In a Tuesday blog post, Gemini announced its decision to expand its offerings to the Asia Pacific region. Also, the crypto exchange also affirmed its Singapore office as the hub for its main operations in the continent. Driven by this effort, it wants to increase its workforce in Singapore beyond 100. More so, Gemini said it will sustain India as its engineering base.
Notably, the crypto exchange is optimistic about the Asia Pacific market; describing it as a potent driver of the growth and development of crypto. It believes in the potential of the market to help enhance its long-term ambition. Gemini seeks to execute its global vision of unlocking the next generation of financial, and creative freedom for everyone through its crypto products and offerings. Earlier, it launched support for the Singapore dollar (SGD) to avail easy access to cryptocurrency for residents in the country. Today, it also supports the Hong Kong dollar (HKD) and the Australian dollar (AUD). It is not in doubt that the crypto exchange aims to leverage its presence in APAC to enable its users to sell, store, and purchase crypto easily.
Meanwhile, this development comes barely a few weeks after it launched Gemini Foundation, its non-U.S. crypto derivatives protocol. It kick-started the project with a BTC perpetual contract which is denominated in Gemini dollars. Through Gemini Foundation, users will be able to harness their crypto to actualize either long or short-exposure in a bid to manage risk, generate returns and gain direct exposure. According to reports, the Foundation is well trusted and secured platform, thus allowing customers to execute all their trading strategies.
Gemini, Genesis vs SEC
However, Gemini is facing a legal battle with the U.S. SEC for allegedly offering unregistered securities to investors. Recall that the crypto exchange launched its Earn program in collaboration with Genesis. The collaboration placed over $900 million deposited by investors of the program in the custody of Genesis.
However, following its exposure to 3AC and FTX, Genesis began to struggle and thus failed to return the funds. In an announcement, Genesis claimed it lacked liquid assets to meet up with the growing withdrawal requests by Gemini investors. Ever since, investors have continued to drag Gemini and its executives. SEC, in its filing, accused both firms of scamming investors with program.