US-based bitcoin exchange Gemini has established a new department called Gemini Foundation. This platform will change the game by facilitating international participation in the spot and derivatives markets. The first product to be offered on the platform will be a Bitcoin perpetual contract with the value expressed in GUSD, which is Gemini’s stablecoin tied to the US dollar. Shortly after that, it is anticipated that Gemini will provide an Ethereum perpetual contract.
The Gemini Foundation offers its qualified customers a once-in-a-lifetime chance to leverage their cryptocurrency holdings to speculate on the price of an underlying asset without owning it. This ground-breaking idea gives cryptocurrency traders more leeway to adapt quickly to market shifts, making it easier for them to make money.
For a start, the platform will be accessible to customers in Singapore, Hong Kong, India, Israel, and Thailand, as well as several other countries in Central and South America and Asia. Traders in these areas have access to both the spot market and the futures market, expanding their potential for profit.
Dealing With Regulatory Hurdles
Gemini’s intention to launch its cryptocurrency derivatives platform in jurisdictions outside the United States is noteworthy given the regulatory hurdles faced by centralized cryptocurrency firms in the country. Following disasters like the FTX implosion and the TerraUSD collapse in 2022, the Securities and Exchange Commission (SEC) has filed regulatory charges against several cryptocurrency firms. The fact remains, however, that many centralized U.S. crypto businesses have had a rough few months.
In response, Gemini has announced its intention to relocate its engineering hub and developers to India, where the evolving crypto environment in South Asia is fostering a supportive atmosphere for cryptocurrency innovations. This is a significant move for the crypto industry, as it demonstrates that countries outside the US are becoming more receptive to crypto.
Implications for Crypto Gamers
An intriguing new option has opened for crypto gamblers and investors with the opening of the Gemini Foundation’s crypto derivatives platform outside the United States. Users that qualify are given the opportunity to trade in the spot market as well as derivatives markets via the platform. This gives them exposure to the price of the underlying asset without actually needing to own it. This allows them to speculate on the price of their preferred cryptocurrency without worrying about keeping or moving around any physical tokens.