Key Takeaways
- Gemini made its initial public offering (IPO) on the Nasdaq in September.
- The crypto exchange has now launched in Australia.
- Elsewhere, Gemini is also expanding its footprint in Europe.
Hot off the back of its stock market debut in September, Gemini is pushing for global expansion.
In the past two months, the crypto exchange has secured a coveted EU license, opened a new office in London, pushed out a string of new products in different markets, and on Thursday, Oct. 9, Gemini expanded its offering to Australia.
Gemini Launches New Service for Australians
While Australia doesn’t have a dedicated crypto framework like the EU’s Markets in Crypto Assets (MiCA) regulation, for its latest rollout, Gemini has registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
Registration with the anti-money laundering authority is a precondition for accepting AUD deposits, and Gemini has now integrated with Australia’s payment rails, Osko and the New Payments Platform (NPP).
“No more waiting on SWIFT or paying international transfer fees,” Thursday’s announcement declared.
The expansion also sees Gemini introduce new AUD trading pairs.
Gemini Stock Fails To Shine Post-IPO
In the wake of Gemini’s Nasdaq debut on Sept. 12, a post-IPO rally was short-lived. The stock plunged 14% on Sept. 16, followed by another 10% the next day.
From a high of $32.5 on Sept. 15, GEMI spent nearly a month below $25, although it has come back to life somewhat in recent days.
Gemini’s weak showing on the stock market contrasts with other recent crypto IPOs.
After Circle’s blockbuster debut, CRCL remained bullish for a good month. And although it has retreated since its summer highs, the stock remains up over 100% since its IPO.
Meanwhile, Figure Technologies, which arrived on the Nasdaq the day before Gemini, has rallied more than 36% since then.
A Global Push
Despite stock market uncertainty, Gemini is making a sustained push to grow its business beyond its core market in the U.S.
The MiCA licence issued by Malta’s financial regulator strengthens the exchange’s foothold in Europe, allowing it to operate across the EU under the unified crypto rulebook.
Building on that, Gemini has rolled out tokenized stocks for EU customers via Dinari’ dShares platform, bringing it in line with similar offerings from Kraken and Robinhood.
Top Trending Crypto Articles
James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
