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Link copied Gemini Launches Non-U.S. Derivatives Platform in 30 Countries
The new platform offers Bitcoin perpetual contracts denominated in Gemini dollars with up to 100 times leverage, expanding its derivatives offering for institutional and retail traders in selected countries in Latin America, Asia, and Africa.
Wed, 03 May 2023, 04:11 am UTC
Cryptocurrency exchange Gemini has launched a new non-U.S. derivatives platform, named Gemini Foundation, in 30 countries. The platform offers Bitcoin perpetual contracts denominated in Gemini dollars (GUSD) with leverage of up to 100 times, and it plans to add trading for Ethereum soon.
The exchange said it would expand its derivatives offering in the coming months with additional perpetual contracts, dated futures, and options trading. The platform is designed for both institutional and retail traders and offers customers a capital-efficient, highly available, and trusted venue to trade derivatives.
The platform is not available to customers in the United States, the United Kingdom, or the European Union, but it will be available to investors in selected countries in Latin America, Asia, and Africa.
Gemini's announcement comes amid regulatory issues in the United States, where the U.S. Securities and Exchange Commission (SEC) has stepped up regulatory actions against exchanges like Bittrex and Beaxy.
Gemini's move also comes after Coinbase launched its international exchange, targeting institutional traders outside the United States.
On April 30, Gemini announced that it had agreed to start a 30-day mediation process to drive to a final resolution with crypto lender Genesis, Digital Currency Group (DCG), the Unsecured Creditors Committee (UCC), and the Creditor Committee. The exchange said it was "supportive of mediation" and was working with the parties to conclude the matter, though it expressed frustration over the pace of progress.
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