Gemini has launched its offshore crypto derivatives trading platform in thirty countries.
The Gemini Foundation is now offering BTC perpetual contracts to customers in qualified jurisdictions.
The new exchange is not available to customers in the United States, the United Kingdom, or the European Union.
U.S-based crypto exchange Gemini’s offshore crypto derivatives trading platform has been launched less than two weeks after initially announced last month. The Gemini Foundation is now live in over two dozen countries including Singapore, Hong Kong, India, Switzerland, Bermuda, Turkey, Brazil, and Vietnam.
Gemini Foundation Not Available In US, UK, And EU
According to a Twitter thread posted by the Winklevoss-owned crypto exchange earlier today, the Gemini Foundation is open for trading to customers in all available jurisdictions. Users from the 30 available jurisdictions can now trade BTC perpetual contracts denominated in the exchange’s GUSD stablecoin using up to 100x leverage. The new crypto derivatives exchange plans to launch an ETH/GUSD perpetual contract in the coming weeks.
The offshore trading platform will not be available to customers in the United States, United Kingdom, and the European Union. In the available jurisdictions, both retail and institutional traders can access the platform. Gemini revealed that it will be expanding its derivatives offerings with additional perpetual contracts, dated futures, and options in the coming months.
Gemini Foundation offers customers a capital-efficient, highly available, and trusted venue to trade derivatives. Purpose-built for both individuals and institutions, Gemini Foundation combines powerful trading tools with an elegant user experience.”
A report from Fortune revealed that the new derivatives exchange is based in Singapore. As reported earlier, the platform will introduce spot products as well. Customers will have to convert their USD and USD Coins to GUSD on a 1:1 basis in order to fund their trading account. Perpetual funding payments will have to be made exclusively in GUSD.
News of the derivatives trading platform’s launch comes on the same day that Coinbase announced the launch of its Bermuda-based crypto derivatives exchange, Coinbase International Exchange. The American exchanges’ global push is partly due to the lack of regulatory clarity in the US and the hostile stance of regulators like the Securities and Exchange Commission (SEC).