Gemini, a popular crypto exchange based out of the United States, is now expanding its operations to Hong Kong. With the launch of its new interest-bearing product ‘Gemini Earn’, the firm claims that users can earn an interest of up to 8.05% every year. Gemini confirmed these updates through an official press release.
As of now, Gemini has support for interest-bearing APY in 39 different assets. The best performing among all of them is Geminin’s in-house stablecoin GUSD.
According to the director of Gemini Asia Pacific, Jeremy Ng, the new move was a well-thought plan to expand operations into Asia. Jeremy also added that their aim is to provide customized solutions for Hong Kong citizens. Their products would be tailored to suit the needs of Asian customers.
However, this is not the first time Gemini is entering the Asian market. In 2020, Gemini already established a base office in Singapore and another satellite office in Hong Kong. Its new product launch for Hong Kong citizens aligns with its greater goal of expanding operations across Asia and Oceania.
Gemini was founded in 2014 by siblings Cameron and Tyler Winklevoss. Ever since their launch, they have proven to be one of the most powerful forces in the international crypto space.
Gemini’s decision to aggressively enter the Asian market needs to be seen in a broader context. As reported in various indexes around the world, Singapore is all set to be the crypto hub of not only Asia but of the world. It is truer than ever after the China ban of crypto. In this context, expansion in Singapore and Hong Kong makes a lot of sense and shows Gemini’s intent.