Crypto Exchange Gemini Ventures Outside the US With Plans for Derivatives Platform
Despite an ongoing legal tussle with US authorities, Winklevoss Twins-owned crypto exchange Gemini has announced the launch of a crypto derivatives platform.
The new platform will only cater to crypto derivatives traders outside the North American nation.
In an April 21 blog post, the Gemini exchange announced the upcoming launch of a new crypto derivatives platform called Gemini Foundation.
The US-based Bitcoin trading hub said the new derivatives platform would solely cater to investors outside the US platform.
For the first derivatives trade on Gemini Foundation, investors will be able to trade Bitcoin perpetual contracts denominated with the exchange’s famous stablecoin Gemini Dollars (GUSD).
The announcement said it is also making plans to add ETH/GUSD perpetual contracts to its lineup of offerings and many others.
With Gemini Foundation, crypto traders will be able to execute long or short positions using spot and derivative products.
For its eligibility criteria, the Gemini Foundation would support 30 countries, with more additions to come.
Some eligible regions include Singapore, New Zealand, Nigeria, Hong Kong, Bermuda, South Africa, Switzerland, and 23 others.
There was also a noticeable absence of the United States of America (USA). For its account funding and withdrawals, customers will be able to convert their USD to GUSD on a 1:1 basis at no extra cost.
Gemini Foundation customers will be charged using the exchange’s stablecoin and will enjoy maximum leverage of 100x for both spot and derivatives trading.
Providing more context on the Gemini Foundation experience, the Gemini team said it is purpose-built for individual investors and financial institutions.
The upcoming crypto derivatives trading platform will
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