The Gemini cryptocurrency exchange, established by Cameron and Tyler Winklevoss, is enhancing its trading features for institutional clients across Europe by adding support for US dollar transactions.
In collaboration with Bank Frick, a financial institution based in Liechtenstein, Gemini plans to enable US dollar payment services for institutional users located in the United Kingdom and Switzerland, according to an announcement made on March 12.
Mark Jennings, head of Europe at Gemini, stated, “We intend to expand our US dollar rail support to our institutional clients within the European Union over the coming weeks.”
This new feature will also be accessible to Gemini’s institutional clients in Gibraltar, Jersey, Guernsey, and the Isle of Man.
Direct trading in US dollars
The newly available US dollar feature—rolling out to certain nations within the European Economic Area—will allow institutions to deposit and withdraw US dollars from their Gemini accounts without incurring any fees.
This functionality will facilitate access to US dollar-to-crypto trading pairs, allowing institutions to trade directly with US dollars on Gemin, eliminating the need for conversion to British pounds or euros, which reduces friction, Jennings explained.
“As interest in institutional crypto adoption has surged in recent years, implementing US dollar rails will be essential for providing a smooth trading experience,” he added.
For deposits, Gemini will utilize Bank Frick’s instant transfer service, xPulse, ensuring a 24/7 fiat on-ramp for institutional clients holding a Bank Frick account, the company has indicated.
Features offered through EMI-licensed entities
According to Jennings, this new capability will be available directly on the Gemini platform via its own entities possessing Electronic Money Institution (EMI) licenses.
“Unlike many crypto asset service providers that rely on partnerships for funding sources due to the absence of an EMI license, our regulatory-focused strategy enables us to offer seamless funding solutions through our own EMI-licensed entities,” the executive explained.
It remains uncertain how widespread the support for US dollar trading is among other European cryptocurrency exchanges and service providers.
In related news: Investigation into Gemini concluded by SEC with no actions taken, according to Winklevoss.
Major cryptocurrency exchange Coinbase introduced US dollar trading pairs for its European customers in 2019 for Coinbase Pro and Prime users, although it phased out its Pro service in 2023.
This announcement comes on the heels of reports that Gemini has filed confidentially for an initial public offering (IPO) in the United States.
Source: Bloomberg
Sources indicate that Gemini’s IPO could debut as early as this year and is expected to involve notable firms like Goldman Sachs and Citigroup.
Gemini has been pursuing plans to go public since at least 2021 and has reportedly considered merging with the now-defunct venture capital firm Digital Currency Group.
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