TL;DR Breakdown:
- Gemini has added local currency support for Singaporeans.
- This will allow investors in the country to trade cryptos easily using SGD.
Popular US cryptocurrency exchange and custodian, Gemini, is strengthening its presence in the Asia market following its latest move to Singapore. Per an announcement on Tuesday, the exchange has launched its services in Singapore, bringing localized options for the residents to trade cryptocurrencies easily, using their Singaporean dollar (SGD). One of the founders of Gemini, Tyler Winklevoss, noted that Singapore is a fast-growing market for digital currency, which explains the development.
It’s a “financial epicenter in the heart of Asia,” Winklevoss said.
Gemini adds 20 tokens for Singaporeans
According to the announcement, the exchange added about 20 cryptocurrencies for the new market, which can be traded using the Singaporean dollar. These cryptocurrencies include popularly-traded decentralized finance (DeFi) tokens such as Uniswap (UNI), Yearn.Finance (YFI), and Filecoin (FIL). The exchange also lowered the on-boarding process for the residents in the country by allowing MyInfo via SingPass to auto-fill Gemini’s account registration forms.
“Singapore is one of our biggest markets, and supporting SGD is another exciting milestone on our mission to empower the individual through crypto,” Tyler added.
International expansion
Last year, Gemini made a similar announcement, disclosing its support for a local currency like the Pound Sterling (GBP) for the UK market, including the Canadian dollar (CAD), Hong Kong dollar (HKD), and Australian dollar (AUD). The localized support for Singaporeans comes as part of the exchange’s efforts to expand its services across Asia. The exchange has also established a unit in Singapore, headed by Jeremy Ng, to oversee its operations in the continent.
“We are localizing Gemini’s products to provide the right offerings and solutions for both our retail customers and institutional clients, and this is just the start,” Ng said, adding that they are aggressively hiring more teams to achieve the mission.
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