• Cryptocurrency exchange Gemini announces plans to open a crypto derivatives platform outside the US.
• The first product on the platform will be a BTC perpetual contract denominated in GUSD.
• Gemini seeks to create a favorable regulatory environment by relocating its engineering hub and developers to India.
Gemini Plans Crypto Derivatives Platform Launch Outside US
Cryptocurrency exchange Gemini has announced its plans to open a crypto derivatives platform outside the United States. This is amidst the current mass withdrawal of crypto organizations from the US. Just after disclosing its decision to relocate its engineering hub and developers to India, US-based Gemini looks set to make another big move with the launch of its crypto derivatives platform.
First Product On The Platform
On Friday, 21st of April, Gemini revealed its plans to launch an offshore derivatives trading platform – a new division named Gemini Foundation. This platform will allow users – outside the US – to trade on both spot and derivatives markets. 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.
Eligible Users To Leverage Crypto Assets
Gemini Foundation will enable eligible users to leverage their crypto assets to gain exposure to an underlying asset’s price without actually owning it. The crypto derivatives trading platform will be available to customers in Singapore, Hong Kong, India, Israel, Thailand, and several other countries in Central and South America and Asia.
Launch Date Not Specified
While the launch date was not specified in the announcement blog post, a link was provided for users to sign up for priority access and be notified when the platform is ready.
US Regulatory Challenges
Since the turn of the year, the United States’ Securities and Exchange Commission (SEC) has leveled several regulatory charges against various crypto firms in