Continuing its global expansion plan, New York-based bitcoin and ether exchange Gemini, founded by the Winklevoss twins, has begun operations in Hong Kong and Singapore.
Users in Singapore and Hong Kong will be now be able to access Gemini, the Winklevoss twins’ digital currency exchange. The announcement was made by Gemini co-founder and president Cameron Winklevoss on October 2nd.
Starting immediately, users will be enabled with limited trading pairs that involve the two major cryptocurrencies, bitcoin and ether.
More specifically, registered users will be able to buy BTC with USD or ETH, sell BTC for USD or ETH; buy ETH with USD or BTC and sell ETH for USD or BTC.
Order books involving the Hong Kong Dollar and the Singapore Dollar will soon be enabled, the announcement added.
“These dynamic East Asian tiger markets have long embraced the growth of bitcoin and other digital assets…” an excerpt from the announcement read.
Singapore, a multicultural hub that has long been seen as a leading economy and country for adopting new innovation and technology, recently saw digital currency exchange and services provider Coinbase commence operations in late July 2016. The country is already home to a thriving bitcoin and blockchain ecosystem.
Hong Kong’s newest bitcoin exchange opens just about two months to the day after Bitfinex, a digital currency exchange based in the country suspended trading on its platform while investigating an alleged breach. Bitcoin prices went crashing as a theft of 119,275 bitcoins, approximately $65 million at the time, was confirmed.
Gemini’s expansion effort began when the exchange opened shop in Canada, in early June 2016. Later that month, the exchange started operations in the United Kingdom, commonly seen as an attractive Fintech destination.
Regulated as a fiduciary, New York-based Gemini exchange operates without the need for a BitLicense in the country. This enables the exchange to offer services to both individual and institutional clients. Gaining a charter prior to its launch in 2015, Gemini’s position as a chartered limited liability trust exempts the exchange from having to apply for money-transmitter licenses from individual states across the United States.
Featured image from iStock.
Last modified: June 10, 2020 10:06 PM UTC