Crypto exchange Gemini has revealed that it is expanding its business operations to Australia. This will enable Australian citizens to use the Gemini platform in buying, selling, and storage of digital assets. Users can download mobile apps that are available for both Android and iOS devices.
There are several cryptocurrencies supported, which include Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Zcash (ZEC) and Litecoin (LTC). According to the crypto exchange’s website, its stablecoin Gemini dollar (GUSD) will not be supported for now in Australia.
According to the CEO and co-founder, Tyler Winklevoss, digital assets are the future of currency exchange, and Gemini is committed to building a path to that future in Australia. He added that they were delighted to continue growing their global footprint, and Gemini is glad to offer its clients a secure and trustworthy crypto experience. He said that Gemini was established on the foundation of trust in the budding cryptocurrency space and that they expect to offer that to Aussies.
Gemini is the first crypto exchange and custodian to have completed a SOC2 Type I exam and demonstrated the highest levels of security compliance in safeguarding customer funds and data. With this Gemini is expected to exert its presence in Australia.
In Australia, crypto exchanges are regulated and Gemini’s fees seem to be higher than those of most Australian exchanges which will not bode well with users. Their transaction fee is 1.49% with a spread convenience fee of around 0.5%. This is higher compared to Australian crypto exchanges Coinjar and CoinSpot that charge between 0.1% and 1%.
Gemini is also available in 49 states in the US, the UK, South Korea, Hong Kong, Canada, Singapore, and Puerto Rico. The exchange, which was founded in 2014, is regulated by the State Department of Financial Services of New York.
The news comes after Gemini founders recently revealed that they were open to joining Facebook’s project Libra. Cameron Winklevoss stated that Libra was a significant milestone towards mainstream adoption of digital currencies. He exuded confidence that soon the world will embrace cryptocurrencies.