- Gemini has opened its platform up to British users
- The six-year-old exchange will offer direct purchases from and withdrawals to British bank accounts
- Holdings will be insured, a major selling point for the exchange
Gemini has launched in the UK with support for GBP deposits and withdrawals after receiving clearance from the Financial Conduct Authority. Following six years growing their U.S. base, the Winklevoss twins’ exchange has expanded across the pond to offer Brits the chance to see what they have been missing out on all these years.
Gemini is open for business in the UK🇬🇧
— Gemini (@Gemini) September 24, 2020
Gemini Expands Overseas
Gemini has been a mainstay in the American crypto market since launching in 2014. After six years of operation, during which time they have become a fully insured cryptocurrency custodian and gained SOC 1 Type 1 data security certification, the Winklevoss twins announced earlier this year that they planned to expand into Europe.
With UK cryptocurrency use among the highest on the continent it made sense to start there, and yesterday’s announcement suggests that this is exactly what they did. The development means that British cryptocurrency users can now use the Gemini exchange to buy, trade, and store a variety of cryptocurrencies, protected by the exchange’s insurance.
Bank Withdrawals/Deposits Supported
British Gemini exchange users can also enjoy support for GBP, which means that they can buy crypto directly from their bank accounts and withdraw into them, something that not all exchanges support. Co-founder Tyler Winklevoss explained why the UK was a perfect place to kick off their attempt at European domination:
The UK has been a significant, global financial hub for centuries. It is a pioneer in both financial innovation and regulation. We’re proud to help usher the crypto revolution into this historic market and become a part of its rich tradition.
Coinbase is currently the most popular bank-supported cryptocurrency exchange for British users, and Gemini will be seeking to take some of that market share for themselves.