US-based cryptocurrency exchange Gemini is eyeing an expansion into the Southeast Asia region
Crypto exchange Gemini is planning an entry into Asia and Australia, according to an announcement from the firm. The cryptocurrency platform aims to set up operations in the region to leverage demand in the two markets. The firm’s Asia-Pacific Managing Director, Jeremy Ng, detailed in a blog post published on Wednesday that the move to expand its footprint comes at the right time, considering the substantial growth opportunities the regions present.
The planned expansion won’t be entirely unfamiliar as the exchange has positive consensus in the markets, having established an office in Singapore.
“To date, our Singapore office has hired a team of over 30 employees across various departments including legal and compliance, engineering, marketing and communications, business development, trading, risk management, talent acquisition, product management and customer support,” Jeremy wrote.
He revealed that the crypto firm would be building satellite offices across South East Asia, including Hong Kong and Australia. Gemini offers support for trading in Hong Kong dollar and Australian pairs, which is also another boost.
“One of the most exciting markets for crypto and financial innovation is the Asia Pacific region. We recently celebrated the first anniversary of Gemini’s presence in the region, and our Singapore-based operations have shown tremendous growth and potential thus far. […] We are thrilled to see the continued expansion of our regional headquarters as Gemini becomes a leader in the APAC crypto landscape.”
The company did not disclose the specifics of the expansion plan so there is no timeline for the process at present. The expansion will allow traders and investors alike in the Asia Pacific region to invest, trade and hold different digital assets on the platform. The security will also be guaranteed according to the blog post.
“Our retail and institutional customers throughout APAC can buy, sell, store and earn more than 40 cryptos, with their funds secured by top-of-the-line proprietary cold storage systems or held in insured hot wallets.”
Gemini is currently one of the biggest virtual assets platforms based on the trading volume metric. The Winklevoss-owned exchange joins Fasset, which is similarly looking to set its footprint in Asia. Fasset, a digital asset gateway company, already received three complete authorisations from the Labuan Financial Services Authority last month and is set to start its business operations in the Malaysian region.