Crypto-exchange Gemini has announced a big localisation drive in Singapore as it seeks to build a customer base in the Asian financial centre. Among the new initiatives include supporting bitcoin trades in Singapore Dollars (SGD) for the convenience of local customers.
"Singapore is a financial epicentre in the heart of Asia and is a fast-growing market for cryptocurrency. Singapore is one of our biggest markets and supporting SGD is another exciting milestone on our mission to empower the individual through crypto,” says CEO Tyler Winklevoss, made famous with twin brother Cameron in the film The Social Network.
As part of the initiative, Gemini now supports SGD on its mobile app and desktop. Clients can use a debit card to buy cryptocurrencies with SGD, or use FAST transfers to deposit SGD into their accounts with the firm. This follows the introduction of support for Pound Sterling, Hong Kong Dollar, Canadian Dollar and Australian Dollar last year in conjunction with its UK launch.
Local residents can also use MyInfo via SingPass to auto-fill Gemini’s account registration forms. Twenty tokens are currently available to Singapore clients at the exchange.
SEE: Oceanus to change presentation currency to SGD, to cease quarterly reporting of financial statements
The New York-based exchange has also started a Singapore office, recruiting Jeremy Ng as Head of Asia, Andy Meehan as Chief Compliance Officer and Eugene Ng as Head of Business Development for the region. The firm is embarking on a “hiring spree” to build up its local presence.
“We are localising Gemini’s products to provide the right offerings and solutions for both our retail customers and institutional clients and this is just the start. We will continue to build out our presence and are aggressively hiring top calibre talent to join our mission to empower the individual through crypto,” Ng tells the media.
Registered locally as Gemini Digital Payments - a subsidiary of Gemini Trust Company LLC in New York - the Singapore office operates under the supervision of the Monetary Authority of Singapore, Singapore’s financial regulator It has applied for a Major Payment Institution License pursuant to the regulations set forth in the Payment Services Act 2019
Gemini is subject to capital reserve requirements, cybersecurity requirements, and banking compliance standards set forth by the New York State Department of Financial Services and the New York Banking Law.
