Gemini exchange to offer USD trading support to institutional customers in the EU

Gemini Crypto Exchange plans to extend its support for USD exchanges for institutional customers of the European Union.

Gemini Exchange has teamed up with Bank Frick, based in Liechtenstein, to provide support for American dollars payments for institutional customers in the United Kingdom and Switzerland, according to a Originally shared with Cointtelegraph March 12. This allowed the institutions to deposit, withdraw and negotiate themselves directly in US dollars on the stock market, instead of having to convert to British books or in euros first. To allow instant dollar deposits (even outside of normal banking hours), Gemini uses the “Xpulse” service of Bank Frick.

In the announcement Shared with Cointelegraph On March 12, the head of gemini of Europe, Mark Jennings institutional customers Also through the EU, especially Gibraltar, Jersey, Guernsey and the island of Man.

Other exchanges have already offered USD exchanges in Europe (for example, Coinbase in 2019 Before stopping it in 2023), but it is not widespread. In addition, unlike other exchanges based on third -party partnerships to provide USD support to EU customers, Gemini offers this service directly through its own approved entitieswho are authorized to manage electronic money (EMI licenses).

“Unlike most casps [crypto asset service providers] which are based on partnerships for the financing of rails due to the absence of an EMI license, Jennings said: “Our regulatory approach first allows us to provide transparent financing solutions directly through our own EMI approved entities.”