Gemini To Launch Non-US Crypto Derivatives Platform

Cryptocurrency exchange Gemini has announced its plans to open a crypto derivatives platform outside the United States. This is amidst the current mass withdrawal of crypto organizations from the US.

Just after disclosing its decision to relocate its engineering hub and developers to India, US-based Gemini looks set to make another big move with the launch of its crypto derivatives platform.

Gemini Foundation To Enable Users To Trade Spots And Derivatives

On Friday, 21st of April, Gemini revealed its plans to launch an offshore derivatives trading platform – a new division named Gemini Foundation. This platform will allow users – outside the US – to trade on both spot and derivatives markets. 

As per the exchange’s official announcement, the first product to debut on the platform will be a BTC perpetual contract denominated in GUSD (the exchange’s US-dollar-pegged stablecoin). An Ethereum perpetual contract (ETH/GUSD) is expected to launch soon afterwards.

Gemini Foundation will enable eligible users to leverage their crypto assets to gain exposure to an underlying asset’s price without actually owning it. The crypto derivatives trading platform will be available to customers in Singapore, Hong Kong, India, Israel, Thailand, and several other countries in Central and South America and Asia.

While the launch date was not specified in the announcement blog post, a link was provided for users to sign up for priority access and be notified when the platform is ready.

Gemini Continues Search For Favorable Regulatory Environment

Since the turn of the year, the United States’ Securities and Exchange Commission (SEC) has leveled several regulatory charges against various crypto firms in the country. While these actions may be viewed as a ripple effect of – and necessary reaction to – catastrophic events such as the FTX implosion and TerraUSD collapse in 2022, the fact remains that it has been a difficult few months for many centralized crypto entities in the United States.

As mentioned earlier, Gemini recently announced its decision to relocate its engineering hub and developers to India. Although India is yet to fully embrace the cryptocurrency idea, it seems to be easing its stance on digital assets. This evolving crypto environment in South Asia may have encouraged the exchange to move its engineering hub there.

Earlier this month, India’s finance minister Nirmala Sitharaman, proposed that the G20 countries – which the United States and India are part of – should develop a standard framework for cryptocurrencies and digital assets.