On April 21, the American cryptocurrency exchange Gemini stated that a platform for derivatives would soon be launched outside of the US. The action is being taken in the midst of a countrywide regulatory climate that is becoming more restrictive and unclear.
Gemini Announces Derivatives Platform Launch Outside the US
The offshore division, called Gemini Foundation, will serve users living in the following countries:
- 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 Grenadine
- South Africa
- South Korea
- Switzerland
- Thailand
- Turkey
- Uruguay
- Vietnam
However, the service will not be available for customers in the United States.
About the First Derivatives Contract
The first derivatives contract on the platform will be a Bitcoin perpetual contract with a Gemini Dollar (GUSD), followed by an ETH/GUSD perpetual contract. The announcement of the platform was made with a tweet from the platform’s official Twitter account.
Customers who meet the requirements can trade both spot and derivative goods and convert U.S. dollars and USD coins into GUSD 1:1. The processing of fees, gains, and losses will all be done in GUSD. With a maximum leverage of 100x, the default leverage is 20x.
Gemini’s Platform Move
Connecting to other Polymesh dApps via the Polymesh DashboardThe action was taken shortly after Gemini announced plans to set up a new engineering center in India. The platform recently disclosed that Tyler and Cameron Winklevoss, the exchange’s founders, has “big plans for international growth this year in APAC.” The platform pre-registered with the Ontario Securities Commission earlier this month in order to become a restricted dealer in Canada.
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