American cryptocurrency exchange Gemini has launched a new trading platform for non-US customers called Gemini Foundation as US regulators have become hostile to the crypto market.
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According to a blog post, the new trading venture is aimed at the Asian market, including Singapore, Hong Kong, and Turkey. Gemini says the derivatives exchange will first list a bitcoin (EXANTE: Bitcoin) perpetual contract denominated in gemini USD (GUSD). Later, the exchange will add support for an ETH/GUSD perpetual contract.
Gemini says all "eligible customers" will be able to convert USD and USDC into GUSD on a 1:1 basis. All fees will be charged in GUSD, the exchange added. Although default leverage will be set to 20x, customers could maximize it up to 100x.
The move comes just a few weeks after Gemini founders Tyler and Cameron Winklevoss received a $100 million loan for the exchange. It is unclear if the loan was meant to back Gemini Foundation or the US-based trading platform.
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