Gemini, the
cryptocurrency exchange founded and operated by the Winklevoss twins, has
announced the launch of a non-US crypto derivatives platform dubbed Gemini
Foundation. In response to regulatory pressure in the United States, another
platform has decided to move its derivatives branch outside the country’s
borders.
The first
products offered by Gemini Foundation will be based on Gemini dollars (GUSD),
the exchange’s proprietary stablecoin, and will be used for settling Bitcoin
(BTC) perpetual contracts. Similar contracts based on Ethereum (ETH) are
expected to be introduced in the near future.
The new
platform will allow investors to gain short and long exposure to crypto assets
by trading on spot and derivative markets. According to a press release posted
on the exchange’s website, users from the United States will not be able to use
its services. The list of approved traders includes those from Asia, South
America, Australia, the Middle East, and several European countries.
“Singapore,
Hong Kong, India, Argentina, Bahamas, Bermuda, British Virgin Islands (BVI),
Bhutan, Brazil, Cayman Islands, Chile, Egypt, El Salvador, Guernsey, Israel,
Jersey, New Zealand, Nigeria, Panama, Peru, Philippines, Saint Lucia, Saint
Vincent & Grenadine, South Africa, South Korea, Switzerland, Thailand,
Turkey, Uruguay, and Vietnam,” Gemini Foundation listed.
The
platform will offer trading…
