Gemini to Open Bitcoin Exchange in Singapore and Hong Kong

BitsPlan

Bitcoin’s growing popularity in the Asian region has prompted Gemini to open new offices in Singapore and Hong Kong. 

The renowned Bitcoin exchange, which is headed by the more-renowned Winklevoss Twins, confirmed today that it will be providing Bitcoin and Ethereum trading services to Singaporean and Hong Kong users. The decision, according to the company, is “a critical milestone in Gemini’s pursuit of building a global next generation digital asset exchange.”

While Gemini is already operational in both the aforementioned countries, it further expects to add new features to suit its new users’ demands. It starts with introducing order-books for native currencies which, as Gemini confirmed, will happen soon. An excerpt from their press release:

“We’ll be opening HKD and SGD order books and expanding to additional areas of operation soon, so stay tuned!”

In addition to the aforementioned feature, Gemini also discussed its plans to introduce auction to its platform. The Daily Auctions or “crosses” feature is a two-sided auction feature that is different from conventional “winner takes all” type of auctions. The company explained:

“Auctions present an excellent opportunity for customers who want to execute large trades with over-the-counter (OTC) trading quantities on-exchange without having to worry about price slippage, exorbitant fees, and complicated settlement.”

Users can choose to trade BTC/USD, ETH/USD, and ETH/BTC throughout the day as long as all the trades are pre-funded. The two-sided auction feature went live on September 21, 2016.

Even though Gemini’s services aren’t yet available across the world, the platform still accepts institutional clients from regions out of its service area. However, the acceptance is decided on a case-by-case basis depending on the platform discretion.

With Singapore and Hong Kong added to the list, it is yet to be seen where the company decides to raise its flag next.

Ref: Gemini Blog | Image: Gemini


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