Gemini has rolled out its new derivatives platform, Gemini Foundation, in 30 countries. The platform is set to offer Bitcoin perpetual contracts that are denominated in Gemini dollars, with up to 100 times leverage. Ethereum trading is expected to be launched soon.
The Launch of Gemini Foundation
Gemini has announced that it has launched its derivatives platform, Gemini Foundation, in 30 countries. According to the exchange, the platform is designed to offer derivatives trading to both institutional and retail traders. In addition, the platform will offer Bitcoin perpetual contracts denominated in Gemini dollars, with up to 100 times leverage. Ethereum trading is expected to be launched soon. The exchange declared that it plans to expand its derivatives offering with additional perpetual contracts, dated futures and options trading. The platform is unavailable to customers in the United States of America, the United Kingdom, or the European Union. However, it is available to crypto investors in selected countries in Latin America, Asia, and Africa such as Singapore, Hong Kong, India, Argentina, Bahamas, Nigeria, Egypt, and South Africa.
Gemini Foundation is being rolled out after recent regulatory issues in the United States. The US Securities and Exchange Commission has recently filed actions against exchanges such as Bittrex and Beaxy. Gemini itself has also faced charges over its defunct Earn program. The exchange’s pivot is coming on the trail of these regulatory issues.
Gemini’s announcement comes after Coinbase launched its international exchange. Coinbase’s platform is targeting institutional traders outside the United States.
Gemini has agreed to start a 30-day mediation process to drive to a final resolution with crypto lender Genesis, Digital Currency Group, the Unsecured Creditors Committee, and the Creditor Committee. Although the exchange has expressed its frustration over the pace of progress, it has stated that it is “supportive of mediation” and is working with the parties to conclude the matter.