Gemini expands institutional crypto trading in Europe with USD support

Gemini crypto exchange is enhancing its services for institutional clients in Europe by introducing US dollar payment support. The move will 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’s new USD payment support comes as part of the firm’s ongoing efforts to cater to a growing institutional clientele. 

By partnering with Liechtenstein-based Bank Frick, Gemini now enables US dollar payment rails for institutional customers in the UK, EU, and Switzerland, the firm said in an announcement.

“We plan to expand our rollout of USD rail support to our European Union institutional customers in the next few weeks,” said Gemini’s head of Europe, Mark Jennings.

Gemini expands US Dollar access for institutional clients

The new functionality will also be available to Gemini’s institutional users in Gibraltar, Jersey, Guernsey and the Isle of Man. 

Through a new US dollar feature—to be rolled out shortly to select European Economic Area nations—institutions can deposit and withdraw US dollars from their Gemini accounts free of charge. Now, users in the UK can also directly trade US dollars to crypto without first having to convert their funds to British pounds or euros.

Jennings noted that with interest in institutional crypto adoption exploding in recent years, US dollar rails will be key in giving a seamless and frictionless trading experience. 

To fund accounts, Gemini will use Bank Frick’s instant transfer product, xPulse, making it possible for all Bank Frick customers to on-ramp to fiat instantly 24/7 for this class of institutional client.

In 2019, the large crypto exchange Coinbase launched trading pairs of the US dollar on the Coinbase Pro and Prime platforms for European users. However, the service was discontinued in 2023.

Gemini leverages EMI licenses as it moves toward an IPO

Gemini’s new function will be offered on the platform but performed through its own entities that have received Electronic Money Institution (EMI) licenses.

While most CASPs need to broker partnerships because they lack an EMI license, Gemini’s regulatory-first approach means their funding solutions can be offered by their own EMI-licensed entities.

To what extent other European crypto exchanges and service providers are willing to support trading in US dollars is unclear.

The news follows reports that Gemini has submitted a confidential filing for an initial public offering (IPO) in the U.S. The crypto exchange and custodian is working on the offering with Goldman Sachs Group Inc., and Citigroup Inc. Gemini is considering going public as soon as this year.

Gemini has been pursuing public listing options since at least 2021, even exploring a merger with the now-defunct Digital Currency Group venture capital firm. 

Gemini founders, Cameron and Tyler Winklevoss were among about 30 crypto executives and agency heads who attended the recent Digital Assets Summit at the White House. President Donald Trump’s administration has embraced crypto, which has opened the floodgates for IPOs in the industry.

SEC closes Gemini investigation without recommending action

In a notice shared on February 26 by Gemini co-founder and president Cameron Winklevoss, the SEC announced it had concluded its investigation and, based on the available information, would not recommend an enforcement action.

On January 12, 2023, the SEC charged crypto lending firm Genesis Global Capital and crypto exchange Gemini with offering unregistered securities through Gemini’s “Earn” program.

Still, the agency added that the notice isn’t an exoneration and must not be interpreted as an indication that no action will be taken at a later date as a result of the SEC’s investigation.

Winklevoss criticized the SEC, stating that closing the investigation offers little relief given the “damage this agency has done to them” and the broader crypto industry.

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