Gemini has made a few powerful expansion moves over the last year and a half, cementing its place as one of the largest cryptocurrency exchanges in the world. Recently, this New York-headquartered crypto exchange owned by the Winklevoss twins has launched in the UK. This expansion comes as a result of the duo’s effort to cash in on the recent boom of crypto investments that occurred since the beginning of the pandemic.
Gemini Exchange and the Winklevoss Twins
The Winklevoss twins might be best known for their legal dispute with Mark Zuckerberg, which ended in a $65 million Facebook settlement. The two used a good portion of this money to invest in bitcoin and other cryptocurrency ventures. In 2015, Gemini Exchange went live, and in May 2016 it became the first licensed Ethereum exchange in the United States. In 2017, with the boom of cryptocurrencies, the Winklevoss twins became billionaires and continued their path down the cryptocurrency financial sector. Today, Gemini employs over 100 people.
What Can UK Crypto Users Expect with the Arrival of Gemini?
Gemini is only the second cryptocurrency added to the FCA’s register, a requirement created to better control activities in the cryptocurrency sector and battle against money laundering. The exchange has also been granted an EMI (Electronic Money Institution) license by the Financial Conduct Authority, allowing it to provide crypto exchange and custody services to institutions and individuals. Aside from this, Gemini has also received approval from the FCA as part of the authority’s Fifth Money Laundering Directive crypto-asset registration process.
With that in mind, both individual and institutional users will be able to use this exchange to store and trade cryptocurrencies in the UK, using their native currency, the British Pound. Residents can make GBP purchases on Gemini using debit cards or deposit money into their Gemini account using several different payment methods, including CHAPS, Faster Payments, and wire transfers.
Gemini exchange also filled for a license to operate in Ireland, which its founders intend to use if the current Brexit situation doesn’t allow the exchange to operate in the EU as well. According to Tyler Winklevoss, going live with their crypto exchange services in the UK is a big step towards further international expansion. As the UK is a global center of financial innovation, it will help advance their mission to empower individuals and organizations through crypto.
Just a reminder, a few months back, in May 2020, the exchange announced a partnership with Samsung, in which Samsung users could link their Samsung blockchain wallets to their Gemini accounts to transfer cryptocurrencies and have an overview of their balances. Currently, this cryptocurrency exchange operates in the UK, US, Canada, Hong Kong, South Korea, and Singapore.