Gemini, a leading cryptocurrency exchange, has launched its derivatives platform – Gemini Foundation – in 30 countries outside of the United States. The platform will offer Bitcoin perpetual contracts denominated in Gemini dollars (GUSD) with up to 100 times leverage and Ethereum trading will be available soon. The exchange plans to expand its offerings with additional perpetual contracts, dated futures, and options trading in the coming months.
Gemini explicitly stated that the platform is not available for customers in the United States, the United Kingdom, or the European Union. However, the platform will be accessible 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 will cater to both institutional and retail traders, offering a capital-efficient, highly available, and trusted venue to trade derivatives. The launch follows recent regulatory issues in the United States, including ramped-up regulatory actions by the US Securities and Exchange against exchanges like Bittrex and Beaxy, as well as charges against Gemini over its defunct Earn program.
The announcement comes after Coinbase launched its international exchange, which targets institutional traders outside the United States. Gemini also recently agreed to start a 30-day mediation process with crypto lender Genesis, Digital Currency Group (DCG), the Unsecured Creditors Committee (UCC), and the Creditor Committee to drive to a final resolution.
Gemini expressed its frustration over the pace of progress but remains supportive of mediation and is working with the parties to conclude the matter. Gemini Foundation is purpose-built for both individuals and institutions, offering a reliable and trustworthy platform for traders to engage in derivatives trading.