The brothers Winklevoss will launch Gemini Foundationa new exchange “ non american “allowing the negotiation of crypto derivatives.
Friday night, Gemini has teased the upcoming opening of a crypto derivatives platform which will only be accessible from certain jurisdictions.
Gemini Foundation is a non-US platform […] Our first derivative contract will be a BTC perpetual contract denominated in GUSD. An ETH/GUSD perpetual contract will be launched shortly thereafter,” the announcement reads.
The future exchange will thus offer the possibility for individuals and institutions to trade derivatives but also digital assets for cash.
Gemini Foundation will be available in Hong Kong, India, Argentina, Bahamas, Brazil, Chile, El Salvador, Israel, South Africa, South Korea and Thailand. In Europe, only Switzerland and Turkey have been announced.
The launch of this new platform comes at a time when US regulators raise the tone with industry players crypto. Earlier this year, the U.S. Securities and Exchange Commission SEC has launched a lawsuit against Gemini and its former partner Genesis for illegally raising funds through a crypto savings product.
Recently, Bloomberg reported that the Winklevoss twins had been forced to lend Gemini $100 million after unsuccessfully trying to raise funds.
Rival platform Coinbase is also reportedly considering a crypto derivatives overseas. It received this week a license in Bermuda under the Digital Asset Business Act regime.
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