Gemini Foundation has announced it is soon hitting the market with the service of derivative trading. While a clear schedule has yet to be announced, the Gemini Foundation has informed the community that they can convert USD and USDC into GUSD, Gemini Dollars. The first derivative contract to go live on the platform will be with BTC, followed by ETH/GUSD.
Only eligible traders will be able to trade spot and derivative products. Needless to say, they must have a trading strategy to execute their trades effectively.
Gemini Foundation enables traders to leverage the potential of crypto assets to achieve crypto exposure. This could be long or short-exposure, with better risk management tools available to be utilized. Gemini Foundation is offering a chance to sign up for priority access. Interested traders who sign up will be notified once the platform goes live.
Traders in the United States of America will be unable to access Gemini Foundation. Countries, where traders can access the Gemini Foundation, are as follows:
India, Argentina, Singapore, Israel, New Zealand, El Salvador, and the British Virgin Islands, among many others.
The conversion rate between USD and USDC and GUSD will be 1:1. The same principle applies when converting GUSD back to the source currency. GUSD has the potential to manage the platform’s internal economics. For example, only GUSD can facilitate payments, and all profit and loss, whether realized or unrealized, will be recorded in GUSD.
Gemini Foundation will go live with a default leverage of 20x and a maximum leverage of 100x. More derivatives are expected to be added after the launch of the Gemini Foundation.
The platform has been specifically built for individuals and institutions. Tools for trading at Gemini Foundation will be available to all types of traders, ensuring they get started with the platform and earn decent profits.
Centralized in nature, Gemini has listed over 20 cryptocurrencies on the platform. It also offers more than 50 trading pairs for its users. Operations of the Gemini Foundation will be restricted in the US, but users can continue accessing its exchange services throughout the country except in Hawaii. Transfer limits for the exchange services can be read in our Gemini Exchange reviews, along with the minimum trading requirement for the platform.
Gemini is mostly known by the Winklevoss Twins, famous for claiming the settlement victory over Mark Zuckerberg. The UK and Canada were among the first international destinations for Gemini Exchange. The international expansion was followed by propelling the markets of South Korea, Hong Kong, and Japan.
The news of the launch of the Gemini Foundation comes days after it announced the expansion of its global engineering and operational teams. These are set to open in Gurgaon, India. Pravjit Tiwana, the Global Chief Technical Officer at Gemini, made the announcement. He is also Chief Executive Officer of Asia Pacific (APAC).