The U.S.-based crypto exchange Gemini has announced its plans to launch a new
crypto derivatives platform
dubbed Gemini Foundation that would only cater to users outside the U.S.
The platform’s first product will be a perpetual Bitcoin (BTC) contract pegged to the Gemini dollars (GUSD).
The first contract will be followed by a perpetual Ether (ETH) contract similarly linked to the GUSD.
- The firm said it would share details about the meaning of the platform’s name at a later date.
-
The new
derivatives
platform will be available in many countries, including Singapore, Hong Kong, India, Argentina, Bahamas, Bermuda, Brazil, El Salvador, Israel, Nigeria, South Africa, South Korea,
Switzerland, Thailand, and Turkey.
Gemini also recently announced that it would establish a
new engineering hub
in India as part of its plans for international growth this year in the Asia Pacific (APAC) region.
- The moves came amid a time when the regulatory environment became increasingly strict in the U.S.
-
Several other crypto exchanges, including Kraken, Coinbase, and Binance, faced scrutiny and enforcement actions by U.S. regulatory authorities such as the Securities and Exchange
Commission (
SEC
) and the Commodity Futures Trading Commission (CFTC) over the last months.
-
Coinbase
CEO
Brian Armstrong recently said the company could
move its headquarters
outside the U.S. if the regulatory environment does not change in the country.
