Gemini announced yesterday the upcoming arrival of a new platform focused on derivatives: Gemini Foundation. Furthermore, it has been clearly stated that this platform will not be accessible to customers based in the United States.
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Gemini unveils its new derivatives platform
Gemini, the exchange founded by the Winklevoss twins yesterday presented a new derivatives platform: Gemini Foundation. One of the notable facts of this announcement is that this product will be closed to US users.
The reasons for this choice are not clear, but the regulatory vagueness in the United States may be a food for thought, as well as the possible obligations that this would imply with the Commodity Futures Trading Commission (CFTC).
Besides, if it is clearly indicated that Gemini Foundation will not be available in the United States, we can also notice that the countries of the European Union do not appear in the list of geographical areas where this platform will be accessible, without the same precision as for the United States being mentioned. This could therefore hypothetically testify to a desire to comply with the MiCA regulation pending compliance.
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A platform focused on derivatives
Gemini Foundation’s core business will be cryptocurrency derivatives.
During the launch, for which no date has yet been revealed, only a perpetual contract on Bitcoin (BTC) will be accessible with a leverage that can be set up to a multiple of 100. Another ETH-based contract will arrive in a second step.
Quotes will be expressed in GUSD, Gemini’s dollar-pegged stablecoin, along with profit and loss and fee billing. On the other hand, investors’ accounts can be topped up in dollars or with the USDC stablecoin for conversion into GUSD at a one-to-one ratio.
For some time, Gemini has been struggling to cross the bear market. Indeed, we have been able to come back in the past to the waves of layoffs, the dispute with Genesis, or more recently to the loan of 100 million dollars which would have been contracted with the founders themselves. Thus, this new product could be a means for the company to move forward and stimulate its growth.
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Source: Gemini
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
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