Gemini, the Winklevoss brothers’ crypto exchange, is expanding its services to Australia, adding another country to its roster of supported nations, which now stands at six. Australian cryptocurrency users will now be able to access Gemini’s desktop and mobile platform and trade BTC, BCH, ETH, XZC, and LTC.
Gemini expands into Australiahttps://t.co/NIzCoWhr7n
— The Block (@TheBlock__) August 21, 2019
Gemini Building Bridges
Gemini, which first launched in 2014, announced the expansion Thursday, with co-founder and CEO Tyler Winklevoss stating that the company is “committed to building a bridge” for cryptocurrency in Australia, and that the expansion would allow Gemini to do that:
We are thrilled to continue expanding our global footprint and give Aussies a safe and trustworthy cryptocurrency experience. We founded Gemini to build trust in this nascent technology and we look forward to building that trust in Australia.
Gemini boasts one of the most secure options for crypto usage and storage, being one of the only exchanges in the space to have their funds insured against theft. Despite being one of the more established names in the crypto space, the Gemini exchange has fallen on hard times in terms of volume – according to Opermarketcap they are ranked 9th in terms of volume with $28 million being moved in and out on a daily basis, almost half that of the next highest competitor, Bitflyer.
Shrugging Off Concerns to Grow Team
To add to its poor performance in the exchange league table, Gemini has also seen the supply of its GUSD stablecoin collapse by 91% this year and last year was noted for being the slowest exchange to add new token pairings, perhaps explaining its lowly position. Despite these problems however, Gemini has still been able to swell its ranks to over 200 employees in recent months, adding a General Counsel, a Managing Director, a Chief Technology Officer, and a Chief Security Officer, with the latter hired as recently as last Monday. This clearly points to the anticipation of a rosy future, and perhaps more product offerings, in the near future.