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Gemini hopes to become the ”fastest tortoise” in the race
- Gemini is the tortoise in the legendary tortoise- hare race
- Gemini will meticulously comply with all regulations and upstage Binance
- Gemini plans expansion in Asia and Australia
Adversity often gives a competitive edge to the competitor, and the adage fits perfectly for Binance and Gemini. The spate of regulatory backlash against Binance has given other regulated exchanges just that head start advantage.
Gemini plans to become the legendary tortoise in the hare and tortoise race. It will achieve this by active compliance with the rules set by the regulatory authorities.
Gemini is on track to overtake Binance.
Cameron Winklevoss, the Gemini exchange co-founder, is in high spirits when he said that Gemini is on track to overtake the current largest crypto exchange by volume, Binance. The company expects to surpass Binance by emphasizing compliance, which will help onboard the regulators as they increase their crackdown on unregulated exchanges.
It is said that slow and steady wins the race, and Gemini is betting on this strategy and playing the long game. Winklevoss emphasized that the long game pays off over time. Binance is facing increasing scrutiny and regulatory action. The U.K. Financial Conduct Authority told Binance that it would not be able to carry out its activities because it did not fulfill the regulatory requirements. It was followed by a total ban on customer’s banking activities with the Exchange.
Bloomberg also reported that the U.S. Department of Justice, the Internal Revenue Service, and the Commodity Futures Trading Commission are poring through the business activities of Binance.
In sharp contrast, Gemini is working to allay the regulators’ fears and clean up the industry. It is ably helped in this venture by other entities like Bitstamp, Bittrex, and bitFlyer USA. The firm also played a significant role in setting up the Virtual Commodity Association in 2018, aiming to root out bad behaviour and prevent scams and exploitation.
Binance continues to remain the most significant player dominating the crypto trade volumes. Its analytics platform, CoinMarketCap, estimates that Binance’s daily spot trading volume is hundred times that of the Winklevoss ‘twins’ Exchange. Binance hosts almost $14 billion worth of trade in 24 hours, while Gemini posted $117.7 million.
Other exchanges also focus on compliance.
Gemini is not the only U.S. based exchange that is harping on compliance and has, with Coinbase, published audited financials amid its IPO earlier this year. Kraken will follow suit and go public, having received a regulated bank charter in Wyoming in September 2020.
Crypto exchange Gemini plans expansion in Asia and Australia
The U.S. based cryptocurrency exchange Gemini is widening its Asia-Pacific operations to cash in on the region’s economic growth. The Exchange’s Asia-Pacific Managing Director, Jeremy Ng revealed this in a blog post this week. The latest venture is an effort to encash the growth of its Singapore office after it was first established last year.
Gemini supports Australian and Hong Kong dollars; Gemini will also build satellite offices in these two regions. Gemini is not alone in this venture. U.K.-based Fasset obtained operating licenses from Malaysian authorities in June, while another global crypto exchange Luno is in the advanced stages of talks with the conglomerate Lippo Group to launch operations in Indonesia.
Gemini is ranked tenth among the top-10 Exchange according to CoinGecko’sCoinGecko’s “trust score.” The Exchange is owned by the twins Tyler and Cameron Winklevoss, and its 24-hour volume is about US$145.5 million as of publishing time.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
