Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has announced the launch of its new offshore division, the Gemini Foundation. The division will offer services to users based in a range of countries, including Singapore, Hong Kong, India, Argentina, and the Bahamas, among others. However, it will not offer services to customers in the United States.
The Gemini Foundation will provide users with access to a range of cryptocurrency products, including custody, trading, and clearing services. The foundation is licensed and regulated by the Monetary Authority of Singapore, which is known for its strict regulatory standards.
The Winklevoss twins said in a statement that the launch of the Gemini Foundation was a “milestone” for the company, and that it was “committed to expanding the crypto ecosystem globally”. They also said that the foundation would “provide a bridge between the traditional financial system and the new digital economy”.
Gemini has been expanding its operations in recent years, and the launch of the Gemini Foundation is part of its strategy to become a leading player in the global cryptocurrency market. The company has been working to establish itself as a trusted and secure platform for users to buy, sell, and store cryptocurrencies.
Gemini has also been working to address concerns around security in the cryptocurrency industry. The company has implemented a range of measures to protect users’ funds, including cold storage and multi-factor authentication.
The launch of the Gemini Foundation comes at a time when the cryptocurrency market is experiencing renewed interest from investors. Bitcoin, the world’s largest cryptocurrency, has seen its price surge in recent months, reaching record highs of over $60,000 per coin.
However, the cryptocurrency market remains highly volatile, and investors should be aware of the risks involved in investing in digital assets. The Gemini Foundation will provide users with access to a range of educational resources to help them make informed decisions about investing in cryptocurrencies.
Overall, the launch of the Gemini Foundation is a positive development for the cryptocurrency industry. It demonstrates that there is growing demand for crypto products and services, and that companies are willing to invest in the infrastructure needed to support this demand.
As the cryptocurrency market continues to evolve, it will be interesting to see how companies like Gemini adapt to changing market conditions and regulatory environments. However, for now, the launch of the Gemini Foundation is a significant step forward for the company and the wider cryptocurrency ecosystem.