Gemini, the cryptocurrency exchange, is enhancing its trading capabilities for institutional clients in Europe by adding US dollar payment support. This move is facilitated through a partnership with the Liechtenstein-based Bank Frick.
New USD Payment Support
Founded by Cameron and Tyler Winklevoss, Gemini has partnered with Liechtenstein-based Bank Frick to introduce US dollar payment options for institutional clients in the United Kingdom and Switzerland. This allows the exchange to offer clients the ability to deposit and withdraw US dollars, as well as access US dollar-to-crypto trading pairs.
Benefits of the New Service
With the new feature, clients can deposit and withdraw US dollars without fees and trade directly in US dollars on Gemini. For deposits, Gemini will utilize Bank Frick's instant transfer service called xPulse, which provides a 24/7 fiat on-ramp for customers holding a Bank Frick bank account. Additionally, Jennings highlighted that their regulatory-first approach allows them to provide seamless funding solutions through their own EMI-licensed entities.
Expansion and Future Plans
The expansion of USD payment support will continue over the coming weeks in the European Union, Gibraltar, Jersey, Guernsey, and the Isle of Man. This expansion aligns with a growing institutional interest in cryptocurrencies. There are also reports of Gemini preparing for an initial public offering (IPO) in the United States, which may happen this year with the involvement of firms like Goldman Sachs and Citigroup.
Gemini's expansion of services for institutional clients in Europe underscores its commitment to meeting the increasing demand from large investors in cryptocurrencies. This also ties into the company's plans for going public and reinforcing its presence in the investment community.
