Gemini expands USD payment support in UK and EU
The new service will help reduce the cost of transactions
Gemini, the cryptocurrency exchange founded by the Winklevoss twins, is broadening its services for institutional clients by enabling direct USD transactions in the UK, EU, and Switzerland.
The move is set to simplify trading and reduce friction by allowing institutions to deposit, withdraw, and trade more than 80 USD-based pairs directly on the Gemini platform.
Gemini and USD payment
According to Gemini, institutions in the UK, EU, and Switzerland can now use USD payment rails for deposits, withdrawals, and trading.
Increased trading efficiency: Direct access to over 80 USD trading pairs eliminates the need to convert currencies, streamlining transactions.
Fee waivers for UK clients: For a limited time, UK institutions can deposit and withdraw fiat funds via USD rails without incurring extra fees.
Enhancing institutional trading
Gemini’s new USD payment support comes as part of the firm’s ongoing efforts to cater to a growing institutional clientele. By partnering with Bank Frick, Gemini now offers seamless access for institutional customers to engage in cryptocurrency transactions directly in US dollars. The new service will be available directly on the platform through its own entities that have received Electronic Money Institution (EMI) licenses.
This enhancement not only simplifies the trading process by eliminating the need to convert British pounds or euros into USD but also provides access to a broader range of USD trading pairs—over 80 in total.
The functionality is designed to boost efficiency, allowing institutions to tap into the liquidity of the US dollar market and take advantage of the trading opportunities offered by the burgeoning crypto sector. Additionally, the new service will help reduce the cost of transactions. Notably, for a limited time, UK-based institutions can deposit and withdraw fiat funds on these USD rails without additional fees, further enhancing their trading experience.
As regulatory frameworks evolve and institutional interest in digital assets grows, Gemini’s expansion of USD payment support could set a new benchmark in the industry.
In addition, we reported that Gemini is considering an IPO in 2025.
