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Gemini Foundation to be launched as a crypto derivatives platform outside the US
Amidst a strict and uncertain crypto regulatory policy in the United States, the crypto exchange will launch the Gemini Foundation outside the country
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Crypto exchange Gemini has announced the release of its new crypto derivatives platform, The Gemini Foundation. However, its location would not be based in the United States.
The platform would be launched outside the United States as the firm took the decision after considering the current state of uncertain regulations in the country. The Gemini Foundation has mentioned a Bitcoin perpetual contract in Gemini Dollars as their first derivatives contract. Eventually, an ETH/GUSD perpetual contract will likely be released.
As mentioned in their blog post, the Gemini Foundation would enable their users to earn returns, manage risk and get directional exposure through long and short exposure of their crypto by leveraging their crypto assets.
Describing the platform as trusted and secure, the Gemini Foundation would also have spot and derivatives products available for customers who are eligible.
The post specifically said, "Gemini Foundation will be available to customers in the following areas: Singapore, Hong Kong, India, Argentina, Bahamas, Bermuda, British Virgin Islands (BVI), Bhutan, Brazil, Cayman Islands, Chile, Egypt, El Salvador, Guernsey, Israel, Jersey, New Zealand, Nigeria, Panama, Peru, Philippines, Saint Lucia, Saint Vincent & Grenadine, South Africa, South Korea, Switzerland, Thailand, Turkey, Uruguay, and Vietnam. Gemini Foundation will not be available to customers in the United States of America."
As far as funding of their accounts is concerned, a 1:1 basis conversion of USD and USDC to GUSD, or vice versa, could be done by customers without extra costs. GUSD will be the currency used for all funding payments, profit and loss, and fees. The maximum possible leverage would be 100x, while the default leverage would be 20x.
Gemini, founded by the Winklevoss twins, had earlier announced plans to expand operations in India through an engineering center. It had also applied to the Ontario Securities Commission for getting a restricted dealership in Canada.
In the United States, it has been embroiled in investigations by regulatory authorities for some of the locked deposits of their users in their Earn program.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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