Breaking: Gemini launches international platform for crypto derivatives

• Gemini enters the derivatives market with the launch of BTC/GUSD perpetual contracts
• The new product is available to customers in 30 countries, and the firm plans to expand this presence

US-based crypto exchanges have made headlines for their reported interest in the derivatives side of the crypto market. And Gemini has officially confirmed its interest by launching a derivatives exchange for overseas clients. The exchange unveiled its new trading platform earlier today on its official social media platform.

It has named its derivatives exchange as “Gemini Foundation”. Also, this platform will feature trading of Bitcoin (BTC) perpetual contracts, along with Gemini Dollar (GUSD). It will extend support for the second largest cryptocurrency – Ethereum (ETH), which will also be paired with GUSD, in the near future.

Gemini is leading the race to launch a derivatives exchange

Notably, this is not the first time for a US-based crypto entity to take the spotlight on the derivatives market. The reports of this impending launch were first circulated in the market last month.

Furthermore, the services will be available to customers from 30 countries. This includes India, South Korea, Switzerland, Thailand, Hong Kong, Singapore, the Bahamas and Israel. In addition, qualified customers from these regions will have access to both spot and derivatives exchanges.

Gemini also highlighted that the services will not be available to customers from the US, their home base. The announcement comes as the United States has banned American traders from participating in the derivatives market. This is mainly because perpetual crypto contracts do not have an expiration date and their leverage is usually high.

A blog post about the announcement read,

“Gemini Foundation will offer clients a capital-efficient, highly accessible and reliable place to trade derivatives. Purpose-built for both individuals and institutions, Gemini Foundation combines powerful trading tools with an elegant user experience.”

Subsequently, Coinbase – another leading crypto exchange – has repeatedly made headlines for its interest in the derivatives market. A recent report stated that the US-based crypto firm could launch a derivatives exchange overseas as soon as next week. Subsequent reports claimed that the exchange was already in talks with its institutional investors and market makers regarding the matter.

With Gemini now entering the market, it positions itself as a direct competitor to Binance – the world’s largest crypto exchange by market capitalization. The exchange has exclusively ruled the market for the past couple of months, after former competitor FTX went under in November 2022.