Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has announced the upcoming launch of a new derivatives platform, Gemini Foundation. This platform is set to offer non-US customers a range of crypto derivatives, with the first contract being a Bitcoin perpetual contract denominated in Gemini dollars (GUSD). The platform is set to launch soon with an Ethereum/GUSD perpetual contract.
Gemini Foundation aims to provide eligible customers with the ability to leverage their crypto assets to achieve long or short crypto exposure, manage risk, generate returns, and gain directional exposure. Eligible customers will be able to trade both spot and derivatives products on the platform, with all trading strategies able to be executed in a secure and trusted environment.
The derivatives platform will be available to customers in Singapore, Hong Kong, India, Argentina, Bahamas, Bermuda, British Virgin Islands (BVI), Bhutan, Brazil, Cayman Islands, Chile, Egypt, El Salvador, Guernsey, Israel, Jersey, New Zealand, Nigeria, Panama, Peru, Philippines, Saint Lucia, Saint Vincent & Grenadine, South Africa, South Korea, Switzerland, Thailand, Turkey, Uruguay, and Vietnam. However, it will not be available to customers in the United States of America.
Gemini Foundation will offer eligible customers the option to convert USD and USDC into GUSD on a 1:1 basis to fund their accounts at no additional cost. All perpetual funding payments and fees will be charged in GUSD, and all unrealized and realized P&L will also be in GUSD. The platform also offers a default leverage of 20x and a maximum possible leverage of 100x.
Gemini Foundation aims to provide a capital-efficient, highly available, and trusted venue to trade derivatives. The platform is designed to be user-friendly and accessible to both professional traders and those just getting started in trading.
Gemini Foundation will continue to expand its derivatives offering in the coming months. The team has also teased that there is more to come regarding the name of the platform.
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