The crypto market has been rapidly expanding over the past few years, and Gemini Exchange, founded by the Winklevoss brothers, is looking to make its mark in the Middle East. Recently, the cryptocurrency exchange announced its plans to expand its services to the United Arab Emirates (UAE). With the UAE being a hub for global business and a growing market for cryptocurrencies, Gemini’s move to expand in the region is a strategic decision that could potentially open up new opportunities for the exchange.
Gemini Exchange Plans Expansion to UAE
Gemini Exchange has announced that it plans to launch its operations in the UAE in the latter part of 2021. The exchange has already begun the application process with the Dubai Financial Services Authority (DFSA) to obtain a license to operate in the region. This license would allow Gemini to offer its full range of services to UAE residents, including trading and custody of cryptocurrencies like Bitcoin and Ethereum.
According to a statement by Gemini’s Head of Asia-Pacific, Jeremy Ng, the exchange sees the UAE as a strategic market due to its “forward-thinking regulatory environment and openness to new technologies.” The UAE has been making strides in the adoption of blockchain and cryptocurrency, with the Dubai government launching a blockchain-based platform for business registration in 2020. Gemini’s move to expand in the region could help accelerate the growth of the crypto market in the UAE and the wider Middle East.
Winklevoss Brothers Aim to Tap into Middle East Crypto Market
The Winklevoss brothers, who are known for their early investment in Bitcoin, have been expanding their exchange, Gemini, around the world. The move to expand in the UAE is part of their global strategy to tap into new markets and reach a wider audience. With a population of over nine million people and a high concentration of expatriates, the UAE presents a significant opportunity for Gemini.
The expansion to the UAE also aligns with Gemini’s commitment to regulatory compliance and its mission to build a trusted, safe, and secure platform for buying, selling, and storing cryptocurrencies. According to a statement by Tyler Winklevoss, the co-founder and CEO of Gemini, the exchange is “committed to expanding the crypto ecosystem and providing our services to users around the globe.” With its expansion to the UAE, Gemini hopes to attract both retail and institutional investors in the region and help advance the adoption of cryptocurrencies globally.