Gemini Foundation’s first product will be a perpetual bitcoin (BTC) contract, the company said late Friday.
Gemini, the U.S.-based crypto exchange, revealed Friday it plans to open an offshore derivatives platform – a decision announced as the regulatory environment gets tougher in its home country.
The first product at Gemini Foundation, as the new division is called, will be a perpetual bitcoin (BTC) contract denominated in Gemini dollars (GUSD), the company said, followed by a perpetual ether (ETH) contract also linked to GUSD. Unlike conventional derivatives, perpetuals don’t have an expiration date.
The decision coincides with U.S. regulators getting stricter about cryptocurrencies in the world’s biggest economy – a campaign that’s affected Gemini. In January, the company and Genesis (which, like CoinDesk, is owned by Digital Currency Group) were accused by the Securities and Exchange Commission of selling unregistered securities.
Being based outside the U.S. does not mean Gemini Foundation will be out of reach of U.S. watchdogs. Binance, the biggest crypto exchange, was sued in March by the Commodity Futures Trading Commission (CFTC) for a variety of alleged violations, despite being based elsewhere (though the company has been coy about where). And the now-bankrupt FTX exchange was based in the Bahamas, yet former CEO Sam Bankman-Fried faces U.S. criminal charges.
Disclaimer: CryptoNewsBook is an online aggregator that fetches latest crypto news from different sources. This article is provided for general information purposes ONLY and contains data fetched from third party sources; hence, we do not endorse its accuracy. For more details, kindly visit The Source. Please report any fake news or false statement to Our Support Team. If you are the original owner of this content and wish it to be removed on this platform, kindly forward your request to Our Support Team.
Also Note: Cryptocurrencies are unregulated, and no part of this article should be understood nor interpreted as a recommendation/advice. #s5