Crypto exchange Gemini late on Friday announced it would be launching a derivatives platform outside the US called the Gemini Foundation.
Gemini did not state the exact date for the launch; however, the exchange noted that the platform would start with an initial solo offering of a BTC perpetual contract and Gemini dollars (GUSD) trading pair.
The Winklevoss Twins-owned exchange also disclosed that, unlike conventional derivatives, it would not add an expiration date for perpetual contracts.
Derivatives Platform to Feature ETH/GUSD
The platform also plans to introduce the ETH/GUSD perpetual trading pair soon after the launch while stating that the platform will only be available to customers in certain countries.
Countries like Hong Kong, Singapore, India, and Brazil are among the selected locations. The list comprises a few African countries, with Nigeria, Egypt, and South Africa being the only nations with access to the Gemini Foundation.
A few days ago, Gemini announced the appointment of the new Asia Pacific (APAC) CEO, Pravijt Tiwana. This move, the exchange said, was to help actualize the big plans it has for Asia. The company also recently expanded its engineering and operations team in India, a move linked to the coming derivatives platform.
Gemini Joins the US Exodus
The US, known as the breeding ground for most of the biggest exchanges in the world, has become a place crypto firms are looking to leave. Coinbase, Kraken, and Gemini are all US-based, showing the support these crypto firms once had before the turn of events.
Most US-based exchanges want to move to a more regulatory favorable country, as American regulators have upped their ante following the FTX collapse. Without unclear regulatory rules, the Securities and Exchange Commission has charged a couple of crypto firms in the US for offering unregistered products and securities, of which Gemini was one.
.The exodus led by Coinbase’s CEO, Brian Armstrong, has gained momentum recently, and other exchanges are looking forward to broadening their horizons to avoid extinction by US regulators. To the detriment of America, countries like Hong Kong and Singapore have stepped up to embrace these on-the-run crypto firms and reap the economic benefits.
