April 26, 2023
By Sharan Kaur Phillora
According to an announcement, ‘Gemini Foundation’ will allow its customers to trade spot and derivative products. These products will be denominated in Gemini’s stablecoin — GUSD. Potential customers can sign up to be notified when the platform goes live.
Here’s what we know:
Gemini’s latest moves highlight the current trend of crypto firms leaving the U.S. due to the lack of regulatory clarity.
Gemini Foundation will be unavailable for users in America, where some exchanges have found themselves in hot water for offering crypto derivatives services. For example, Binance is being sued by the Commodity Futures Trading Commission (CTFC) for allegedly breaking trading and derivatives rules.
As per the exchange’s official announcement, the first product to debut on the platform will be a BTC perpetual contract denominated in GUSD (the exchange’s US-dollar-pegged stablecoin). An Ethereum perpetual contract (ETH/GUSD) is expected to launch soon afterwards.
The new platform will be accessible to users in other countries including Brazil, South Africa, New Zealand and Nigeria. And eligible customers will be able to convert USD and USDC into GUSD on a 1:1 basis, and vice versa, in order to fund their Gemini Foundation account at no additional cost.
Gemini is one of the biggest exchanges in the U.S. On April 22, the firm had a 24-hour trading volume of $43.2 million, according to BeInCrypto data.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.