Gemini exchange to offer USD trading support to institutional customers in the EU

Gemini crypto exchange plans to expand its USD trading support for institutional clients in the European Union.

Gemini exchange has partnered with Liechtenstein-based Bank Frick to bring US dollar payment support for institutional clients in the UK and Switzerland, according to an announcement originally shared with Cointelegraph on March 12. This enabled institutions to deposit, withdraw, and trade directly in US dollars on the exchange, instead of having to convert to British pounds or Euros first. To enable instant deposits in dollars (even outside of normal banking hours), Gemini is using Bank Frick’s “xPulse” service.

In the announcement shared with Cointelegraph on March 12, Gemini’s head of Europe Mark Jennings said that the USD payment support will be extended to institutional customers across EU as well, specifically Gibraltar, Jersey, Guernsey and the Isle of Man.

Other exchanges have offered USD trading in Europe before (e.g., Coinbase in 2019 before discontinuing it in 2023), but it’s not widespread. Moreover, unlike other exchanges that rely on third-party partnerships to bring USD support to EU customers, Gemini is offering this service directly through its own licensed entities, which are authorized to handle electronic money (EMI licenses).

“Unlike most CASPs [crypto asset service providers] that rely on partnerships for funding rails due to the lack of an EMI license, Jennings said, “our regulatory-first approach allows us to provide seamless funding solutions directly through our own EMI-licensed entities.”