Gemini Expands in Singapore With Local Currency, DeFi Tokens
- Crypto exchange Gemini has increased its Singapore offering.
- The company has established a local office, added support for SGD, and launched trading for DeFi lending tokens.
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Cryptocurrency exchange Gemini announced the launch of several new products and features available to its customers in Singapore.
According to the company’s press release, Gemini has added support for the Singapore dollar (SGD). Customers in Singapore can now purchase crypto with SGD with their debit cards or use FAST, a local money transferring service, to deposit SGD into their Gemini accounts.
Tyler Winklevoss, the CEO of Gemini, said that aside from being a financial epicenter of Asia, Singapore was also a fast-growing market for cryptocurrencies.
“Singapore is one of our biggest markets and supporting SGD is another exciting milestone on our mission to empower the individual through crypto,” he said in the company’s press release.
Aside from support for SGD, Gemini has also introduced lending DeFi tokens to its offering. Customers in Singapore can now trade tokens such as Yearn.Finance (YFI), Uniswap (UNI), and Filecoin (FIL).
To support the launch of new products and features, Gemini has also established a local office in Singapore, appointing Jeremy Ng as Head of Asia, Andy Meehan as Chief Compliance Officer, and Eugene Ng as the Head of Business Development for the region.
- An investigation from the New York Attorney General’s office has allegedly found that Gemini was aware of Genesis’ weak financial position, but still lied to investors.
- The lawsuit is looking to ban DCG, Genesis, and Gemini from the New York financial industry, seek restitutions for investments, and the return of “ill-gotten gains”.
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- Cameron Winklevoss, co-founder of crypto exchange Gemini, proposed a plan that would see Digital Currency Group pay close to $1.5 billion over the next five years.
- The Winklevoss twin said that if the “final offer” is not accepted by the end of the week, Gemini would file a lawsuit against DCG and CEO Barry Silbert.
- The requirement to deposit customer assets into a statutory trust comes as a result of a MAS public consultation from October 2022 focused on reducing risk in crypto trading.
- Singapore’s central bank also restricted crypto firms from facilitating lending and staking to retail customers, though the services are still available to institutional clients.