Gemini To Launch Derivatives Platform Serving 30 Countries

Key Points:

• Gemini has declared ambitions to establish a new crypto derivatives platform outside of the United States.
• The platform’s initial product will be a GUSD-denominated BTC perpetual contract.
• Customers from 30 countries will be able to use the new platform.

Gemini, a cryptocurrency exchange, stated earlier today that it intends to build Gemini Foundation, a crypto derivatives platform situated outside the US.

Gemini announced its crypto derivatives platform for international consumers. The move follows speculations of Coinbase establishing a similar platform in Bermuda amid a growing regulatory crackdown by US officials. Gemini is following in the footsteps of competitor cryptocurrency exchange Coinbase by establishing an offshore cryptocurrency platform.

According to a blog post from the Winklevoss brothers’ crypto exchange, the Gemini Foundation’s first product will be a BTC perpetual contract denominated in the GUSD stablecoin. After that, the crypto derivatives platform will introduce an ETH/GUSD perpetual contract. The derivatives offers are expected to grow in the coming months.

Incidentally, this is not the first time a crypto firm domiciled in the United States has made headlines in the derivatives market. The market first became aware of its impending debut last month.

Customers from 30 countries will also be able to use the services. India, South Korea, Switzerland, Thailand, Hong Kong, Singapore, the Bahamas, and Israel are among them. Moreover, qualifying consumers from these locations will be able to trade on both spot and futures markets.

“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,” the blog post said.

Gemini also said that the services would not be offered to consumers in the United States, where it is headquartered. The statement comes as the US has prohibited American traders from participating in the derivatives market. This is mostly due to the fact that perpetual crypto contracts do not have an expiry date, and their leverage size is often large.

Traders on the platform will be able to use maximum leverage of 100x, with a default of 20x. The announcement of the new platform comes just hours after Gemini unveiled its second-largest engineering facility in India as part of its worldwide growth.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News