Gemini, a well known crypto exchange and custodian, is now launching in the U.K. It is believed that this launch is part of the global expansion plan of the exchange. All the UK residents will now be able to deposit British pounds by either debit cards or bank transfers to buy cryptocurrency.
It is revealed that the exchange will support different payment schemes and methods, which will include the U.K. Faster Payments Scheme, SWIFT, wire transfers and Clearing House Automated Payment System.
There are several rumors as well that Gemini might be planning to add support for PayPal. However, nothing has been revealed yet by any official source. Recently Bitflyer Europe has also enabled Euro deposit through PayPal and with this, it became the first crypto exchange to use PayPal to buy cryptocurrency. It has been noticed that Gemini’s launch in the UK is coming shortly after the exchange has received an Electronic Money Institution (EMI) license. This license has been granted by the Financial Conduct Authority (FCA) and along with this, it has also been registered as a crypto asset firm.
According to FCA, Gemini has two different entities in the UK, namely Gemini Europe and Gemini Europe Services. It is revealed that this structure helps the exchange to support its activities in the UK. Since 2015, the exchange, which is led by Winklevoss Twins, Cameron and Tyler Winklevoss, has been operating in the U.S. along with several other countries. This addition of the UK is being seen as another step towards the exchange's plan for global expansion, which it has been pursuing at a very wide scale. Currently, this exchange has around 1% of the market share in trading volumes, which can change considering its aggressive expansion.