With a surprise announcement, the exchange of the Winklevoss twins, Gemini, opens its doors to the UK market, allowing UK users to use sterling within the platform.
— Gemini (@Gemini) September 24, 2020
One of the major exchanges in the crypto sector is certainly Gemini and, having behind it figures like the Winklevoss twins, it is very popular, making it an interesting choice especially because it has some functions that cannot be found on other exchanges.
Among the problems that users encounter when using a centralized exchange (CEX) there is the fact that they have to depend on the currencies it supports, which are usually only the dollar and/or the euro, since these are the fiat currencies with the most users in the world.
Unfortunately, British users who are relegated to sterling do not always find it as an option on exchanges and this forces them to convert to the euro or dollar first, paying the relevant fees.
So Gemini has decided to facilitate the operations of UK residents, and this has been made possible thanks to the licence they have obtained from the FCA (Financial Conduct Authority), allowing them to support sterling on their platform by accepting bank deposits, CHAPS and SWIFT.
Gemini in the UK: payments in sterling
So now, UK users will simply have to open an account from the desktop or via the mobile application, and start depositing funds into their Gemini account, add the sterling payment method and then buy one of the many crypto assets that are available at the exchange.
It is worth remembering that on Gemini it is necessary to go through the KYC (Know Your Customer) procedure before being able to trade.
Surely this is positive news for Gemini and complements previous ones such as the integration of the Samsung Blockchain Wallet, the support inside the browser of Brave as well as the possibility to manage the famous Unstoppable Domains.
Finally, let’s not forget how the Bank of England is considering the possibility of issuing its own cryptocurrency, i.e. a CBDC, and thus creating a state crypto.