Crypto exchange Gemini is in talks to set up a new crypto derivatives exchange overseas as the bankruptcy of FTX cleared space for competitors, The Information has learned, citing people close to the matter.
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The exchange reportedly wants to offer perpetual futures overseas as this type of financial product is banned in the US. However, the timeframe for Gemini's plans remains unclear. The news comes shortly after reports said the other US-based crypto exchange, Coinbase, is also in talks with institutional clients about rolling out an offshore venture.
As iHodl earlier reported the San Francisco-headquartered crypto exchange had reached out to market makers and venture firms about establishing a new trading platform outside the US for global clients.
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