the Gemini Foundation. This upcoming derivatives platform aims to cater to users in various countries while sidestepping the increasingly murky regulatory waters back home. After all, who needs a regulatory headache when you can just kick it with the cool kids in Singapore, Hong Kong, and beyond?
Where in the World is Gemini Foundation Available?
The Gemini Foundation isn’t just offering a service to its next-door neighbors; it’s going global! Users in countries such as Argentina, Nigeria, Vietnam, and even the British Virgin Islands can register to take advantage of the platform. It’s a crypto Pan-American highway, minus the highway patrol:
- Singapore
- Hong Kong
- Argentina
- South Korea
- Thailand
- And many more!
But if you’re in the United States? Sorry, Charlie. This is a no-go zone for you.
What’s on the Menu? Derivatives Galore!
The platform’s first offering is a Bitcoin (BTC) perpetual contract, which will be denominated in the Gemini Dollar (GUSD). Shortly thereafter, an ETH/GUSD perpetual contract will follow, because what’s better than one perpetual contract? Two!
Just a reminder: These perpetual contracts do not expire. So if anyone tells you they’re feeling a bit like a lifelong commitment, well, they wouldn’t be entirely wrong.
The Technical Touch: Leverage and Conversion
Users can expect some hefty leverage options with defaults set at 20x, and the party doesn’t stop there—maximum leverage can reach an eye-watering 100x! Talk about thrilling! But let’s keep our wallets in check, folks, because with great power comes great responsibility (and potentially great losses).
Trading Flexibility
Eligible customers will be able to trade both spot and derivatives products and effortlessly convert U.S. dollars and USD Coin (USDC) into GUSD on a 1:1 basis. Getting your currency conversions right might just be more important than finding the right avocado at the grocery store.
Looking Ahead for Gemini: A Focus on International Growth
The new derivatives platform isn’t the only plan up Gemini’s sleeve. The exchange’s founders, Tyler and Cameron Winklevoss, are busy laying out ambitious international expansion plans in the Asia-Pacific region. And it seems like they’re journeying through the regulatory jungle of Canada too, as Gemini recently filed for pre-registration as a restricted dealer with the Ontario Securities Commission.
So, as the crypto markets evolve and the regulatory environment shifts, Gemini appears determined to make waves—just in different management waters!
Wrapping Up: Where’s All This Leading?
In the face of scrutiny back in the U.S. and amid ongoing investigations regarding the Earn program, Gemini is pulling out all the stops. With a mixture of innovative products aimed at international audiences and a strategy to navigate the complicated waters of cryptocurrencies, this bold move could be just what they need to regain the spotlight.
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