New York-based crypto exchange Gemini is now offering trading and custody for 45 cryptocurrencies. Tyler Winklevoss, Gemini’s CEO and co-founder, revealed this via Twitter. Apart from the custody and trading of these 45 cryptocurrencies, Gemini also offers custody of 13 other cryptocurrencies.
Gemini Could Be Extending Its Listing Further with Shard X Acquisition
The Winklevoss founded crypto exchange is aiming for more offerings in the future. Gemini recently acquired Shard X to help the crypto exchange accelerate its listing process and asset transfer. Shard X is a London-based startup that develops multi-party computation cryptographic technology. Shard X’s technology combined with Gemini’s security features enabled the crypto exchange to reach decentralized finance and other applications.
Shard X’s acquisition meant that the firm would be Gemini’s affiliate in the UK. Gemini, on the other hand, will continue operating in and serving New York residents. The New York-based crypto exchange Gemini is among the few that have been able to fully comply with the very stringent regulatory laws of the state.
Major crypto exchanges like Bitfinex were kicked out of New York, while others have chosen not to allow New York traders into their platforms. Winklevoss founded crypto exchange Gemini; however, he got the go-ahead to operate in the state from the New York State Department of Financial Services (NYDFS). As it expands its listing, the crypto exchange has the advantage of tapping into a population shunned by most of the other platforms.
Gemini Records Lower Trading Volumes Despite New York Advantage
Despite this advantage, compliance giant Gemini has considerably lower trading volumes than its competitors. For instance, Coinbase, which is also licensed to operate in New York, has way higher trading volumes compared to Gemini.
Crypto exchange Kraken, which has locked out New York residents due to the high cost of maintaining regulatory compliance in the state, also has higher trading volumes than Winklevoss founded crypto exchange Gemini. This is because Kraken has had a history of conflict with the US authorities. Despite this, it is doing fairly better than compliance giant Gemini.