Winklevoss-Founded Gemini Adds US Dollar Trading for UK and Swiss Institutions
Gemini crypto exchange is growing its trading capabilities for institutional clients in Europe by adding US dollar payment support. The exchange, founded by Cameron and Tyler Winklevoss, has partnered with Liechtenstein-based Bank Frick to enable US dollar payment rails for institutional customers in the United Kingdom and Switzerland - based on Cointelegraph reporting.
"We plan to expand our rollout of USD rail support to our European Union institutional customers in the next few weeks," said Mark Jennings, Gemini's head of Europe. The new functionality will also be available to institutional users in Gibraltar, Jersey, Guernsey and the Isle of Man.
The feature will allow institutions to deposit and withdraw US dollars to and from their Gemini accounts without fees. It will also enable them to access US dollar-to-crypto trading pairs and directly trade with US dollars on Gemini, rather than converting to British pounds or euros.
For deposits, Gemini will use Bank Frick's instant transfer service called xPulse. This will provide a 24/7 fiat on-ramp for institutional customers who have a Bank Frick bank account.
Jennings explained that Gemini's new functionality will be available directly on the platform through its own entities that have received Electronic Money Institution (EMI) licenses. "Unlike most crypto asset service providers that rely on partnerships for funding rails due to the lack of an EMI license, our regulatory-first approach allows us to provide seamless funding solutions directly through our own EMI-licensed entities," he said.
The expansion comes as institutional interest in cryptocurrency continues to grow. The USD payment rails will be available in:
- United Kingdom and Switzerland (currently)
- European Union countries (coming weeks)
- Gibraltar, Jersey, Guernsey, and Isle of Man
This announcement follows reports that Gemini recently submitted a confidential filing for an initial public offering in the United States. According to Bloomberg's sources, Gemini's IPO could launch as soon as this year and would involve companies like Goldman Sachs and Citigroup. The exchange has reportedly been working to go public since at least 2021.
The expansion of USD trading support comes amid growing corporate interest in cryptocurrency markets. Strategy (formerly MicroStrategy), the world's largest public corporate Bitcoin holder with 499,096 BTC valued at $41.2 billion, recently announced plans to raise up to $21 billion for additional Bitcoin purchases through its new ATM Program, highlighting the increasing institutional demand that platforms like Gemini are positioning to serve.
