Bitcoin and Ethereum exchange Gemini has strengthened its foothold in Asia with latest expansion into Japan and the Republic of Korea.
The US-based company, founded by the Facebook-fame Winklevoss Twins, said its its latest blog post, that it intends to capture a significant market share in two of the world’s most prolific cryptocurrency ecosystems. Excerpt:
“As of today, registered customers in the Lands of the Rising Sun and the Morning Calm can trade bitcoin and ether using the Gemini exchange.”
Members of the cryptocurrency community in the regions can now Buy and Sell BTC with/for USD or ETH; Buy and sell ETH with/for USD or BTC; They can even take part in the Gemini platform’s two-sided bitcoin auction.
Even though the platform has started offering its services in both the countries, all the trades are still being offered in USD, BTC and ETH. It is still unclear whether the platform will allow its users to directly trade with Japanese Yen and South Korean Won. Currently, users in both Japan and South Korea can execute US dollar wire transfers from their local banks to their exchange account. However, these wire transfers will incur currency conversion fees for converting their respective fiat currency denominations to USD.
In addition to its aggressive expansion, the platform is also working on creating a Bitcoin Exchange Traded Fund. The ETF, which was proposed long time ago has gained some momentum in the recent days. Recently, Global Advisors, a digital currency hedge fund has announced Gemini Trust Company to be one of the custodians of the ‘Global Advisors Bitcoin Investment Fund’. The New York-based itBit has been named as the other custodian. The investment fund is expected to be listed on the Channel Islands Securities Exchange in the coming months.
Even though Gemini has a limited presence across the globe, it still allows institutional clients from outside the currency service area to avail their services.
Ref & Image: Gemini | FinAlternatives