The Gemini crypto exchange is set to enhance its USD trading capabilities for institutional clients within the European Union.
Gemini has teamed up with Bank Frick, a financial institution based in Liechtenstein, to introduce US dollar payment support for institutional clients in both the UK and Switzerland. This development allows these institutions to deposit, withdraw, and trade directly in US dollars on the platform, eliminating the need to first convert their funds into British pounds or Euros. To facilitate immediate dollar deposits, even outside regular banking hours, Gemini will utilize Bank Frick’s “xPulse” service.
Mark Jennings, Gemini’s head of Europe, noted that this USD payment support will also be available to institutional customers across the EU, specifically in Gibraltar, Jersey, Guernsey, and the Isle of Man.
While other exchanges have previously offered USD trading options in Europe—for instance, Coinbase in 2019 before ceasing its operations in 2023—such offerings are not widespread. Additionally, unlike many exchanges that depend on third-party partnerships to provide USD support to EU clients, Gemini is delivering this service directly through its own licensed entities, which hold electronic money institution (EMI) licenses.
“Most crypto asset service providers rely on partnerships for funding solutions due to the absence of an EMI license,” Jennings stated. “Our regulatory-first approach empowers us to offer seamless funding options directly through our EMI-licensed entities.”