Gemini Exchange Adds Singapore Dollar & Trading Pairs in Asian Market Push
The Winklevoss crypto exchange announced its expansion into Singapore's growing crypto market. The exchange is hoping to take its operations to broader markets with the rumors of an IPO swirling.
With cryptocurrencies gaining traction worldwide, companies in the industry are also seizing the opportunity to push borders.
Gemini, the cryptocurrency exchange from the Winklevoss Twins, is the latest firm to announce a major expansion play.
Yesterday, the exchange announced that it had expanded its operations to Singapore, setting itself up for bigger operations on the Asian continent. According to the announcement, the setup includes new features for Singaporean customers, including support for the Singapore dollar on its mobile and desktop platforms.
Gemini customers in Singapore can also use their fiat currency to purchase crypto. Payment options include electronic fund transfers and debit cards, allowing residents to enjoy the exchange's full capabilities. Gemini will also partner with local data services like MyInfo and Singapore Personal Access to provide a more localized user experience for Singaporean customers.
In the statement, Tyler Winklevoss, the company's chief executive officer, praised Singapore as a fast-growing market for the crypto economy.
The exchange also revealed that it had set up a local office in Singapore with full staffing. Several crypto and finance professionals have joined the company's Asia Pacific team as well.
Singaporean customers will also be able to delve into the decentralized finance (DeFi) market. Gemini's announcement confirmed that they can trade several top DeFi tokens, including YFI (for yield farming protocol Yearn FInance), UNI (for top decentralized exchange Uniswap), and FIL (for blockchain-based payment service FIlecoin). These are added to the 20 traditional crypto tokens available to Singaporeans on Gemini's platform.
A Possible IPO
Gemini's regulation-obsessed approach has set it apart from its competitors. The company thrives on establishing relationships with regulators and moving strategically.
The exchange has had some recent success, announcing recently that it had crossed the $10 billion mark for assets under management. Last April, it also scored a Service Organization Control verification from Deloitte. The certification meant that Gemini's customer reporting protocols and financial operations were compliant with the American Institute of Certified Public Accountants' requirements.
Gemini is also gearing up to launch a credit card with a three percent Bitcoin rebate feature, and it completed the acquisition of crypto payments service Blockrize.
With the crypto market experiencing significant growth, industry sources believe the exchange could be weighing their chances with an Initial Public Offering (IPO). Earlier this month, Bloomberg reported that the Winklevoss Twins were mulling a public offering, quoting the brothers saying:
“We are watching the market and we are also having internal discussions on whether it makes sense for us at this point in time. We are certainly open to it.”
The report added that the brothers had several means of getting this done, including seeking a traditional IPO or merging with a “blank-check firm to serve as a launchpad for the listing.