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U.S. Cryptocurrency Exchange Gemini Announces Offshore Market “Gemini Foundation”

Altszn.com by Altszn.com
April 23, 2023
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U.S. Cryptocurrency Exchange Gemini Announces Offshore Market “Gemini Foundation”
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Establishment of the Gemini Foundation

US-based crypto asset (virtual currency) exchange Gemini announced on the 21st the global version of the cryptocurrency derivatives trading platform “Gemini Foundation”.

Targeting international financial markets with less regulatory uncertainty compared to domestic financial markets, the Gemini Foundation acts as an offshore market for trading and asset management, primarily for those living outside the United States.

The soon-to-be-launched platform will first offer a physical market for Bitcoin (BTC) and a “perpetual swap” that can be traded with up to 100x leverage. After that, it will also handle Ethereum (ETH). Both will be settled using the US dollar-linked stablecoin “Gemini Dollar (GUSD)” issued by Gemini.

Gemini says it will “allow eligible clients to leverage cryptocurrency assets to manage risk, generate returns and take positions on market movements.”

What is permanent swap

A perpetual swap, also called perpetual futures, is a type of futures contract that, unlike traditional futures, is an investment contract that does not set an expiration date.

▶Cryptocurrency Glossary

The service, which will be launched in the near future, is open to both retail and institutional investors and invites them to join a waiting list for priority access.

However, the Gemini Foundation is not open to US, EU, Japanese or Chinese investors. Areas covered include Singapore, Hong Kong, India, Argentina, Bahamas, Bermuda, British Virgin Islands, Bhutan, Brazil, Cayman Islands, Chile, Egypt, El Salvador, Guernsey, Israel, Jersey, New Zealand, Nigeria, Panama, Peru, Philippines , Saint Lucia, Saint Vincent and the Grenadines, South Africa, South Korea, Switzerland, Thailand, Turkey, Uruguay and Vietnam. Many countries are called “tax havens”.

Overseas expansion of US cryptocurrency companies

To deal with regulatory uncertainty, U.S. crypto firms may seek offshore markets. The other day, it was revealed that US Coinbase had acquired a license from the Bermuda Monetary Authority, and there were reports that it would launch a derivatives exchange in Bermuda.

connection:Coinbase Gets License in Bermuda, Ready for Derivatives Market: Report

Coinbase also argued that it needed to prove its regulatory clarification and unfairness in court after receiving a Wells notice from the U.S. Securities and Exchange Commission (SEC). The SEC recently sued Bittrex for providing securities trading, brokerage, and clearing services without a business registration, and there were speculation that Coinbase could be next.

connection:Coinbase CEO says he’s ready to fight the SEC in court

The post U.S. Cryptocurrency Exchange Gemini Announces Offshore Market “Gemini Foundation” appeared first on Our Bitcoin News.

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Read More: bitcoinwarrior.net

Tags: AnnouncesBitcoinBTCcryptocurrencyExchangeFoundationGeminiMarketoffshoreU.S.
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