The famous Winklevoss twins seem to be searching new markets for their crypto business. According to a recent article, the twins are thinking about expanding their Gemini exchange across Europe.
Winklevoss’ Exchange Gemini Could Expand to Europe
According to sources cited by the Financial Times, the Gemini Trust company could soon land in Europe. The crypto firm hired advisers that would analyse a move to the United Kingdom.
Gemini is one of the most important cryptocurrency exchanges in the market. In the last 24 hours, it handled $15 million dollars in trading volume. The most important trading pairs are ETH/USD, BTC/USD and ETH/BTC accounting for more than 95% of the total volume in the platform.
According to Morgan Stanley, the UK hosts the largest number of crypto exchanges in the world. However, the country accounts for just 1% of the global crypto trading volume.
Regulators all over the world are starting to pay close attention to what cryptocurrency exchanges are doing. In countries such as South Korea or Japan, these platforms should be compliant with very strict Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) rules.
According to a statement to the Financial Times, Gemini explained:
“Gemini continues to explore potential jurisdictions around the globe to provide a best-in-class digital asset exchange and custodian which will enable growth and infrastructure to the entire digital asset community.”
Although the company explained that they do not have immediate plans to expand their business, they informed that they are always evaluating opportunities. The main intention is to ‘allow the global economy to buy, sell and store digital assets in a regulated, secure and compliant manner.’
Some weeks ago, Gemini launched a new stable coin known as Gemini Dollar (GUSD). This stable coin would work as a cryptocurrency linked to the US dollar. This would provide stability to the cryptocurrency market.
GUSD will be available to be traded in different exchanges in the near future.
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