Gemini, the US-based cryptocurrency exchange, is set to launch a new crypto derivatives platform outside of the United States.
This move comes amidst the current mass withdrawal of crypto organizations from the US. The new division, Gemini Foundation, will allow eligible users outside the US to trade on both spot and derivatives markets.
The first product to be launched on the platform will be a BTC perpetual contract denominated in GUSD, Gemini’s US-dollar-pegged stablecoin.
The exchange plans to launch an Ethereum perpetual contract (ETH/GUSD) shortly thereafter. The platform will be available to customers in Singapore, Hong Kong, India, Israel, Thailand, and several other countries in Central and South America and Asia.
Gemini has been on the hunt for a favorable regulatory environment and recently announced its decision to relocate its engineering hub and developers to India. The evolving crypto environment in South Asia may have encouraged the exchange to move its engineering hub there.