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Gemini to launch derivatives platform outside the United States

Press Releases Crypto News Cointelegraph Gemini to launch derivatives platform outside the United States

The platform’s first derivatives contract will be a BTC perpetual contract denominated in Gemini Dollar, followed by an ETH/GUSD perpetual contract.

United States-based crypto exchange Gemini announced on April 21 the upcoming launch of a derivatives platform outside the United States. The move comes amid a tightening, uncertain regulatory environment for crypto firms in the country.

Dubbed Gemini Foundation, the offshore division will offer services to users based in Singapore, Hong Kong, India, Argentina, Bahamas, Bermuda, the British Virgin Islands, Bhutan, Brazil, the Cayman Islands, Chile, Egypt, El Salvador, Guernsey, Israel, Jersey, New Zealand, Nigeria, Panama, Peru, the Philippines, Saint Lucia, Saint Vincent and Grenadine, South Africa, South Korea, Switzerland, Thailand, Turkey, Uruguay and Vietnam. It will not offer services for customers in the United States.

The platform’s first derivatives contract will be a Bitcoin (BTC) perpetual contract denominated in Gemini Dollar (GUSD), followed by an ETH/GUSD perpetual contract shortly after.

1/ Introducing Gemini Foundation – a non-US crypto derivatives platform.

Coming soon…https://t.co/HtFHHfAP8d

— Gemini (@Gemini) April 21, 2023

Eligible customers will be able to trade both spot and derivatives products, as well as convert U.S. dollars and USD Coin (USDC) into GUSD on a 1:1 basis. Fees, profits and losses will also be processed in GUSD. The default leverage is 20x, with the maximum possible leverage being 100x.

Unlike traditional futures contracts, perpetual contracts never expire. Perpetual futures trading is not regulated by the Commodity Futures Trading Commission, and exchanges offering crypto futures contracts, like BitMEX, are not available for U.S. customers.

Related: What are perpetual futur

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Author: Ana Paula Pereira

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