The functionality will also enable institutions to access US dollar-to-crypto trading pairs and directly trade with US dollars on Gemini, rather than having to convert to the British pound or euros, removing friction, Jennings told Cointelegraph, adding:“With interest in institutional crypto adoption exploding in recent years, US dollar rails will be key in giving a seamless and frictionless trading experience.”For deposits, Gemini will utilize Bank Frick’s instant transfer service called xPulse, which will provide a 24/7 fiat on-ramp for institutional customers who have a Bank Frick bank account, the firm noted.
Gemini crypto exchange, founded by Cameron and Tyler Winklevoss, is expanding its trading capabilities for institutional clients in Europe by introducing US dollar payment supportGemini has partnered with Liechtenstein-based Bank Frick to enable US dollar payment rails for institutional customers in the United Kingdom and Switzerland, the firm said in an announcement shared with Cointelegraph on March 12.“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 will provide the feature via its EMI-licensed entitiesAccording to Jennings, 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 CASPs [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,” the exec told Cointelegraph.
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