Gemini Launches Its Crypto Services in Six European Countries

Gemini, an American cryptocurrency exchange, has launched in six new countries in Europe.

These are Denmark, Sweden, Portugal, Czechia, Latvia and Liechtenstein, which Gillian Lynch, Gemini’s Head of Ireland and European Union, announced on Monday.

We are thrilled to announce that individuals and institutions in Denmark, Sweden, Portugal, Czechia, Latvia, and Liechtenstein can now open a Gemini account to deposit, trade, and custody over 100 cryptocurrencies.

Learn more on our blog: https://t.co/S88NYB6m5f pic.twitter.com/aUptjuiZ6B

— Gemini (@Gemini) October 31, 2022

“Launching in these six countries represents further progress in Gemini’s continued rollout across Europe, which is built on a foundation of positive engagement with regulators and policymakers to obtain relevant authorizations and registrations,” Lynch said.

The launch means that users from these various European countries can “open a Gemini account to deposit, trade, and custody over 100 cryptocurrencies,” Lynch noted.

She added that the introduction of cryptocurrency services in the region is targeted at both individuals and institutions.

For individual use, Lynch explained, advanced traders can deploy the crypto exchange’s crypto trading interface, Active Trader.

On the other hand, institutional clients can go for the exchange’s institutional-grade platform.

The platform is available to financial institutions and corporations, the executive said, adding that the platform also offers “custody, clearing, trade execution, price discovery and portfolio management services all in one place.”

However, this new trajectory is quite contrary to the downsizing wave that swept through Gemini during the recent crypto market turmoil.

The exchange in June relieved 10% of its staff of their duties in preparation for a 'crypto winter' or the expected period of a downward spiral in cryptocurrency prices.

Ireland Record

On a positive note, Gemini’s further expansion into European markets complements its recent emergence as the first crypto exchange to be approved as a virtual asset service provider (VASP) by the Central Bank of Ireland.

The exchange last year had opened its headquarters in Ireland's capital city, Dublin.

Meanwhile, in July, Gemini struck a partnership deal with Plaid, an open banking and payments platform, to enable the bank's UK customers to buy cryptos through their bank accounts.

The exchange noted that the collaboration meant customers of the bank will not be required to enter their bank details or pay any additional fees to make deposits into their accounts.