Gemini To Set Up A Crypto Derivatives Platform Outside The U.S. By CoinEdition
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Gemini To Set Up A Crypto Derivatives Platform Outside The U.S.
- Gemini has announced its plans to set up a crypto derivatives platform outside the United States.
- The new platform will offer BTC perpetual contracts and other assets for spot trading as well.
- The offshore exchange is part of Gemini’s efforts to increase its global presence.
Gemini, the Winklevoss-owned American crypto exchange, is set to launch a new crypto derivatives platform outside the United States. The new offshore platform will allow users from more than 25 countries to trade spot as well as derivatives products. Traders will be able to trade with a maximum possible leverage of 100x.
According to a blog post shared by Gemini recently, the new crypto derivatives platform will be called the Gemini Foundation. The platform’s first derivatives product will be a BTC perpetual contract denominated in Gemini’s GUSD stablecoin. The Gemini Foundation plans to introduce an ETH/GUSD perpetual contract soon after the product goes live.
The Gemini Foundation will be available to customers from more than 25 countries including Bermuda, Singapore, India, Hong Kong, Thailand, and Switzerland, among several others. However, clients in the United States will not be able to trade on the new offshore derivatives platform.
The GUSD stablecoin will serve as Gemini Foundation’s primary token. In order to fund their trading account, customers will have to convert their USD and USDC to GUSD on a 1:1 basis. Meanwhile, all perpetual funding payments will have to be in GUSD. The fees on the platform as well as the P&L will be denoted in Gemini’s stablecoin.
The offshore crypto derivatives exchange is part of Gemini’s effort to increase its global footprint. Gemini is among several crypto firms that are looking to expand out of the United States, given the hostile treatment of crypto entities by American regulators including the Securities and Exchange Commission (SEC). Gemini recently announced a new engineering hub in India and also named a new CEO for the Asia Pacific region.
The post Gemini To Set Up A Crypto Derivatives Platform Outside The U.S. appeared first on Coin Edition.
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Gemini To Set Up A Crypto Derivatives Platform Outside The U.S.
- Gemini has announced its plans to set up a crypto derivatives platform outside the United States.
- The new platform will offer BTC perpetual contracts and other assets for spot trading as well.
- The offshore exchange is part of Gemini’s efforts to increase its global presence.
Gemini, the Winklevoss-owned American crypto exchange, is set to launch a new crypto derivatives platform outside the United States. The new offshore platform will allow users from more than 25 countries to trade spot as well as derivatives products. Traders will be able to trade with a maximum possible leverage of 100x.
According to a blog post shared by Gemini recently, the new crypto derivatives platform will be called the Gemini Foundation. The platform’s first derivatives product will be a BTC perpetual contract denominated in Gemini’s GUSD stablecoin. The Gemini Foundation plans to introduce an ETH/GUSD perpetual contract soon after the product goes live.
The Gemini Foundation will be available to customers from more than 25 countries including Bermuda, Singapore, India, Hong Kong, Thailand, and Switzerland, among several others. However, clients in the United States will not be able to trade on the new offshore derivatives platform.
The GUSD stablecoin will serve as Gemini Foundation’s primary token. In order to fund their trading account, customers will have to convert their USD and USDC to GUSD on a 1:1 basis. Meanwhile, all perpetual funding payments will have to be in GUSD. The fees on the platform as well as the P&L will be denoted in Gemini’s stablecoin.
The offshore crypto derivatives exchange is part of Gemini’s effort to increase its global footprint. Gemini is among several crypto firms that are looking to expand out of the United States, given the hostile treatment of crypto entities by American regulators including the Securities and Exchange Commission (SEC). Gemini recently announced a new engineering hub in India and also named a new CEO for the Asia Pacific region.
The post Gemini To Set Up A Crypto Derivatives Platform Outside The U.S. appeared first on Coin Edition.
See original on CoinEdition
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