Gemini is thrilled to announce we are opening an operations center in Scottsdale, AZ in 2026, moving out of a temporary office in Tempe as we double down on customer support across our different business lines and continue our commitment to offering the highest quality service.

Gemini plans to initially hire a variety of support agents and will continue to expand the teams in the coming months. The long-term goal is to have a fully staffed customer support center of at least 50 employees, covering customers 24x7 from the heart of Old Town Scottsdale.

We founded Gemini in 2014 to create a simple, reliable, and elegant way for individuals and institutions to buy bitcoin. We’ve since launched a Gemini Credit Card, Gemini Staking products, Gemini Custody, derivatives trading and tokenization stocks in certain jurisdictions in the EU, and much more.

As crypto continues to gain market share, we continue to invest in building and giving customers the best possible experience with Gemini products along the way. 

This expansion is another decisive step on our mission to unlock the next era of financial, creative, and personal freedom.

Visit our [Careers page](https://www.gemini.com/careers) for more details on the open [customer support roles](https://boards.greenhouse.io/embed/job_app?for=gemini&token=7116686).

Go Where Dollars Won’t, 
Team Gemini

Gemini Opening Operations Center in Scottsdale To Enhance Customer Support

Gemini is thrilled to announce support for ETH and USDC on Optimism and Arbitrum--unlocking seamless multichain access in an enormous step forward for the exchange.

As of today, customers will be able to deposit and withdraw ETH and USDC on Ethereum, Optimism, and Arbitrum. 

The bottom line: This makes it faster and cheaper for users to move crypto in and out of Gemini and removes the need for manual bridging or switching between apps.

### Why Multichain Matters

By bringing ETH and USDC onto multiple chains, Gemini Exchange customers will have a less expensive, more streamlined experience that will allow them to take full advantage of the DeFi ecosystem: 

Exchange users can expect the following:

- Reduced transaction fees
- Faster transfer times 
- No external bridges when moving assets across networks
- Minimized token recovery issues caused by unsupported deposits

With multichain deposit and withdrawal support for ETH and USDC, moving your crypto in and out of Gemini is easier than ever. Welcome to a simpler, speedier, and more cost-effective user experience. 

Go Where Dollars Won’t, 
Team Gemini

Gemini Now Offers ETH and USDC Across Multiple Chains

Today, we’re thrilled to announce the immediate availability of multiple tokens as collateral when trading derivatives using Gemini’s cross collateral feature – __BCH, DOGE, SHIB, SOL, and XRP__.

This means that while Gemini’s perpetual contracts are denominated in Gemini Dollars (GUSD), customers who enable cross collateral will be able to use these tokens, in addition to BTC, ETH, USDT, and GUSD, as collateral to trade perpetual contracts – providing more flexible funding options.

### What is Cross Collateral?

When trading derivatives, you are required to deposit funds, known as collateral, in order to open and maintain derivatives positions. The collateral required to open a position is your __Initial Margin__. The collateral required to keep your position open is known as __Margin maintenance limit__, and the total amount of collateral available for trading is your __Margin Assets Value__.

*To learn more about margin, check out our article: [Understanding Margin and Leverage](https://www.gemini.com/blog/gemini-foundation-academy-understanding-margin-and-leverage "Gemini Foundation Academy: Understanding Margin and Leverage")*.

Collateral serves as a buffer to cover potential losses in the event that your position moves against you. You are required to hold sufficient collateral to meet margin requirements, and keep in mind that collateral assets are at risk of liquidation if margin requirements are not met. 

With the cross collateral feature enabled on Gemini Derivatives, you can use BTC, ETH, USDT, BCH, DOGE, SHIB, SOL, and XRP as collateral for your trades. More assets for cross collateral will be introduced soon.

Even if you don't have cross collateral enabled, you can still easily fund your derivatives account on Gemini. Simply transfer SGD, USD, or USDC into your derivatives account, and the funds will automatically be converted to GUSD.

### How to Open a Derivatives Account

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange").

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. [Log on](https://exchange.gemini.com/signin) to ActiveTrader via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer funds to your derivatives account
6. Start trading!

Stay tuned for more updates and features to elevate your derivatives trading experience.

Onward and Upward,

The Gemini Derivatives Team

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Introducing BCH, DOGE, SHIB, SOL, and XRP as Cross Collateral for Derivatives Trading

Gemini customers in the European Union (EU) can now buy and sell a batch of nine new tokenized stocks on Gemini1 and take it anywhere onchain. 

As of July 22, eligible EU customers can now access a range of additional energy, tradfi, telecom and energy-based tokenized stocks through Gemini’s platform, expanding on our recent rollout of blue-chip names. These products are only available to eligible customers in the EU and are not available in the U.S. or other restricted jurisdictions. 

These tokenized stocks are made available through our partner Dinari,2 a leading provider of tokenized U.S. public equities. By leveraging Dinari’s tokenization-on-demand model, we are able to offer our customers liquidity, transparency, and spot price tracking of the backing security.

Below are the new tokenized shares available for trading: 

__Energy__
- Exxon

__Airwaves__
- Sony 
- Broadcom

__Tradfi__
- BlackRock
- Visa
- American Express
- Bank of America

__Others__
- Prologis
- Caterpillar

Visit [gemini.com/tokenizedstocks](https://www.gemini.com/tokenizedstocks) for more information.

Go Where Dollars Won’t! 
Team Gemini

1 Tokenized stocks or dSharesTM are made available via a platform operated by Gemini Intergalactic EU Artemis, Ltd, (“Gemini”), which is authorised and regulated by the Malta Financial Services Authority (“MFSA”) under the Investment Services Act (Cap. 370, Laws of Malta). Gemini is authorized to provide the following MiFID investment services: dealing on its own account and with the execution of orders on behalf of other persons. Tokenized stocks offered in Europe are digital derivatives linked to public equity securities.

2 About Dinari and dShares. Tokenized stocks offered by Dinari, Inc. (“Dinari”) are called dSharesTM. All dSharesTM are backed 1:1 by the corresponding U.S. equity and offer the same economic rights as the underlying security, where permitted. All dSharesTM are held with a regulated custodian and are issued by Dinari, a U.S. SEC‑registered transfer agent. More information about dSharesTM can be found here. Tokenized stocks offered in Europe are digital derivatives linked to public equity securities. dSharesTM are offered for purchase and sale directly from Dinari, which is not affiliated with Gemini or its affiliates.

*These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell, stake, or hold any digital asset or security or to engage in any specific trading strategy. Gemini makes no representation or warranty of any kind, express or implied, as to the accuracy, completeness, timeliness, suitability or validity of any such information and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. Derivatives are complex instruments involving a high degree of risk. These products are not suitable for all investors and require a full understanding of the risks involved and should seek independent advice if needed. Tokenized stocks offer risks associated with a direct investment in public securities. They may experience sharp price fluctuations due to market sentiment, economic conditions, earnings announcements, interest rate changes, and geopolitical events. Such volatility can lead to significant and sudden losses in token value. There may be fees and charges associated with the product which you should carefully consider.*

A new batch of diversified tokenized stocks are now available to Gemini customers in the EU.

Gemini’s Next Batch of Tokenized Stocks Includes Nike, McDonalds, Starbucks, and More

Gemini’s Latest Batch of Tokenized Stocks for EU Customers Includes Broadcom, BlackRock, and More

Today, we’re excited to announce that we have released an XRP edition of the Gemini Credit Card in collaboration with Ripple. 

With the XRP edition of the Gemini Credit Card,2 customers can earn up to 4% back in XRP on gas, EV charging and rideshare, 3% back on dining, 2% back on groceries, and 1% back on other purchases. In addition to this, we are partnering with select merchants to offer up to 10% back on qualifying purchases for all Gemini Credit Card holders.3 You can see all the merchants we’ve partnered with in the card benefits section of the Gemini app.

Gemini is also expanding access to Ripple USD (RLUSD). RLUSD is a USD-backed stablecoin issued by Ripple that has grown to over $640M in market cap since launch, ranking among the top six USD stablecoins.

RLUSD, which was [listed](https://www.gemini.com/blog/rlusd-is-now-available-to-trade-on-gemini) on Gemini in May of this year, is now available as an optional base currency for all spot trading pairs to Gemini users in the United States. This makes it easier for traders to move between RLUSD and any other asset on Gemini in a single step, cutting out extra conversion steps and fees.

### Why Gemini Is Expanding Its XRP Offering 
Why double down on XRP? The answer is pretty simple.

- As of July 27, 2025, Gemini Credit Card users who held XRP rewards for at least one year saw those rewards grow by a staggering 453%.1
- This was the highest percentage gain among all rewards currency selections for Gemini Credit Cardholders as of the date of the analysis.1
- Overall, the $73,700 in rewards valued at the time they were earned were worth over $407,0001

XRP is the digital currency built into the XRP Ledger (XRPL), a public blockchain designed for efficient and low-cost transactions. For more than 12 years, it has been accessible to anyone, making it useful for payments, settlement, and moving money across borders. XRP is among the largest digital currencies by market size and trading volume, and has been used for payments, settlement, and cross-border transactions. 

“The Gemini Credit Card is a bridge to the future of finance. By introducing a special XRP edition of the Gemini Credit Card, we’re giving customers and the XRP Army new ways to earn XRP and express their passion, loyalty, and excitement,” said Tyler Winklevoss, Co-Founder and CEO of Gemini.

XRP’s utility continues to grow globally as institutions increasingly embrace digital finance through the XRPL, including adoption by abrdn, Braza Bank, Vert, Société Générale–Forge, and Guggenheim Treasury Services. The XRPL is supported by a global community, including Ripple, and has been designed to prioritize speed and low transaction costs.

“Fifty-five million Americans own crypto and that number is only increasing as more people look for easier ways to access and use it in their daily lives," said Brad Garlinghouse, CEO of Ripple. “With Gemini, we’re making everyday spending a chance to earn and connect with both XRP and RLUSD. It’s a step toward giving people a faster way to move money, and making crypto simple and approachable for everyone.”

With the XRP Credit Card, there’s now a powerful, simple way to stack XRP.

Go Where Dollars Won’t, 
Team Gemini

__Additional Benefits__ 

The XRP Credit Card has no annual fee, no fee to receive crypto rewards, and no fee on foreign transactions.4 Rewards are delivered, and customers can alternate between crypto rewards as frequently as they want. Plus, Gemini Credit Cardholders receive discounted access Peacock Premium, as well as other discounts to Instacart, ResortPass, Lyft, Booking.com, and more through the Mastercard World Elite program. 

The Gemini Credit Card offers up to 4% back on Gas at the pump, EV charging, transit & rideshare on up to $300 in spend per month (then 1% on all other qualifying purchases that month), 3% back on dining, 2% back on groceries, and 1% back on other purchases. Customers can choose to earn those rewards back in bitcoin, ether, or 50-plus other cryptocurrencies available on Gemini.

__[Apply for the Gemini Credit Card Now](https://creditcard.exchange.gemini.com/credit-card/apply)__

1 *Analysis reflects Gemini Credit Card holders who earned XRP rewards between 10/08/2021 and 07/27/2024 and held all such rewards in their Gemini account through 07/27/2025. Calculation is based on XRP market value changes during the holding period. Individual results will vary depending on spend behavior, chosen rewards currency, holding duration, and market performance. Past performance is not indicative of future results. This information is for general informational purposes only and does not constitute investment advice. Engaging with crypto involves risk and you are encouraged to seek professional advice.*

2 *The Gemini Credit Card is issued by WebBank.*

3 *On up to [$250 in spend/month](https://support.gemini.com/hc/en-us/articles/4405135674779-What-rewards-tiers-are-available-on-the-Gemini-Credit-Card?_gl=1%2Amqr1lz%2A_gcl_au%2AODQ5MzgzMjE1LjE3NTU3MTUwMzQ.). The transaction must be made with a participating merchant as determined by Gemini; [Terms and Conditions](https://www.gemini.com/legal/credit-card-rewards-agreement) apply.*

4 *See [Rates & Fees](http://www.gemini.com/legal/cardholder-agreement) for more information*

Gemini Releases XRP Edition of the Gemini Credit Card and Broadens Availability of RLUSD for U.S. Customers

Gemini has unveiled a suite of new products for over 400 million EU & EEA* customers, including Gemini Staking for Ethereum (ETH) and Solana (SOL), as well as Gemini Perpetuals, our regulated derivatives product. This continues our European expansion as we become the go-to crypto trading destination for European investors after receiving MiCA approval from the MFSA (LINK).

“We’re on a mission to democratise access to alternative, risk-managed financial instruments, and we’re one of the few European crypto exchanges to offer this diverse suite of products with an intuitive, secure platform,” said Mark Jennings, CEO of Europe.

In addition to accessing Gemini’s crypto platform with over 140 tokens, Gemini Staking will open up exciting new opportunities to earn passive income using crypto. Additionally, EU customers can now trade perpetual contracts, using up to 100x leverage*** with no monthly expiration dates, within Gemini’s trusted ecosystem. 

Following our recent MiCA approval (LINK) & successful transition to our new Malta CASP entity, we are now rolling out these additional services and features to users throughout the EU. Gemini Perpetuals will be offered under our MiFID II license, a framework regulating the traditional financial markets, making us a fully compliant crypto trading platform in the EU.

### Gemini Staking

Gemini Staking will allow users to stake with any amount of ETH or SOL to earn rewards. Staking is a key part of the Proof-of-Stake consensus mechanism, allowing you to deposit your crypto to validate transactions on a blockchain network. In return, you are rewarded with crypto. 

Learn more about staking here.

Gemini Staking offers:
- __No minimum amount:__ Our flexible staking pools allow you to stake any amount, with any rewards accrued daily.
- __Simple process & high rewards:__ It’s straightforward to earn passive income. You can check your daily staking APR (annual percentage rate) within the Gemini app, with up to 6% APR available for SOL and a variable rate for staking ETH.
- __Institutional-grade security:__ With robust security measures including segregated cold storage and secure** custody of your assets, you don’t have to worry about managing your private keys.
To get started with staking in the app, head to the Explore tab, choose ETH or SOL, click Trade, and choose Stake. After, choose how to fund your stake, and whether to set up a recurring buy. You’ll then begin earning passive income on your crypto.

### Gemini Perpetuals

We’re also excited to introduce Gemini Perpetuals, allowing sophisticated and professional investors in the region to gain long or short exposure to crypto markets through perpetual contracts.

With Gemini Perpetuals, users can trade across a wide range of crypto pairs, manage portfolio risk, generate returns, and tailor their directional exposure. Customers will be able to trade both spot and derivatives products within a single interface, and use staking rewards, to execute their trading strategies such as leverage, shorting and arbitrage.

Key features include:
- Up to 100x leverage***
- Fully embedded within the Gemini platform
- Ability to use assets in spot account as cross-collateral
- Denominated in USDC
- No monthly expiration dates
- Industry-leading security & UX

### Deepening our Commitment to Europe

Today’s announcement is just the beginning, as we continue to innovate and roll out new products to meet the growing demand for crypto throughout Europe.
2025 has been a transformational year for Gemini in Europe, with the region becoming our fastest-growing market to date. Offering perpetuals, and spot trading, as well as tokenized stocks (LINK) directly through our EU-regulated entities reflects our goal to provide a compliant, robust and frictionless one-stop shop at the fingertips of beginner and professional crypto traders. 

Our perps offering will meet the growing demand for digital asset exposure, with derivatives representing the majority of global trading volume.

“Europe continues to be a strategic focus for Gemini,” Jennings said. “The introduction of the MiCA framework presents an unparalleled opportunity for Europe to lead the global crypto race by setting the global benchmark for crypto regulations, standardising regulations across all 30 EU jurisdictions, and giving confidence to the millions of investors. Gemini has long championed clear, forward-thinking regulation, and MiCA will allow us to continue to deepen our presence in the region.”

Onward and Upward! 

Team Gemini

[1] Tokenized stocks or dSharesTM are made available via a platform operated by Gemini Intergalactic EU Artemis, Ltd, (“Gemini”), which is authorised and regulated by the Malta Financial Services Authority (“MFSA”) under the Investment Services Act (Cap. 370, Laws of Malta). Gemini is authorized to provide the following MiFID investment services: dealing on its own account and with the execution of orders on behalf of other persons. Tokenized stocks offered in Europe are digital derivatives linked to public equity securities.

[2] About Dinari and dShares. Tokenized stocks offered by Dinari, Inc. (“Dinari”) are called dSharesTM. All dSharesTM are backed 1:1 by the corresponding U.S. equity and offer the same economic rights as the underlying security, where permitted. All dSharesTM are held with a regulated custodian and are issued by Dinari, a U.S. SEC‑registered transfer agent. More information about dSharesTM can be found here. Tokenized stocks offered in Europe are digital derivatives linked to public equity securities. dSharesTM are offered for purchase and sale directly from Dinari, which is not affiliated with Gemini or its affiliates.

These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell, stake, or hold any digital asset or security or to engage in any specific trading strategy. Gemini makes no representation or warranty of any kind, express or implied, as to the accuracy, completeness, timeliness, suitability or validity of any such information and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. Derivatives are complex instruments involving a high degree of risk. These products are not suitable for all investors and require a full understanding of the risks involved and should seek independent advice if needed. Tokenized stocks offer risks associated with a direct investment in public securities. They may experience sharp price fluctuations due to market sentiment, economic conditions, earnings announcements, interest rate changes, and geopolitical events. Such volatility can lead to significant and sudden losses in token value. There may be fees and charges associated with the product which you should carefully consider.

Gemini Launches Staking and Derivatives for EU Customers

Gemini customers in the European Union can now access a range of tokenized ETFs on Gemini1 and take their positions fully onchain.

As of August 20, eligible EU users can now trade tokens linked to some of the largest exchange-traded funds, bringing institutional-grade ETF exposure directly into onchain portfolios. 

As one of the first centralized crypto exchanges to offer tokenized stocks, these latest additions mean eligible EU-based Gemini users can now trade both tokenized stocks and ETFs, 24/5.

Gemini’s tokenized ETFs are minted through our partner Dinari2, a leading provider of tokenized U.S. public equities. By leveraging Dinari’s framework, Gemini ensures that each tokenized ETF share faithfully tracks the price of the underlying fund while offering a cryptographically secured onchain record.1

Below are some of the tokenized ETFs Now Available:

__SPDR S&P 500 ETF Trust (SPY)__ 

__iShares Bitcoin Trust ETF (IBIT)__ 

__VanEck Bitcoin ETF (HODL)__ 

__Fidelity Wise Origin Bitcoin Fund (FBTC)__ 

__iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX)__ 

__VanEck Steel ETF (SLX)__ 

Visit [gemini.com/tokenized-stocks](https://www.gemini.com/tokenizedstocks) for more information.

Onward and Upward! 

Team Gemini

[1] Tokenized stocks or dSharesTM are made available via a platform operated by Gemini Intergalactic EU Artemis, Ltd, (“Gemini”), which is authorised and regulated by the Malta Financial Services Authority (“MFSA”) under the Investment Services Act (Cap. 370, Laws of Malta). Gemini is authorized to provide the following MiFID investment services: dealing on its own account and with the execution of orders on behalf of other persons. Tokenized stocks offered in Europe are digital derivatives linked to public equity securities.

[2] About Dinari and dShares. Tokenized stocks offered by Dinari, Inc. (“Dinari”) are called dSharesTM. All dSharesTM are backed 1:1 by the corresponding U.S. equity and offer the same economic rights as the underlying security, where permitted. All dSharesTM are held with a regulated custodian and are issued by Dinari, a U.S. SEC‑registered transfer agent. More information about dSharesTM can be found here. Tokenized stocks offered in Europe are digital derivatives linked to public equity securities. dSharesTM are offered for purchase and sale directly from Dinari, which is not affiliated with Gemini or its affiliates.

These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell, stake, or hold any digital asset or security or to engage in any specific trading strategy. Gemini makes no representation or warranty of any kind, express or implied, as to the accuracy, completeness, timeliness, suitability or validity of any such information and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. Derivatives are complex instruments involving a high degree of risk. These products are not suitable for all investors and require a full understanding of the risks involved and should seek independent advice if needed. Tokenized stocks offer risks associated with a direct investment in public securities. They may experience sharp price fluctuations due to market sentiment, economic conditions, earnings announcements, interest rate changes, and geopolitical events. Such volatility can lead to significant and sudden losses in token value. There may be fees and charges associated with the product which you should carefully consider.

EU users can now buy and sell tokenized ETFs directly onchain. 

Gemini’s New Tokenized ETF Offerings for EU Users Are Now Live

Today, we launched the [Gemini Wallet](https://keys.gemini.com/), a self-custody wallet designed for crypto users and developers alike. Whether you're a retail investor looking for a secure, portable gateway to Web3, or a developer seeking an SDK kit to embed the wallet directly into your dapp, the Gemini Wallet brings flexibility, ease of use, and powerful security to onchain access.

This launch also includes the debut of the [Gemini Onchain™](https://onchain.gemini.com/) Dashboard — a user-friendly interface at onchain.gemini.com that offers you a transparent hub where you can put your crypto to use.

With gas sponsorship and a seamless connection to your Gemini account, this is the next frontier for crypto wallets—a fully integrated self-custody experience powered by passkeys.

Here are the game-changing features that set the Gemini Wallet apart:

- __A first-in-class embedded and portable smart wallet:__ Typically, customers choose between using an embedded wallet integrated into another decentralized application or a portable, external wallet that offers a single source for their crypto assets. The Gemini Wallet allows you to do both, providing easier use for embedded accounts and continuity for portable accounts.

- __Instant onboarding with passkeys:__ Say goodbye to app downloads and complex secret recovery phrases. With passkeys, accessing your Gemini Wallet is as simple as tapping the Gemini logo on any supported app.

- __Transparent view of crypto holdings:__ With a built-in dashboard at onchain.gemini.com, users get their own curated onchain experience where they can trade tokens that aren’t on the platform, discover new decentralized apps, and invest their stablecoins and crypto tokens in vaults that deliver returns, where available and subject to applicable local laws and regulations.

- __Sponsored gas fees and free transactions:__ We're eliminating barriers to entry by sponsoring gas fees for key actions. Every Gemini Wallet user gets a free ENS subdomain name (e.g., satoshi.gemini.eth) – on us. Plus, we are covering gas fees while you get started, with the help of our launch partners Arbitrum, Polygon, Optimism, and Base. 

- __Seamless crypto trading from your Gemini account:__ Once fully rolled out later this year, Gemini Wallet can be connected to your exchange account. 

### The Gemini Wallet Will Solve Crypto’s Onboarding Problem 
For more than a decade, Gemini has had a front-row seat to the evolving crypto ecosystem. We've witnessed waves of adoption into self-custodial wallets driven by groundbreaking use cases: stablecoins revolutionizing payments, DeFi reimagining lending and borrowing, ENS redefining digital identity, DEXs enabling seamless token swaps, and prediction markets reshaping how we forecast the future.

By leveraging the security and convenience of passkeys, we believe smart wallets are the key to onboarding the next one billion people onchain. With passkeys now integrated into every major mobile and computer platform, offering hardware-bound and end-to-end encrypted syncing, we're witnessing a paradigm shift in self-custodial wallet infrastructure.

Building on smart wallets is like leapfrogging from landlines to Starlink. Gone are the days of downloading separate apps or backing up 12-word secret recovery phrases into steel. The next one billion users won't need to grapple with these complexities – they'll simply want the wallet to melt into the background. With a tap of the Gemini button on any app, they'll be able to do just that, using their own keys for a wallet they control. 

### Gemini Teams Up With Blockaid, WalletConnect, Bungee, and Morpho To Aid Launch 

__Best in-class security:__ Gemini has partnered with Blockaid, an end-to-end onchain security leader, to help users keep themselves safe from fraud, scams, or other bad actors. 

__Easy to use:__ Gemini has tapped WalletConnect to make accessing Gemini Wallet seamless whether it’s in-app or on desktop. By using WalletConnect, Gemini users are able to connect the self-custody crypto wallet with the world of Web3 and other decentralized apps. 

__Seamless swaps:__ We’ve partnered with Bungee, an onchain liquidity marketplace, to provide seamless swaps between any blockchain, where available and in compliance with applicable laws and regulations. Bungee has over $20 billion in volume and is trusted by major wallets and dApps– all while making moving assets between networks efficient, secure, and accessible. 

__Invest in DeFi:__ Invest enables you to seamlessly earn rewards on your assets. Using Morpho, you can now deposit into curated Gauntlet vaults on Arbitrum and start earning rewards instantly. Your funds are never locked, so you can withdraw your assets at any time!

__Low fees:__ Network partners are helping us connect our users to low gas fees in the initial days following wallet launch.

Stay tuned for more updates to the Gemini Wallet experience and additional partnerships in the coming months.

Go Where Dollars Won’t, 
Team Gemini

__Important Information:__ Gemini Wallet is a self-custody product governed by the Gemini Wallet Terms and Conditions and Privacy Policy. It is distinct from the Gemini Exchange, and you alone control and store your private keys. Features, integrations, and offers (including gas fee coverage and rewards) are limited, subject to change, and may not be available in all jurisdictions. Third-party services and protocols are used at your own risk; Gemini does not control, endorse, or guarantee them, or any associated yields, rewards, returns, tokens, or blockchains.

Launching the Gemini Wallet — A Simple and Secure Way To Go Onchain

Gemini Staking for Ethereum (ETH) and Solana (SOL) is now available to users in the UK, empowering them to participate in the crypto ecosystem and earn passive income from their crypto through the Gemini platform. This reaffirms our commitment to growing Gemini’s presence in the UK, and follows the recent opening of our first permanent UK office in London.

__What is Staking?__

Staking is a key part of the Proof-of-Stake consensus mechanism, where users can deposit their crypto to validate transactions on a blockchain network. In return, they are rewarded with crypto. [Learn more here](https://www.gemini.com/staking-pro-uk). 

Through Gemini Staking, users in the region will be able to stake with any amount of ETH or SOL and earn up to 6% APR (annual percentage rate) for SOL, and a variable rate for staking ETH. 

Previously, staking had only been available to UK users who staked at least 32 ETH through [Staking Pro](https://www.gemini.com/blog/gemini-staking-pro-is-now-live-in-the-uk). 

__Why Stake With Gemini?__

Whether you’re new to staking or an experienced user, Gemini Staking makes it easier to stake your ETH and SOL: 

- __No minimum amount:__ Our flexible staking pools allow you to stake any amount, with any rewards granted accrued daily.

- __Simple process & high rewards:__ It’s straightforward to earn passive income. You can check your daily staking APR within the Gemini app, with up to 6% APR available for SOL and a variable rate for staking ETH.

- __Institutional-grade security:__ With robust security measures and secure* custody of your assets, you don’t have to worry about managing your private keys.

__How to Get Started__ 

1. Log into your account
2. Go to the Staking tab, select ETH or SOL as the token you want to stake
3. Select your funding source. You can use your existing ETH or SOL balance, purchase more ETH or SOL, or set up a recurring buy that will be added to your staking balance on a regular basis
4. Enter the amount, click “stake”, and confirm your order details

You can then put your crypto to work and earn yield as you watch your portfolio grow.

Onward and Upward 

Team Gemini

*A 15% fee is taken from rewards earned and is charged to cover gas costs and other expenses. You can learn more about the details of our [staking services here](https://www.gemini.com/legal/gemini-uk-staking).*

*This content is for general informational purposes only and is not investment advice. Buying, selling, and trading cryptocurrency involves risks. You should consult a qualified, licensed advisor before engaging in any transaction. Past performance is no guarantee of future results. Staking involves risks. Returns are variable and not guaranteed. You may lose some or all of your staked cryptoassets, including through validator slashing or protocol failure. Your assets may be locked or subject to delayed withdrawal. Staking services are not covered by the Financial Services Compensation Scheme or the Financial Ombudsman Service.*

*Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two minutes to learn more.*

\*ISO 27001 and SOC 2 Type 2 certified

All UK users can now stake ETH & SOL with Gemini Staking.

Introducing Ethereum & Solana Staking for UK Customers

Privacy just got an upgrade.

Today, we're proud to announce that Gemini now supports Zcash unified addresses, making us the first exchange in the world to support UAs and sending Zcash to a shielded receiver in one. We believe crypto should be private, secure, and accessible to all.

As long-time Zcash supporters and privacy advocates, we're thrilled to offer this feature to our users worldwide. Here's why unified addresses matter for privacy in crypto.

### Why Unified Addresses Matter

Think of a unified address like a universal travel adapter that lets you plug into different sockets. It's a single address that works across all Zcash pools, remaining transparent and shielded.

__One address to rule them all:__ No more juggling between transparent and shielded addresses. When you withdraw from Gemini to any unified address, it works seamlessly across the entire Zcash ecosystem.

__Highest privacy by default:__ When you withdraw to your unified address, you automatically get the highest level of privacy available. No need to maintain separate addresses for private and non-private transactions — unified addresses handle it all.

Your Gemini account now works perfectly with modern Zcash wallets like Zashi (built by Electric Coin Co.) and others that provide unified addresses to their users.

### Why Privacy Matters 

"Cypherpunks write code." At Gemini, we don't just believe in these words — we live them. As Eric Hughes wrote in the Cypherpunk Manifesto, "privacy is necessary for an open society in the electronic age." We cannot expect governments, corporations, or other large, faceless organizations to grant us privacy. We must defend our own privacy if we expect to have any. And that's exactly what we're doing.

We’ve supported Zcash from the beginning because privacy isn’t secrecy, but rather "the power to selectively reveal oneself to the world." By building the infrastructure to support unified addresses, we're not just talking about privacy; we're writing the code that makes it real. We're making privacy accessible to everyone, not just the technically savvy, because we believe the tools of financial freedom should belong to all.

### What This Means for You

Starting today, every Gemini user can:

- Withdraw to any unified address — whether it's your own wallet or sending to friends and family
- Use popular Zcash wallets seamlessly — we're fully compatible with wallets that generate unified addresses, including Zashi (developed by Electric Coin Co.) and others in the Zcash ecosystem
- Access the highest level of privacy by default — when withdrawing to unified addresses, you get maximum privacy automatically
- Continue using your existing deposit flow — all Zcash wallets can send to Gemini's transparent deposit addresses, ensuring backwards compatibility across the entire ecosystem

### Building the Privacy-First Future

This launch is just the beginning. As we continue to expand our privacy offerings, we're committed to making financial privacy as easy as sending an email. Because we believe that in the digital age, privacy shouldn't be optional — it should be the default.

We're proud to stand alongside the Zcash community in building this future. 

### Get Started Today

Ready to experience the future of privacy? [Log into your Gemini account](https://exchange.gemini.com/register) and navigate to your Zcash wallet. When you're ready to withdraw, simply add a unified address to your address book — your funds will be sent with full compatibility.

For deposits, continue sending to your existing transparent address on Gemini. All Zcash wallets support sending to transparent addresses, ensuring seamless compatibility whether your wallet is cutting-edge or classic.

Welcome to the future of financial privacy.

Go Where Dollars Won't, 
Team Gemini

Privacy Made Simple: Gemini Adds Zcash Unified Addresses

Gemini customers in the European Union can now buy and sell a new batch of tokenized stocks directly through Gemini1 with trading available 24 hours a day, 5 days a week to eligible EU customers.

As of July 30, eligible EU customers can now access a range of additional tech, consumer, meme, and pharma stocks via their Gemini account, building on our recent rollout for EU customers with over 50 tokenized stocks now available. These products are only available to eligible customers in the EU and are not available in the U.S. or other restricted jurisdictions. 

We have partnered with Dinari,2 a leading provider of tokenized representations of publicly-traded U.S. equities. By leveraging Dinari’s tokenization-on-demand model, we are able to offer our customers transparent pricing, liquidity, and access to onchain trading.

Below are the new tokenized shares available for trading: 

__Tech__ 
Riot Platforms, Inc.
Advanced Micro Devices

__Consumer__ 
Mercado Libre, Inc.

__Culture__ 
Reddit, Inc.
GameStop Corp.
AMC Entertainment Holdings, Inc.

__Pharma__ 
Pfizer Inc.
SELLAS Life Sciences Group Inc.

Go Where Dollars Won’t!
Team Gemini

[1] Tokenized stocks or dSharesTM are made available via a platform operated by Gemini Intergalactic EU Artemis, Ltd, (“Gemini”), which is authorised and regulated by the Malta Financial Services Authority (“MFSA”) under the Investment Services Act (Cap. 370, Laws of Malta). Gemini is authorized to provide the following MiFID investment services: dealing on its own account and with the execution of orders on behalf of other persons. Tokenized stocks offered in Europe are digital derivatives linked to public equity securities.

[2] About Dinari and dShares. Tokenized stocks offered by Dinari, Inc. (“Dinari”) are called dSharesTM. All dSharesTM are backed 1:1 by the corresponding U.S. equity and offer the same economic rights as the underlying security, where permitted. All dSharesTM are held with a regulated custodian and are issued by Dinari, a U.S. SEC‑registered transfer agent. More information about dSharesTM can be found here. Tokenized stocks offered in Europe are digital derivatives linked to public equity securities. dSharesTM are offered for purchase and sale directly from Dinari, which is not affiliated with Gemini or its affiliates.

These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell, stake, or hold any digital asset or security or to engage in any specific trading strategy. Gemini makes no representation or warranty of any kind, express or implied, as to the accuracy, completeness, timeliness, suitability or validity of any such information and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. Derivatives are complex instruments involving a high degree of risk. These products are not suitable for all investors and require a full understanding of the risks involved and should seek independent advice if needed. Tokenized stocks offer risks associated with a direct investment in public securities. They may experience sharp price fluctuations due to market sentiment, economic conditions, earnings announcements, interest rate changes, and geopolitical events. Such volatility can lead to significant and sudden losses in token value. There may be fees and charges associated with the product which you should carefully consider.

Gemini’s Next Batch of Tokenized Stocks Includes AMD, Reddit, and GameStop

Pump.fun (PUMP), Pudgy Penguins (PENGU), Euler (EUL) and Wallet Connect (WCT) are now available for custody and trading on Gemini.*

__About PUMP:__ PUMP is the official utility token of the Pump.fun platform, a Solana-based memecoin launchpad that provides a user-friendly way for anyone to create and distribute memecoins without the need for complex engineering skills.

__About PENGU:__ PENGU is the official token of the popular Solana NFT project Pudgy Penguins known for its 8,888 cute cartoon penguins. The brand has expanded into a multi-platform brand with physical toys in retail stores and a massive online following. PENGU functions as a community and utility token where holders can participate in governance decisions and gain access to exclusive perks.

__About EUL:__ Euler Finance is an Ethereum-based, permissionless, non-custodial lending protocol. It allows users to create isolated money-markets so that ERC-20 tokens can be borrowed and supplied without whitelisting. EUL is the governance and incentive token for the Euler Finance protocol.

__About WCT:__ WCT is the utility and governance token of the WalletConnect Network, a leading Web3 connectivity protocol used by tens of millions of unique wallets to seamlessly connect with over 65,000 decentralized applications.

Go Where Dollars Won’t! 
Team Gemini 

*Availability of these tokens may be limited in certain jurisdictions, including New York State, due to regulatory requirements. Please refer to our Token Availability List for the most up-to-date information on supported assets in your region.

PUMP, PENGU, EUL, and WCT Are Now Available On Gemini

Gemini customers in the European Union can now buy and sell a batch of 14 new tokenized stocks on Gemini1 and take it anywhere onchain. 

As of July 14, eligible EU customers can now access a range of additional SaaS, travel, and consumer-brand tokenized stocks via their Gemini account, building on our recent rollout of tradfi and other-blue chip stocks. 

We have partnered with Dinari,2 the leading provider of tokenized U.S. public securities. By leveraging Dinari’s tokenization-on-demand model, we are able to offer our customers greater liquidity, transparency, and the same economic rights as the backing security, where permitted.

Below are the new tokenized shares available for trading: 

### SaaS

- Cisco Systems, Inc. Common Stock (DE)
- Adobe Inc.
- Snowflake Inc.
- Hut 8

### The World's Favorite Brands

- McDonald's Corporation
- Coca-Cola Company
- Starbucks Corp
- Nike
- Ford
- Yum! Brands, Inc.

### Travel

- Delta Air Lines, Inc.
- Booking Holdings Inc. Common Stock
- Uber Technologies, Inc.
- Carnival Corporation
- Rocket Labs

More details on the launch are available [here](https://www.gemini.com/blog/weve-launched-tokenized-stocks-starting-with-microstrategy-mstr).

Visit [gemini.com/tokenizedstocks](http://gemini.com/tokenizedstocks) for more information.

Go Where Dollars Won’t! 
Team Gemini

1 Tokenized stocks or dSharesTM are made available via a platform operated by Gemini Intergalactic EU Artemis, Ltd, (“Gemini”), which is authorised and regulated by the Malta Financial Services Authority (“MFSA”) under the Investment Services Act (Cap. 370, Laws of Malta). Gemini is authorized to provide the following MiFID investment services: dealing on its own account and with the execution of orders on behalf of other persons. Tokenized stocks offered in Europe are digital derivatives linked to public equity securities.

2 About Dinari and dShares. Tokenized stocks offered by Dinari, Inc. (“Dinari”) are called dSharesTM. All dSharesTM are backed 1:1 by the corresponding U.S. equity and offer the same economic rights as the underlying security, where permitted. All dSharesTM are held with a regulated custodian and are issued by Dinari, a U.S. SEC‑registered transfer agent. More information about dSharesTM can be found here. Tokenized stocks offered in Europe are digital derivatives linked to public equity securities. dSharesTM are offered for purchase and sale directly from Dinari, which is not affiliated with Gemini or its affiliates.

*These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell, stake, or hold any digital asset or security or to engage in any specific trading strategy. Gemini makes no representation or warranty of any kind, express or implied, as to the accuracy, completeness, timeliness, suitability or validity of any such information and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. Derivatives are complex instruments involving a high degree of risk. These products are not suitable for all investors and require a full understanding of the risks involved and should seek independent advice if needed. Tokenized stocks offer risks associated with a direct investment in public securities. They may experience sharp price fluctuations due to market sentiment, economic conditions, earnings announcements, interest rate changes, and geopolitical events. Such volatility can lead to significant and sudden losses in token value. There may be fees and charges associated with the product which you should carefully consider.*

Gemini users can now win their dream golf getaway simply by trading crypto or spending with the Gemini Credit Card®. 

For every $50 traded on the Gemini Exchange or spent on the Gemini Credit Card® through August 101, customers receive one entry into a sweepstakes for an all-access Ryder Cup weekend at Bethpage Black on September 27 and September 28. 

The winner of the sweepstakes receives the following: 

- Two weekend Ryder Cup passes (Saturday 9/27 & Sunday 9/28), including food and non-alcoholic beverages
- Airfare and hotel for two
- $10,000 to spend on an unforgettable weekend2

Held every two years, the Ryder Cup is a team golf event pitting the best golfers in the United States against Europe. It is well known for providing one of the most raucous atmospheres in sports, and this year’s event at historic Bethpage Black in Farmingdale, New York will likely be no exception. 

[Sign up and start trading now: ](https://exchange.gemini.com/register?referral&~click_id)

And remember: Gemini Credit Card users can earn 10% crypto back on golf purchases through the end of September3.

Go Where Dollars Won’t! 
Team Gemini

1 NO PURCHASE NECESSARY. A PURCHASE WILL NOT INCREASE YOUR CHANCES OF WINNING. Open to legal residents of the 50 United States and the District of Columbia, age 18 or older at time of entry. Sweepstakes ends August 10, 2025 at 8:00 pm ET. For official rules with complete eligibility, prize details, and other details, visit https://swpp.me/r/geminicup Sponsored by Gemini Moonbase, LLC. Void where prohibited.

2$10,000 prize awarded either as a Gemini Credit Card statement credit or a cash equivalent at Gemini's discretion. Non-Gemini users are fully eligible to win and will receive the cash equivalent if selected as the winner.

3 10% back at golf courses is available until 9/30/2025 on up to $250 in spend per month, then 1% for the remainder of that month.

Win A Trip to the Ryder Cup By Trading $50 in Crypto or Spending $50 With the Gemini Credit Card®

Gemini has added more than 20 new tokenized stocks for European Union customers1, building on last week’s launch of MicroStrategy (MSTR). 

As of Wednesday July 2nd, eligible EU customers can now access a range of additional blue-chip, tradfi, and bitcoin-related tokenized stocks via their Gemini account. More details on the launch are available here:

Newly available tokenized stocks include: 

### Blue-Chip Companies

- Apple Inc.
- Amazon.com Inc.
- The Walt Disney Company
- Alphabet Inc. Class A
- Microsoft Corp.
- Netflix Inc.
- Intel Corp.
- Dell Technologies Inc.
- Meta Platforms, Inc. Class A

### Bitcoin-Related Companies

- Coinbase Global, Inc. Class A
- MARA Holdings, Inc.
- Circle Internet Group, Inc.

### Traditional Finance (TradFi)

- SPDR S&P 500 ETF Trust
- Robinhood Markets, Inc. Class A 
- Goldman Sachs Group Inc.

### American Dynamism

- Boeing Company
- Lockheed Martin Corp.
- Tesla, Inc. 
- Nvidia Corp
- Costco Wholesale Corp

### Bonus

- Roblox Corporation

__What are tokenized stocks?__

Tokenized stocks are blockchain-based digital tokens that represent a single share of an underlying company. These tokenized instruments aim to mirror the economic value of the underlying securities and, where permitted, may include rights such as dividends.. Operating on a blockchain network like Arbitrum, they can be traded 24 hours a day in fractional amounts with near-instant settlement on a public or permissioned ledger.

For more information on tokenized stocks and to view the full list of available assets, please visit our Tokenized Stocks page.

Go Where Dollars Won’t! 
Team Gemini

1Tokenized stocks or dSharesTM are made available via a platform operated by Gemini Intergalactic EU Artemis, Ltd, (“Gemini”), which is authorised and regulated by the Malta Financial Services Authority (“MFSA”) under the Investment Services Act (Cap. 370, Laws of Malta). Gemini is authorized to provide the following MiFID investment services: dealing on its own account and with the execution of orders on behalf of other persons. Tokenized stocks offered in Europe are digital derivatives linked to public equity securities.

*These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell, stake, or hold any digital asset or security or to engage in any specific trading strategy. Gemini makes no representation or warranty of any kind, express or implied, as to the accuracy, completeness, timeliness, suitability or validity of any such information and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. Derivatives are complex instruments involving a high degree of risk. These products are not suitable for all investors and require a full understanding of the risks involved and should seek independent advice if needed. Tokenized stocks offer risks associated with a direct investment in public securities. They may experience sharp price fluctuations due to market sentiment, economic conditions, earnings announcements, interest rate changes, and geopolitical events. Such volatility can lead to significant and sudden losses in token value. There may be fees and charges associated with the product which you should carefully consider.*

Gemini Releases New Batch of Blue Chip, TradFi, and Other Tokenized Stocks for EU Customers

Gemini customers in the European Union can now buy tokenized MicroStrategy (MSTR) on Gemini 1 and take it anywhere onchain. This means that anyone in the world with a smartphone and an internet connection can gain access to tokenized U.S. equities like MSTR on the blockchain. This is the future of finance and the future has arrived.

Combining the best assets in the world with the 24/7/365 form factor of crypto is how we reimagine and rebuild the financial system. We are starting with MSTR and will be rolling out more tokenized stocks and ETFs in the coming days. Our goal is to export U.S. equities across the globe and connect the greatest companies on planet earth to the people of planet earth. This is great for America and great for the rest of the world. A true win-win.

To do this, we have partnered with Dinari,2 the leading provider of tokenized U.S. public securities. By leveraging Dinari’s tokenization-on-demand model, we are able to offer customers greater liquidity, transparency, and the same economic rights as the backing security, where permitted.

A full list of jurisdictions where Gemini supports tokenized stocks is available [here](https://support.gemini.com/hc/en-us/articles/38388989175835-Tokenized-Stocks). MSTR is currently available on the Arbitrum network, with additional networks to be supported soon.

Some key takeaways:

- __Fractional stock ownership:__ Tokenized stocks let you buy fractions of U.S. equities without needing to purchase a full share. This opens up access to U.S. markets for anyone, anywhere, and allows investors to participate in a company’s growth without needing large upfront capital.

- __Keep all of your investments onchain:__ You can now conduct your financial life almost entirely onchain, buying and selling tokenized stocks without delay. Gone are the days of selling your crypto on one platform and moving it elsewhere to buy stocks. 

- __Expanded access to US market:__ Whether it’s currency fluctuations or high transaction fees, non-US investors often face challenges when buying and selling US equities. Onchain stock trading solves these problems by offering a frictionless experience in one place.

Traditional financial rails are hard to access and in need of modernization. Tokenized stocks solve this problem by giving investors greater access with fewer restrictions. They are the perfect way to engage in a globalized, fast-moving financial world where speed matters. Gemini is here to help you meet the moment.

Visit [gemini.com/tokenizedstocks](https://www.gemini.com/en-SG/tokenizedstocks) for more information.

Go Where Dollars Won’t! 
Team Gemini
 
 1 Not available to persons in the US. Tokenized stocks or dSharesTM are made available via a platform operated by Gemini Intergalactic EU Artemis, Ltd, (“Gemini”), which is authorized and regulated by the Malta Financial Services Authority (“MFSA”) under the Investment Services Act (Cap. 370, Laws of Malta). Gemini is authorized to provide the following MiFID investment services: dealing on its own account and with the execution of orders on behalf of other persons. Tokenized stocks offered in Europe are digital derivatives linked to public equity securities.

2 __About Dinari and dShares:__ Tokenized stocks offered by Dinari, Inc. (“Dinari”) are called dSharesTM. All dSharesTM are backed 1:1 by the corresponding U.S. equity and offer the same economic rights as the underlying security, where permitted. All dSharesTM are held with a regulated custodian and are issued by Dinari, a U.S. SEC‑registered transfer agent. More information about dSharesTM can be found [here](https://dinari.com/terms). Tokenized stocks offered in Europe are digital derivatives linked to public equity securities. dSharesTM are offered for purchase and sale directly from Dinari, which is not affiliated with Gemini or its affiliates.

*These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell, stake, or hold any digital asset or security or to engage in any specific trading strategy. Gemini makes no representation or warranty of any kind, express or implied, as to the accuracy, completeness, timeliness, suitability or validity of any such information and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. Derivatives are complex instruments involving a high degree of risk. These products are not suitable for all investors and require a full understanding of the risks involved and should seek independent advice if needed. Tokenized stocks offer risks associated with a direct investment in public securities. They may experience sharp price fluctuations due to market sentiment, economic conditions, earnings announcements, interest rate changes, and geopolitical events. Such volatility can lead to significant and sudden losses in token value. There may be fees and charges associated with the product which you should carefully consider.*

We've Launched Tokenized Stocks, Starting With MicroStrategy (MSTR)

We are thrilled to announce that the Bitcoin Credit Card™ now offers 10% crypto back at public and private courses until the end of September.

Issued by WebBank, the Bitcoin Credit Card™ offers rewards in bitcoin, ether, XRP, and more than 50 other cryptocurrencies. All qualifying purchases under the 10% back golf course category earn that on up to $250 in spend per month, then 1% thereafter in that month before resetting on the first day of the following month. 

Bitcoin Credit Card™ customers also earn 4% back on gas, EV charging, rideshare and transit, as well as 3% back on dining, 2% back on groceries, and 1% back on all other purchases. 
[
Sign up for the Bitcoin Credit Card™ here.](https://www.gemini.com/credit-card)

Go Where Dollars Won’t! 
Team Gemini

*1 All qualifying purchases under the 4% back category earn 4% back on up to $300 in spend per month (then 1% thereafter in that month). Spend cycle will refresh on the 1st of each calendar month.*

The Bitcoin Credit Card™ Now Offers 10% Back At Golf Courses 

Crypto enthusiasts from across the globe gathered in Las Vegas this week for the industry’s annual conference for a series of keynote discussions and updates on the state of the digital asset ecosystem.

A year after President Donald Trump spoke as a candidate at the conference in Nashville, Bitcoin 2025 drew a record 35,000-plus attendees to the Venetian Hotel, reflecting renewed investor enthusiasm as the administration aims to make the United States the crypto capital of the planet. 

The event again had a political flavor, with Vice President JD Vance among the keynote speakers, but also included Gemini founders Cameron and Tyler Winklevoss and other digital asset luminaries touching on a range of recent events that have helped push bitcoin to near all-time highs. 

A few highlights from the event:

### Winklevoss Twins Talk Operation Chokepoint 2.0, Trump, and Explain Why Crypto is Just Getting Started

Gemini co-founders Cameron and Tyler Winklevoss joined David Sacks, the White House crypto and AI czar, for a wide-ranging panel discussion Tuesday about their experience overcoming a hostile political environment toward crypto, the industry’s recent progress under President Trump, and their vision crypto policy moving forward. 

“We were losing a bank account every other week in the year 2023, and we were down to literally our last bank account for wires and our last bank account for ACH,” Cameron Winklevoss said. “If we had lost either one of those it would have been game over.”

The turning point came in 2024 when Sacks and fellow venture capital Chamath Palihapitiya famously held a donor event for President Trump in San Francisco. Rather than being greeted with protests, Sacks said the streets were lined with supporters, prompting Trump to ask if he was in the right city. The rally and resulting mood at the dinner marked a stark difference from the previous four years when the SEC took a regulation by enforcement to digital asset companies. 

“It’s easy to forget how bleak it was,” Tyler Winklevoss said. “There’s the war on crypto. There’s Operation Chokepoint 2.0. You and (Palihapitiya) courageously hosted a dinner for President Trump at your house in SF. In the heart of enemy territory. And I think that started a preference cascade in Silicon Valley.”

During his panel discussion, Sacks pulled out a notecard to recap the administration’s pro-crypto actions during the first five months in office, including prohibiting central bank digital currencies, ending Operation Chokepoint 2.0, launching a Strategic Bitcoin Reserve, as well as rescinding SAB 121 which made banks list crypto as liabilities on their balance sheet.

On Tuesday, Tyler Winklevoss said the next step he’d love to see is if the US government would start proactively acquiring bitcoin, drawing cheers from the audience. Sacks said it’s a possibility if the Treasury can figure out tax-neutral ways to do it.

“We feel like we’ve been building into a headwind for a decade,” Cameron Winklevoss said. “Now, finally we’re building with a bit of a tailwind… orange is the new gold. Bitcoin is gold 2.0 and that’s been true since day one. A $100,000 per bitcoin, that’s exciting. But if you take 21 million into the above ground marketplace of gold, really it should be a million dollars a coin, easily and then some. 

“We often talk about baseball games being the metric for how early things are,” he added. “We are literally in the first inning, and let me tell you, this game is going to overtime.” 

### JD Vance Reiterates Support for Crypto Legislation

Vice President JD Vance, a long-time crypto HODLer, joined the event Wednesday to encourage crypto supporters to stay politically engaged and continue to put pressure on lawmakers to pass stablecoin legislation, known as the GENIUS Act, and a separate bill offering a full regulatory framework for digital assets.

“We have a once-in-a-generation opportunity to unleash innovation and use it to improve the lives of countless American citizens,” Vance said. “But if we fail to create regulatory clarity now, we risk chasing this $3 trillion industry offshore in search of a friendly jurisdiction.”

The GENIUS Act recently cleared a major hurdle in the US Senate, paving the way for a potential vote. If it passes the chamber, it will go through the reconciliation process in the US House of Representatives and will need to pass there with a simple majority before President Trump can sign it into law. 

During his speech, Vance reiterated that a regulated stablecoin market can help promote US dollar dominance. Stablecoins are fiat-backed digital currencies backed by short-term treasury bonds. The stablecoin market has exploded over the past few years, playing an increasingly influential role in digital finance, with Citi estimating the potential market could grow to as high as $3.7 trillion by 2030. 

“In this administration, we do not think that stablecoins threaten the integrity of the U.S. dollar. Quite the opposite,” Vance said. “We view them as a force multiplier of our economic might.”

Vance also offered a special shout out to the Winklevoss twins during the address.

“You chose to speak up, and you chose to get involved, and I believe you changed the direct trajectory of our country because of it,” Vance said. 

### Saylor Holds Court While Strategy Continues to Stack Bitcoin

Bitcoin advocate Michael Saylor has reshaped the crypto ecosystem with Strategy, his software company that has raised debt and equity to amass more than 580,000 BTC, about 3% of the total supply. Strategy stock has subsequently soared as a result while bitcoin prices have moved higher, making Saylor one of the wealthiest crypto investors on the planet. 

Saylor’s bitcoin treasury accumulation program at Strategy has set off a wave of imitators, with an increasing number of corporations now reportedly opting to buy bitcoin and hold it on their respective balance sheets. 

Investors have asked Saylor repeatedly about the risk of issuing debt to buy bitcoin, with skeptics wondering if a drop in bitcoin prices would set off a cascading sell-off that would cripple the company’s stock price. In Las Vegas, Saylor was asked what would happen if Strategy’s multiple to net asset value (mNav) dropped below $1, repeating what happened during the bear market. 

Saylor countered by noting that unlike closed-ended ETFs such as Grayscale Bitcoin Trust, Strategy has the ability to quickly restructure its capital structure because it offers STRK and STRF, a pair of Series A perpetual preferred stocks which typically offer investors higher dividends and more price stability. 

“If someone were stupid enough to short my stock to $1, I would sell $1 billion of the preferred stock and buy back the common stock,” he said. “And I would just recapitalize the company. Then the common stock would fly through the roof and they would be complaining.”

### Nearly One in Four Now Own Crypto

To kick off the conference last week, [Gemini released our 2025 Global State of Crypto report](https://cdn.builder.io/o/assets%2F1b77ce3a269a43e985e77f3d65f715ba%2Fb3b8d8cee0bd4fa88de2ac8f93dd01f6?alt=media&token=c9099062-17f1-4d47-b4b6-ea64e2c5f3d4&apiKey=1b77ce3a269a43e985e77f3d65f715ba), which offers a comprehensive breakdown of investor awareness around cryptocurrencies, motivations for owning and trading, crypto ETF adoption, the impact of the Trump administration’s policies on crypto, and more. 

In 2025, the survey showed global adoption of crypto grew in all geographies. In 2024, one in five (21%) respondents in the United States, United Kingdom, France, and Singapore reported owning crypto. In 2025, that figure grew to nearly one in four (24%). 

A few more key findings:

- __Europe leads the way in growing crypto ownership:__ In 2025, 24% of respondents in the UK said they were invested in cryptocurrency, up from 18% in 2024. It was the biggest year-over-year jump of any of the nations surveyed. In France, 21% of respondents reported owning crypto, up from 18% in 2024. In the United States, adoption grew from 20% to 22%, and in Singapore from 26% to 28%.  
- __Nearly a quarter (23%) of non-owners in the US said President Trump launching a Strategic Bitcoin Reserve increased their confidence in the value of cryptocurrency:__ This sentiment was echoed globally by non-owner respondents in the UK and Singapore, where about one in five (21% and 19%, respectively) non-owners said the same.  
- __Half of Gen Z and Millennials invest in crypto:__ Half of Millennial and Gen Z respondents globally (50%) said they either currently own crypto or have in the past, at 52% and 48%, respectively. 

[Check out more insights on the report landing page.](https://www.gemini.com/state-of-crypto-2025)

Bitcoin 2025 Recap: Gemini Founders Offer Keynote on Crypto’s Future, Vice President JD Vance Backs Stablecoin Legislation, & Michael Saylor Talks Strategy 

Today we’re excited to announce that Official Trump (TRUMP) is available for withdrawal, deposit, and trading on Gemini.*

Read below for more details: 

__About TRUMP:__ Launched by Fight Fight Fight LLC days before President Donald Trump was sworn into office, the Official Trump token pays homage to President Trump surviving an assassination attempt in July 2024 with an image of Trump pumping his fist. As of last week, TRUMP had reached a market cap of almost $3 billion and a fully diluted value of more than $13 billion. It was minted on the Solana network. 

Go Where Dollars Won’t! 
Team Gemini 

*Availability of these tokens may be limited in certain jurisdictions, including New York State, due to regulatory requirements. Please refer to our Token Availability List for the most up-to-date information on supported assets in your region.

TRUMP Is Now Available To Trade on Gemini

[We are excited to announce the launch of the 2025 Global State of Crypto report in partnership with Data Driven Consulting Group.
](https://cdn.builder.io/o/assets%2F1b77ce3a269a43e985e77f3d65f715ba%2Fb3b8d8cee0bd4fa88de2ac8f93dd01f6?alt=media&token=c9099062-17f1-4d47-b4b6-ea64e2c5f3d4&apiKey=1b77ce3a269a43e985e77f3d65f715ba)

The report offers a comprehensive breakdown of investor awareness around cryptocurrencies, motivations for owning and trading, crypto ETF adoption, the impact of the Trump administration’s policies on crypto, and more.

In 2025, the survey showed global adoption of crypto grew in all geographies. In 2024, one in five (21%) respondents in the United States, United Kingdom, France, and Singapore reported owning crypto. In 2025, that figure grew to nearly one in four (24%). 

This global growth may be due in part to the Trump Administration’s treatment of crypto. Since coming into office in January 2025, President Trump has established a Strategic Bitcoin Reserve for the United States, appointed SEC leadership that has displayed a more favorable approach to digital assets, and expressed support for bills that will provide stablecoin legislation and a regulatory framework for digital assets.

Survey results suggest that these policies are inspiring interest in the industry among non-owners– those who have never invested in crypto. Understanding and winning over this group will drive significant growth for the industry, which has experienced relatively flat adoption over the past few years. 

Nearly a quarter (23%) of non-owners in the US said President Trump launching a Strategic Bitcoin Reserve increased their confidence in the value of cryptocurrency. This sentiment was echoed globally by non-owner respondents in the UK and Singapore, where about one in five (21% and 19%, respectively) non-owners said the same.  

### More Key Findings:

- __Europe leads the way in growing crypto ownership:__ In 2025, 24% of respondents in the UK said they were invested in cryptocurrency, up from 18% in 2024. It was the biggest year-over-year jump of any of the nations surveyed. In France, 21% of respondents reported owning crypto, up from 18% in 2024. In the United States, adoption grew from 20% to 22%, and in Singapore from 26% to 28%.  
- __Memecoins likely drove crypto adoption:__ In the US, 31% of investors who own both memecoins and traditional cryptocurrencies report that they purchased their memecoins first, followed by 28% in the UK and Australia, 23% in Singapore, 22% in Italy, and 19% in France. However, globally, 94% of memecoin owners also own other types of crypto, suggesting memecoins are an onramp to crypto for many investors around the globe.
- __France pushes into memecoins:__ France’s pro-crypto stance has inspired deeper investment in memecoins in the country. In France, 67% of crypto investors report owning memecoins, followed by 59% in Singapore, 58% in Italy, 57% in the UK, 55% in the US, and 45% in Australia.
- __Nearly two in five crypto owners in the US are invested in crypto ETFs:__ Following the approval of spot crypto ETFs in early 2024, adoption has increased, with 39% of crypto investors in the US reportedly owning crypto ETFs, up from 37% in 2024. 
- __Half of Gen Z and Millennials invest in crypto:__ Half of Millennial and Gen Z respondents globally (50%) said they either currently own crypto or have in the past, at 52% and 48%, respectively. 

“The United States has proven itself as a global leader in web3 and blockchain technology with the addition of Trump’s pro-crypto policies, which is a significant change from the previous Administration” said Marshall Beard, Chief Operating Officer at Gemini. “With this pro-innovation approach, the crypto industry is positioned for significant growth in the United States and around the world.”

Gemini has conducted its State of Crypto report annually since 2021. Reports from 2022 and earlier can be found [here](https://www.gemini.com/state-of-crypto). The 2024 State of Crypto report can be found [here](https://www.gemini.com/state-of-crypto-2024). The countries surveyed in the 2025 State of Crypto report included the United States, United Kingdom, France, Italy, Singapore, and Australia. Year-over-year data is only available for the United States, United Kingdom, France, and Singapore as Italy and Australia were new additions to the 2025 study. 

### Methodology

The 2025 Global State of Crypto report is based on a self-reported survey of 7,205 consumers in the US, UK, France, Italy, Singapore, and Australia (approximately 1,200 consumers per country). The survey was conducted online between March 18, 2025 and April 10, 2025 on behalf of Gemini by Data Driven Consulting Group. The total sample has been balanced and is generally representative of the adult population in each country ages 18 to 75 with household incomes of $14,000 USD or more. Data cited in the report as 2024 is from a survey conducted online between May 23, 2024 and June 28, 2024, also on behalf of Gemini by Data Driven Consulting Group.

*This release includes forward-looking statements and interpretations of public sentiment based on survey data. These do not represent definitive outcomes or endorsements by Gemini.
*


Introducing the 2025 Global State of Crypto Report 

As crypto becomes entrenched as a strategic reserve asset, we are excited to offer a first look at our upcoming report with Glassnode analyzing the impact of the US government’s Strategic Bitcoin Reserve and the influence of increased bitcoin buying from sovereign entities, centralized exchanges, and institutional-grade instruments.

The crypto market is at a pivotal moment. Bitcoin hit an all-time high earlier this week. In March, President Donald Trump signed an executive order to create a working group charged with establishing a Strategic Bitcoin Reserve. And other countries have instituted similar programs through either criminal seizure or buying programs. 

Against this backdrop, our full report will offer a data‑driven assessment of bitcoin’s onchain performance, benchmark the US proposal against international sovereign reserve models, and touch on the influence of corporate adoptions and ETFs. 

### Bitcoin Treasuries Now Make Up Almost One Third of Bitcoin Supply 

Centralized treasuries, including governments, ETFs, and public companies, now control 30.9% of the circulating supply of bitcoin, signaling an enormous shift toward institutional-grade infrastructure. In turn, this maturation of bitcoin as an asset has further reduced its volatility, which has steadily trended downward over the years.

The report offers a data-driven look at how the formation of the Strategic Bitcoin Reserve has legitimized the concept of the Bitcoin Treasury. These treasuries aren’t chasing short-term price movements; they are helping shape long-term price dynamics. With infrequent movements, and coins acquired via legal seizures rather than purchases, this new type of holder is playing an increasingly important role in the crypto ecosystem.

Sovereign treasuries influence markets through a combination of passive holdings, legal seizures, and strategic policy signals. Unlike active market participants, sovereign treasuries rarely rebalance. Their wallets show infrequent movement and little correlation with bitcoin’s price cycles, yet they hold enough to impact markets when coins are moved or sold.

### Centralized Exchanges, ETFs, and Derivatives Now Drive the Majority of Bitcoin Transfer Volumes

Our upcoming report highlights a major structural shift: centralized exchanges, U.S. spot crypto ETFs, and regulated derivatives platforms now account for more than 75% of bitcoin’s adjusted transfer volume, up significantly increase from previous years. Over the past two years, CME‑listed futures and options have expanded more than tenfold as professional investors seek regulated, scalable instruments. The migration underscores how deeply institutional adoption now drives market activity. 

As institutional participation has grown, bitcoin market activity has increasingly migrated from onchain settlement to offchain infrastructure. Centralized exchanges, US spot ETFs, and regulated derivatives platforms now serve as the primary sources of both liquidity and risk management.

While these platforms do not fully determine bitcoin’s price, they have changed how the market functions. Liquidity is now deeper, trade execution is more standardized, and investor behavior increasingly resembles that of traditional financial markets.

Stay tuned for the full report next month. 

Go Where Dollars Won’t! 
Team Gemini

Glassnode Report Preview: US Strategic Bitcoin Reserve and Other Centralized Exchanges Are Now Shaping the Bitcoin Market 

The ultimate reminder to always HODL your bitcoin has arrived again in the form of the crypto world’s favorite holiday: Bitcoin Pizza Day. 

On May 22, 2010, Florida native Laszlo Hanyecz paid 10,000 bitcoin for two Papa John’s pizzas. With bitcoin trading at about $0.004 the time, it cost Hanyecz roughly $40. Not a bad deal. But bitcoin’s subsequent appreciation was not kind to Hanyecz. With one bitcoin now worth more than $110,000, those two Papa John’s pizzas cost Hanyecz more than $1.1 billion at today’s price. Or about $137.5 million per slice.

To honor Hanyecz, who to this day has not confirmed if he still owns any bitcoin, and the national holiday of Bitcoiners everywhere, [Gemini has teamed up with mining company Mara to inscribe a slice of bitcoin culture into the blockchain. ](https://mempool.space/block/0000000000000000000011a508e48be0bbe2cf4cd3ec062cfafc19f78ea810e0?audit=false)

The Pizza Block is a visual demonstration of the Bitcoin community on week when the price of bitcoin pushed to an all-time high. Here's a look: 

<blockquote class="twitter-tweet">We partnered with MARA to mine &quot;The Pizza Block&quot; - a tribute to Bitcoin&#39;s first real world purchase and the culture that keeps it going Block #897813 <a href="https://t.co/KeXH9tV9Aa">pic.twitter.com/KeXH9tV9Aa</a>&mdash; Gemini (@Gemini) <a href="https://twitter.com/Gemini/status/1925503279779262917?ref_src=twsrc%5Etfw">May 22, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

### Gemini Enables Taproot Compatiblity 

Our dedication to Bitcoin also extends to our customers. We’ve recently enabled withdrawals to Taproot addresses–each begins with bc1p–for Gemini Exchange and Gemini Custody users. 

This update makes Gemini fully compatible with Taproot.

Launched in 2021, Taproot is a Bitcoin network upgrade approved by 90% of miners. It is a soft fork, making it usable with nearly every past version of the Bitcoin network. 

Here’s how it benefits Bitcoin users: 

- __Increased privacy:__ Complex transactions look simple on the blockchain. 
- __Improved efficiency:__ Taproot uses less data, which can lower transaction fees.
- __More powerful:__ Taproot enables smart contract compatibility and technologies like Ordinals, BRC-20 tokens, and potentially FROST-based signing in the future.

If you're withdrawing to a wallet that supports Taproot, you can use your Taproot address when creating a withdrawal. You can also save it to your address book for reuse.

### Gemini Report w/Glassnode Shows Centralized Buying is Pushing Bitcoin Market to New Highs 

Next month, Gemini will release a report with onchain analytics company Glassnode examining the outsized impact of the US Strategic Bitcoin Reserve, rival sovereign buying programs, corporate bitcoin treasury adoption, and increased buying from other centralized exchanges.

Here’s a sneak peak of the findings: 

- __Sovereign treasuries play an outsized role on the market:__ Whether through dormant holdings (e.g., the U.S., China) or active DCA strategies (e.g., El Salvador, Bhutan), with growing impact on market psychology and stability.
- __Volatility has declined across timeframes:__ Recent bitcoin price cycles have featured more consistent, sustained rallies that appeal to long-term investors.
- __How investment in an SBR drives price:__ For every $1 million invested by the SBR, Bitcoin’s market cap could rise by up to $8 million in the short term during volatile periods, and by around $1.7 million in the long term if held.

Stay tuned for the full report next month.

Go Where Dollars Won’t! 
Team Gemini

Bitcoin Pizza Day: Gemini Mines the Pizza Block, Adds Taproot Compatibility, and Releases Strategic Bitcoin Reserve Report Sneak Peek

Gemini is pleased to announce that Solana is now available to stake for US-based Gemini customers outside of New York, joining Ethereum and Polymatic.

Now, you can become part of Solana’s proof-of-stake (POS) ecosystem. In exchange, you can receive up to 6% APR on your Solana. 

### What’s Staking?

Staking an asset earns you a reward by locking up your cryptocurrency to help secure a blockchain network. When you stake your crypto, you're participating in validating transactions and maintaining the network’s security, and in return, you receive additional crypto as a reward.

Solana staking takes place on a decentralized platform using smart contracts. Node operators add blocks to the blockchain and earn staking rewards for their effort. In exchange, these node operators dedicate tokens to a network to increase the number of block validations, helping strengthen and build out the ecosystem. 

In service of quality control, Node operators who perform invalid functions, such as adding a corrupted block to the blockchain, could lose a portion of their pledged tokens. This is known as slashing. 

Learn more about staking [here](https://www.gemini.com/cryptopedia/staking-crypto).

### Why Gemini?

Gemini’s validators are built to perform reliably. While losses (such as slashes) are rare, if they occur, Gemini may review the circumstances and consider reimbursement at its discretion.
See the Gemini Staking Agreement [here](https://www.gemini.com/legal/staking-agreement#section-welcome-to-gemini) for more details.

The majority of your crypto is held in our offline, air-gapped cold storage system. Only a small portion is held in our online hot wallet, which is insured against certain types of losses.

### Get Started 

There is no minimum investment required to get started staking and users accrue rewards daily, depending on the network.

[Sign up for Gemini Staking](https://www.gemini.com/staking) and earn rewards for your Solana today.

Go Where Dollars Won’t! 
Team Gemini 

[Read more about the risks of staking. ](https://support.gemini.com/hc/en-us/articles/8169060727067-What-are-the-risks-associated-with-staking)

Introducing up to 6% APR on Solana Staking for Gemini Customers

Today we’re excited to announce that JITO (JTO) and JitoSOL are now available for deposit, withdrawal, and trading on Gemini.* Take a look below to learn more.

__About JTO:__ JTO is the governance token of the Jito Network. It allows holders to propose and vote on key protocol parameters, including staking incentives, delegation strategy, treasury allocation, and governance process. In addition to its governance utility, JTO can be staked through Jito’s TipRouter protocol to potentially earn a share of Solana’s Maximal Extractable Value (MEV) rewards, a mechanism designed to help maximize validator efficiency on Solana. 

__About JitoSOL:__ JitoSOL (JITOSOL) is presently the largest liquid staking token (LST) on the Solana blockchain, representing SOL staked through the Jito Stake Pool. It is designed to combine the benefits of staking with the flexibility of on-chain liquidity, allowing users to retain the ability to transfer or utilize their staked assets across the Solana DeFi ecosystem. JitoSOL may also provide additional rewards generated by the Jito Network’s integration with MEV strategies. 

Onward and Upward! 
Team Gemini 

*Availability of these tokens may be limited in certain jurisdictions, including New York State, due to regulatory requirements. Please refer to our Token Availability List for the most up-to-date information on supported assets in your region.

JTO and JitoSOL Are Now Available To Trade on Gemini

Today, we’re excited to announce the release of a colorful new take on the Gemini Credit Card: An orange Bitcoin Credit Card™ with Mastercard. As part of this exciting update, [current Gemini cardholders will have access to the World Elite Mastercard® program, providing access to enhanced services and benefits.
](https://www.mastercard.us/en-us/personal/find-a-card/world-elite-mastercard-credit.html)

The orange Bitcoin Credit Card™ is a celebration of Bitcoin culture, helping customers unlock the next frontier of personal, financial, and creative freedom by stacking sats. As part of the launch,[ we are giving Gemini customers a chance to win two custom made, orange-wrapped Tesla Cybertrucks at Bitcoin Vegas.](https://www.gemini.com/cybertruck) 

*NO PURCHASE NECESSARY. Open to U.S. residents 18+. Ends 6/18/25. Rules: https://swpp.me/r/gemini. Void where prohibited.
*

### Bitcoin Appreciates An Average of 176.4% for Gemini Credit Card Holders Who Held BTC Rewards for at Least One Year

Since launching in 2021, Gemini Credit Card users have earned crypto rewards, benefitting from the rise in prices in recent years. Bitcoin maximalists with the credit card, in particular, have experienced significant gains. The value of Bitcoin rewards earned on the Gemini Credit Card that were acquired before April 7, 2024 and still held in cardholders' portfolios as of April 6, 2025 has grown by an average of 176.4%.(1)

Rewards are automatically deposited in real time into your Gemini account — no waiting, no hassle.(2) And with support for bitcoin and more than 60 other cryptocurrencies, you choose which cryptocurrency you want to earn.

“Mastercard’s longstanding partnership with Gemini underscores our dedication to creating value and offering choices for our customers,” said Scott Abrahams, executive vice president, Global Partnerships at Mastercard. “We are excited to elevate the experience for all Gemini cardholders by providing enhanced services and benefits through our World Elite program. Together, we’re empowering cardholders to earn crypto rewards on everyday spending and tap into the transformative potential of digital assets.”

### Unlocking Premier Offers With World Elite Mastercard Benefits 

With this launch, the Gemini Credit Card has now been updated from a Mastercard World to a World Elite card for all cardholders. This enhancement allows cardholders to access the full suite of World Elite Mastercard services and benefits that protect cardholders every day, including:

- Exciting, exclusive offers from Peacock, Instacart, Alo Moves, ResortPass, Lyft, Booking.com and more. Cardholders will also continue to access Priceless® Experiences, offering activities both digitally and in the cities where they are. 
- World Elite Concierge – Access to a complementary 24/7 concierge service that acts as a personal assistant for travel, dining, and special requests worldwide.
- Mastercard ID Theft Protection™ – Assistance in detecting and quickly resolving identity theft issues, 24/7. 
- Mastercard Travel & Lifestyle Services® – Access extraordinary travel, dining, entertainment experiences, perks, and privileges so you can travel with peace of mind.
- Trip Insurance including Trip Cancellation and Interruption, Trip Delay and MasterAssist.

### Where to Find Us at Bitcoin Vegas

Join us at Bitcoin Vegas for the official unveiling of the orange Bitcoin Credit Card™ and the custom Cybertrucks. Attendees will get an exclusive first look and a chance to participate in the sweepstakes preview. Gemini team members will also be on-site to answer questions about the card, share tips on maximizing crypto rewards, and talk about what’s next.

Go Where Dollars Won’t! 
Team Gemini

*The Gemini Credit Card is issued by WebBank.
1 Analysis reflects a subset of Gemini Cardholders from 10/08/2021 to 04/06/2025 who held Bitcoin rewards for at least one year. Individual results will vary based on spending habits, selected crypto rewards, and marketing performance. Cryptocurrency values are highly volatile and may result in gains or losses. This information is for general informational purposes only and does not constitute investment advice. Past performance is not indicative of future results.
2 Some exclusions apply to instant rewards in which rewards are deposited when the transaction posts.*

Orange is the New Gold: Introducing the Bitcoin Credit Card™ 

Crypto and legacy finance have historically clashed, with traditional banks debanking crypto companies and prominent financial leaders urging caution around blockchain technology. In recent months, this direction has reversed, and crypto is now a recognized asset class. 

Now, more than a decade since our founding, Gemini is returning to the heart of New York’s financial district with a new series of billboards—reminding Wall Street that the next generation financial system is here to stay. With Mars-inspired imagery created from Dune fiction author Matt Griffin, the campaign reminds us that crypto remains the payment mechanism of the future. 

The new placements on Wall Street build on our “Go Where Dollars Won’t” campaign, which challenges the boundaries of traditional finance and encourages users to enter the next era of personal, financial, and creative freedom. [This campaign evokes memories of Gemini’s 2019 Wall Street debut, where we cemented our reputation as a trusted and regulated crypto exchange.](https://www.wsj.com/articles/winklevosses-cryptocurrency-exchange-says-the-revolution-needs-rules-11546599600)

Five years later, Gemini has produced a decade-long track record of helping people buy, sell, and securely store their digital assets. We’ve pioneered robust security, transparent compliance, and institutional-grade custody—creating the infrastructure others once said wasn’t possible.

And the crypto ecosystem has matured with us. Policymakers are advancing clearer crypto legislation, and blockchain guardrails are becoming a feature of the space. Institutions have embraced digital assets. The narrative has changed.

Our scene of a futuristic lunar carnival at 23 Wall Street serves as a visible marker of that shift. In a place where crypto was once dismissed, Gemini has staked our seat at the table. 

Go Where Dollars Won’t! 
Team Gemini

Gemini Returns to Wall Street With a Vision for the Future of Finance

We are thrilled to announce that the Gemini Credit Card now offers 4% crypto back on any transit, taxis, and rideshare benefits in addition to the 4% back customers already receive for gas and EV charging.

Issued by WebBank, the Gemini Credit Card offers rewards in bitcoin, ether, XRP, and more than 50 other cryptocurrencies. All qualifying purchases under the 4% back category earn 4% back on up to $300 in spend per month, then 1% thereafter in that month before resetting on the first day of the following month. 

Gemini Credit Card customers also earn 3% back on dining, 2% back on groceries and 1% back on all other purchases.

Go Where Dollars Won’t!
Team Gemini


The Gemini Credit Card Now Offers 4% Back On Transit, Taxi, & Ridesharing

Today, we’re excited to welcome RLUSD, to Gemini’s growing list of tokens. It is now available for deposit, withdrawal, and trading.* Take a look below to learn more about what it offers:

### What is Ripple USD?

Ripple USD (RLUSD) is a US dollar-backed stablecoin issued by Standard Custody & Trust Company, LLC, a qualified custodian and subsidiary of Ripple Labs. One RLUSD token is backed 1:1 by U.S. dollars and cash equivalents held in reserve. Tokens are issued when fiat is deposited and can be redeemed for the underlying funds. 

Onward and Upward! 
Team Gemini

*Availability may be limited in certain jurisdiction due to regulatory requirements. Please refer to our token availability list for supported assets by region.

RLUSD Is Now Available to Trade on Gemini

On 2 May 2025 at 12:00pm SGT, Gemini Derivatives will delist the following contracts:

- BOMEGUSDPERP
- DOTGUSDPERP
- GOATGUSDPERP
- MOODENGGUSDPERP
- PNUTGUSDPERP
- PYTHGUSDPERP

We strongly encourage customers to close any open positions and refrain from opening new ones for these contracts prior to the scheduled delisting date. 

### Please note the following:

1. At 12:00pm SGT, these perpetual contracts will be delisted and trading will no longer be supported.
2. All open orders for these perpetual contracts will be automatically cancelled. 
3. Any open positions in these perpetual contracts will be automatically closed. The closing price will be determined based on the index price at 12:00pm SGT on 2 May 2025, as published real-time on the Gemini website.

For any questions, please reach out to our [support team](https://support.gemini.com/hc/en-us/requests/new "Customer Support").

Onward and Upward,

The Gemini Derivatives Team

Delisting of the BOME/GUSD, DOT/GUSD, GOAT/GUSD, MOODENG/GUSD, PNUT/GUSD, PYTH/GUSD Perpetual Contracts on the Gemini Derivatives Platform

This week, we unveiled the fourth and final installment of our *Go Where Dollars Won’t* campaign with a bold message in the heart of the nation's capital.

Our billboard declaring Gemini as __America’s Exchange__ went live Monday in Washington DC. Featuring an image of the U.S flag on the moon, the billboard is a fitting finale for a campaign that’s been about unlocking the next era of personal, creative, and financial freedom. And there’s no better place to plant that flag than in a place where crypto policy is finally catching up to financial innovation.

### Momentum Is Building for Crypto in DC

After years of indifference or antagonism, DC policymakers have finally embraced digital assets. 
- __Stablecoin legislation is progressing:__ Both chambers of Congress have moved their respective stablecoin bills out of committee. And while some differences remain, there is cautious optimism lawmakers will hold a floor vote in the coming months. 

- __A regulatory framework bill for crypto is closer than ever:__ During the Digital Asset Summit in New York, US House member Tom Emmer (R-Minn.) said he expects Congress will sign a bill that offers a regulatory framework for crypto into law this year. 

- __The SEC has embraced innovation:__ With former SEC Chair Gary Gensler stepping down in January, the agency has ditched its regulation by enforcement approach to digital assets. In the past few months, the agency has hosted industry roundtables, dropped several cases against crypto exchanges, and could approve new crypto ETFs to launch later this year.

At Gemini, we’ve always said regulatory clarity is essential and this shift is long overdue. We believe crypto should thrive in the US, and we’ll be here to help move it forward.

### Gemini Is America’s Exchange

At Gemini, we’ve always believed in crypto’s potential to empower individuals and build a more open, accessible financial system. We’ve also believed that the US should lead in that effort—not fall behind. We’ve built our platform to meet the highest standards.

That’s why Gemini has prioritized compliance, security, and transparency from day one. And it’s why we’re doubling down on our roots as a US-based, regulated crypto platform. We were the first crypto exchange and custodian in the world to obtain both SOC 1 Type 2 and SOC 2 Type 2 certifications, conducted by Deloitte.

Our DC billboard is more than a campaign capstone. It’s a reflection of who we are and where we’re headed.

Gemini is here to serve the next generation of American investors, institutions, and builders. We’re here to support the lawmakers shaping a pro-crypto future. And we’re here to lead with integrity, innovation, and entrepreneurial spirit that make this country exceptional.

So whether you’re Wall Street, Main Street, one thing is clear: 

America’s Exchange is open for business.

Go Where Dollars Won’t! 
Team Gemini

Go Where Dollars Won’t: Gemini Lands in DC As America’s Exchange

Starting today, users in the EU can use Plaid to deposit EUR and GBP into their Gemini wallets from their bank accounts – a significant enhancement that will allow users in the region to fund their accounts and trade crypto with ease!

Plaid's technology simplifies the deposit process by securely verifying a user’s account details and enabling smooth transactions, ensuring that Gemini users spend less time waiting to fund their account, and more time trading crypto.

__How to Deposit Using Direct Bank Transfers Via Plaid__

EU users can now deposit funds using Plaid on Gemini with just a few simple steps:

1. Log in to your Gemini account and select ‘Deposit’ on the ‘Home’ screen.
2. Choose what currency you want to deposit in.
3. Select ‘Bank account instantly via Plaid’.
4. Follow the guided steps to securely link your bank account via Plaid.
5. Complete your deposit and start trading!

__Effortless Deposits__

In addition to bank transfers via Plaid, users can also purchase crypto instantly using Apple and Google Pay, and fund their account using a manual bank transfer or crypto transfer. This new deposit option makes the Gemini trading experience even more seamless, so stay tuned for further payment improvements coming soon, and happy trading!
To learn more about how to fund your account, head to this page.

Onward and Upward, 
Team Gemini

EU users can now link their bank account using Plaid to deposit onto Gemini.

Introducing Plaid to EU Users

During this year’s Paris Blockchain Week, the Gemini team released a sneak peek of its 2025 Gemini Global State of Crypto report, which found that French crypto owners lead the way in memecoin ownership globally, with 68% of all crypto owners in France holding memecoins, compared to 57% globally. 

Over the past year, memecoins have drawn significant attention and trading volume within the crypto community, with some tokens soaring by thousands of percentage points in a matter of hours. 

Memecoin traders have capitalized on the volatile price action by buying memecoins that pay tribute to a cultural figure or viral moment. They have drawn many headlines, but they’ve also served as an avenue to introduce new investors to digital assets. 

Produced in partnership with Data Driven Consulting Group, the report offers a look at attitudes and behavior toward digital assets from investors across the globe. The respondents include current and past crypto owners along with no-coiners in the United States, United Kingdom, France, Italy, Singapore, and Australia. Approximately 1,200 consumers were surveyed in each country. 

### A few takeaways about memecoin ownership: 

- __France leads the way in memecoin adoption:__ In France, 68% of crypto investors own memecoins, followed by 63% in Italy, 58% in the UK, and 55% in Singapore and the United States. In Australia, 44% of crypto owners hold memecoins. 

- __Memecoins typically make up a significant part of crypto portfolios:__ In the US, 22% of crypto owners allocated more than half of their assets to memecoins, followed by 17% in Italy and Singapore, 16% in the UK, 15% in France, and 11% in Australia. 

- __Memecoins drive adoption:__ In the US, 31% of investors who own both memecoins and traditional cryptocurrencies report that they purchased their memecoins first, followed by 30% in Australia, 28% in the UK, 25% in Italy and Singapore, and 21% in France. However, globally, 93% of memecoin owners also own other types of crypto, suggesting memecoins are an onramp to crypto for many. 

The influx in new investors comes as memecoins become more widely available on traditional exchanges. Reflecting increased user interest, Gemini has expanded its listings in the past year to include several community-driven tokens, such as Dogwifhat, Peanut, Mew, and a handful of other memecoins.

Memecoins have also developed strong online communities across platforms like X, Discord, and Telegram, boosting their visibility. Additionally, the largest memecoin by market cap, DOGE, drew attention following Elon Musk’s launch of the Department of Government Efficiency to cut $1 trillion in U.S. government spending. 

Stay tuned for the full results of the 2025 Gemini Global State of Crypto report when it’s released later this quarter.

Onward and Upward! 
Team Gemini

State of Crypto Sneak Peek: Nearly 70% of French Crypto Owners Hold Memecoins 

We’re excited to announce we’ve enhanced your trading experience with new features on Gemini ActiveTraderⓇ that make it easier to customize your interface so you can execute trades with no interruptions.

Here are the updates:

- __Customizing your layout:__ Now, you can drag and drop modules across your screen to tailor your workspace. Simply resize the width and height of the modules so you can optimize your view. 

- __Add or remove modules:__ By selecting ‘Edit Layout’ you can easily add or remove modules from your screen. New modules appear in your last active tab by clicking the ‘Add’ button, or can be dragged directly into any location you desire. Move modules or whole tab sets to the top, bottom or sides of your screen by placing them on one of the four blue placement arrows.

- __Introducing a new floating order form:__ If you prefer trading from the chart, our floating order form maximizes screen space for charts and other tools, without needing to have the order form as a visible module. Resize and reposition it anywhere for a seamless trading experience.

Onward and Upward, 
Team Gemini

Gemini ActiveTrader Is Now More Customizable

We’re excited to announce that Dan Chen has joined as our Chief Financial Officer. He will oversee all aspects of Gemini’s financial performance, including financial planning and analysis, treasury and capital markets, and upholding Gemini’s stringent financial reporting standards.

Dan has built a distinguished career in traditional finance, capital markets, investment management, and fintech. Most recently, Dan led capital markets and bank partnerships at Affirm. Other prior roles included serving as the CFO of venture-backed fintech Nearside, as the CFO of Blue Foundry Bank, and as the Treasurer of Cross River Bank. He’s also spent time as a Managing Director at MetLife and a Vice President at Morgan Stanley in roles across capital markets and mergers & acquisitions. Dan is a graduate of the Wharton School and earned an MBA from Columbia Business School. 

Dan has shaped finance departments at both private and public companies across regulated financial institutions and high-growth technology companies. He has spent the past two-plus years at Affirm, where he served as the vice president of the $15 billion fintech company’s capital markets and bank partnerships teams, growing access to secured funding over 100% to $20 billion-plus. [While CFO at Blue Foundry Bank, Dan helped lead the company through an IPO in 2021 that raised more than $277 million. 
](https://www.businesswire.com/news/home/20210715005957/en/Blue-Foundry-Bancorp-Announces-Closing-of-Conversion-and-Stock-Offering)

The hire comes in a period of rapid growth for Gemini. The company has added support for more than 14 new tokens since November 1 across both spot and perpetual markets, introduced index-based perpetual contracts on the Gemini Derivatives Platform, and launched Gemini Gifting to help customers send crypto to friends and family– all while expanding its reach across the globe. [ The Gemini Credit Card has also continued to increase in popularity by allowing customers to stack crypto rewards.](https://www.gemini.com/blog/crypto-rewards-appreciate-129-for-gemini-credit-card-customers) 

Onward and Upward! 
Team Gemini

Welcoming Dan Chen as Gemini's CFO

On Thursday at South by Southwest, Gemini will produce a bitcoin-themed light show that will set a Guinness World Record for the largest aerial display of a currency symbol formed by drones.
The 20-minute drone show will take place at 8:10 pm CT at 676 Riverside PayParking Lot. The show will follow a 6 pm [All-In Podcast live recording featuring hosts Jason Calacanis and David Friedberg.](https://p91pxpnqkm9.typeform.com/to/SpEjNNlZ?typeform-source=allin.com) 

Sky Elements, a Fort Worth, TX-based company that has set 12 Guinness World Records, will produce a string of curated drone-powered light images for the drone show. In addition to the Bitcoin symbol, the 1,000 drones will share the story of Gemini’s “Go Where Dollars Won’t” campaign, displaying spaceships blasting off, an astronaut placing an American flag on Mars, and a supersized woolly mammoth, along with other images. 

Gemini launched the “Go Where Dollars Won’t” out-of-home campaign in November. It featured a woolly mammoth in a series of Gemini ad placements illustrated by Matt Griffin, a renowned multimedia artist best known for his work on Dune, Dune 2, and Star Wars. 

The woolly mammoth holds special significance at Gemini. In 2021, co-founders Cameron and Tyler Winklevoss participated in a $15 million funding round in Colossal Biosciences, a de-extinction startup that’s [bringing the prehistoric creature back to life.](https://apnews.com/article/colossal-biosciences-woolly-mammoth-b381f6f48eeed0828535cf9604263140) 

This is a seminal moment in the crypto industry. President Donald Trump last week announced plans to create a bitcoin reserve and strategic stockpile that will support other cryptocurrencies. On Friday, March 7, Trump hosted prominent crypto leaders at the first-ever White House Digital Assets Summit. 

Time to look up and celebrate. 

Go Where Dollars Won’t, 
Team Gemini

Gemini To Set Guinness World Record With Largest Bitcoin Drone Show

We’re excited to share that USD payment rails are now available for institutional customers in the UK, EU and EEA through our banking partner, Bank Frick. In addition, this functionality will be available to institutional users in Gibraltar, Jersey, Guernsey and the Isle of Man.  

Institutions in these regions can now engage in cryptocurrency transactions directly in USD, furthering the versatility of our platform. They will now be able to deposit and withdraw in USD, as well as access more than 80+ different USD trading pairs. For a limited time, UK, EU and EEA institutions will also be able to deposit and withdraw fiat funds using these USD rails without paying any additional fees**. Additionally, we’ll be making use of [xPULSE](https://www.bankfrick.li/en/Bank-Frick-xPULSE): Bank Frick’s 23/7 payment service to enable frictionless banking rails, even outside of business hours, for deposits.

Bringing this new functionality to our platform in these regions was made possible by teaming up with [Bank Frick](https://www.bankfrick.li/en). Founded in 1998 in Liechtenstein, Bank Frick is a world-famous provider of services such as fund administration, blockchain banking, and fund management. 

We have been working to expand our functionality and offer safe and secure*** access to crypto these regions, and this integration aligns with our commitment to provide a stable and reliable trading environment, providing further convenience to users.

Onward and Upward,
Team Gemini

---

*Cryptoassets remain high risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

** Institutional customers domiciled in Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Finland, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.

*** Your bank may charge you a fee to send money into your Gemini account.

** ISO 27001 and SOC 2 Type 2 certified.


 USD Rails Launching for UK and EU Institutions

After surging to an all-time high of nearly $110,00 in mid-December, the price of bitcoin has since experienced a protracted three-month lull, followed by a recent decline. This downturn was influenced by broader macroeconomic concerns—including tariffs, persistent inflation, and slowing economic growth—as well as the Bybit hack, which dented market confidence. 

As of Thursday, the price of bitcoin had pulled back to $84,000, ether to below $2.300, Solana to around $137 and XRP to $2.19. Solana, in particular, has been crushed from a series of memecoin-related controversies that have turned off some investors, tumbling more than 40% percent over the past month.

Despite these challenges, there are still plenty of greenshoots in the crypto ecosystem. The SEC has recently dropped pending enforcement actions against Gemini, Coinbase, Uniswap, and other firms. Meanwhile, Michael Saylor’s Strategy has amassed nearly 500,000 bitcoin and has shown no appetite to stop using convertible debt to buy more. And more than a dozen U.S. states have introduced legislation aimed at creating a crypto buying program. 

In other words, it’s a confusing time in crypto. So we’ve gone looking for answers. To provide insights into these market dynamics, earlier this month Gemini launched “Crypto Markets Q&A”—a bi-monthly conversation with Patrick Liou, Gemini’s Associate Director of Institutional Sales. 

In a recent Weekly Market Update, Liou offered his take on tariffs, macroeconomic conditions he’s monitoring, and why crypto prices have yet to rally under president Donald Trump’s pro-crypto administration. 

__Q:__ Generally speaking, which US macroeconomic indicators (i.e. jobs reports, interest rates, regulation) are we looking at here over the next few months to see how it will impact the crypto space? Is there one that we think is more important than the other? 

__Liou:__ The most important macroeconomic indicators will continue to be inflation data such as the consumer price index and personal consumption expenditures, because it is the primary determinant of the future interest rate path for the Federal Reserve (and other global central banks). For example, Wednesday’s CPI data showed inflation rose 3% YoY, an uptick from 2.9% YoY in December. As a result, stocks and crypto markets traded lower while yields rose.

Sticky and stubborn inflation data will likely leave rates at a “higher for longer” environment, while evidence of sustained cooling may greenlight the Fed to lower rates, which will be positive for crypto and risk assets generally. As a result, stocks and crypto markets traded lower while yields rose.

__Q:__ President Donald Trump has doubled down on the crypto space in his first few weeks in office, launching his own memecoin, signing an executive order to set up a strategic working group to look at a bitcoin reserve, and repealing SAB 121. Why do you think prices have yet to reflect these positive greenshoots?  

__Liou:__ All these positive headlines are reflected in the price action - it’s just that the greenshoots started to occur as soon as Trump appeared on track to a victory on election night. Recall the price of bitcoin was just a shade below $70K on election day. Just over a month later, bitcoin hit the $100K milestone for the first time. One could argue that the markets were efficient in pricing in the subsequent positive headlines mentioned above and the price today is justified as such. 

Looking ahead, crypto markets will need incremental headlines for a further rally higher, such as nations/states/corporations allocating bitcoin on their balance sheets or stronger than expected follow through on what the market is expecting from the Trump administration. 

In addition, there have been a few macroeconomic headwinds, such as Deepseek and its implications on the GPU markets and the return of tariffs, that have been causing volatility in traditional markets that have spilled over to crypto markets. 

__Liou:__ Should crypto investors be worried about tariff tensions between the US and other countries? Are we expecting these to have more of a short-term impact or do they have the potential to have long-term ramifications for the crypto space?

Yes, tariffs will create short term volatility in crypto markets and risk assets as a whole. We have already seen evidence of this with the tariffs to Canada, Mexico, and China and on aluminum products. Moreover, many of these tariffs have been announced during the weekends, when traditional markets are closed but crypto is open. This has led to sharp selloffs in crypto markets after the weekend tariff announcements as the only liquid trading market open. 

Tariffs are inherently inflationary, which will create impacts as detailed in the first question above. However, President Trump is citing the use of tariffs as a way to bring counterparts to the negotiation table, instead of a long-term approach in imposing tariffs. This will be critical in determining what the implications of tariffs on crypto markets will be in the short and long term. 

*Have any topics you want tackled? Email adam.lewis@gemini.com and we’ll work in your questions for a future edition of Crypto Markets Q&A.
*

Crypto Market Q&A: Digital Assets Need More Positive Momentum for Prices To Push Higher Again 

[During his first week in office, President Donald Trump signed an executive order dubbed “Strengthening American Leadership in Digital Financial Technology.”](https://www.whitehouse.gov/presidential-actions/2025/01/strengthening-american-leadership-in-digital-financial-technology/) The wide-ranging directive aims to promote digital assets in the US, but no part drew more attention than the edict to create a working group to study the feasibility of a “national digital asset stockpile.”

Some in the crypto community have argued a reserve or stockpile should include bitcoin only. Another vocal contingent have said the stockpile should include bitcoin AND US-based cryptocurrencies such as XRP, Solana, and others. And a smaller but vocal group has expressed skepticism that a US-sanctioned crypto buying program is necessary at all.   

While the working group led by Trump-appointed crypto and AI czar David Sacks considers its options, let’s review how a crypto reserve could work and dive deeper into an issue dividing the crypto community. 

### Can the US Government Set Up a Bitcoin Reserve?

[Federal Reserve chair Jerome Powell said the agency isn’t permitted to buy bitcoin.](https://www.reuters.com/technology/fed-cant-hold-bitcoin-not-seeking-change-that-powell-says-2024-12-18/) But that could soon change.

[Senator Cynthia Lummis (R-Wyo) recently introduced a bill that would instruct the US Treasury to purchase 200,000 bitcoin annually over a five-year period.](https://cryptobriefing.com/strategic-bitcoin-reserve-us/) The goal is to purchase a total of 1 million tokens, though it’s unclear if the current total held by the government would count toward that number. 

Meanwhile, more than 20 US states have recently proposed legislation to set up a strategic crypto reserve. [Utah is the closest to enacting legislation to set up a buying program, with Wyoming, Massachusetts, Illinois, Pennsylvania and others also currently weighing whether to jump in.](https://www.coindesk.com/policy/2025/02/07/as-one-state-gets-closer-on-a-crypto-reserve-others-jump-into-the-fray) These state-led programs will likely operate independently of a bitcoin reserve or strategic national stockpile.

The US government already owns approximately 200,000 bitcoin, worth about $18 billion based on current prices. But this stockpile wasn’t part of a buying program. Federal enforcement agencies have seized it over the years from a range of bad actors including Silk Road, the now defunct online seller of drugs and other illegal items.

### The Great Divide: Bitcoin Reserve vs. Strategic Crypto Stockpile

With crypto still a new asset class compared to fiat currencies, some feel bitcoin prices are too volatile for the government to leverage it through a strategic reserve. But the bigger divide is in the crypto community.  

Bitcoin maximalists are adamant the US stockpile should only include bitcoin, arguing the largest cryptocurrency by market cap holds the most strategic value and can still outperform any challengers. 

Conversely, proponents of a diversified “America-first” stockpile advocate for a mix of U.S.-based cryptocurrencies. In their view, the aforementioned state-led reserve programs should focus exclusively on bitcoin, and that it benefits the US to have a stockpile of different cryptocurrencies at the federal level. 

Among the suggested additions is Ripple’s XRP, a payments-focused token that has risen to the fourth largest cryptocurrency by market capitalization. Ripple CEO Brad Garlinghouse has been increasingly visible in DC, posing for a photo recently after meeting with President Trump. In February, Garlinghouse joined the White House’s Crypto Advisory Council. And Trump recently posted about XRP on Truth Social, fueling positive market sentiment.

XRP is a payments-focused token that has leaned hard into tokenization and recently released its own stablecoin, making it an attractive candidate to join the stockpile as the US vies to keep the dollar dominant.

Other coins that could be included as part of a digital asset stockpile include Solana, and USDC, but it will ultimately fall on lawmakers and the new working group led by Sacks to decide which coins end up under US government control. 

### The Argument Against A Crypto Reserve

Not all are in favor of a bitcoin reserve or diversified strategic stockpile. [Prominent crypto-focused journalist Nic Carter recently published a lengthy op-ed in Bitcoin Magazine where he argued a bitcoin reserve would undermine the strength of the US dollar and potentially throw global markets into chaos.](https://bitcoinmagazine.com/politics/i-dont-support-a-strategic-bitcoin-reserve-and-neither-should-you)

Among his arguments: Carter said there’s no use case for deploying the crypto. Would it be used to eventually pay down the ballooning national debt? Would it truly help hedge against inflationary pressures? 

Carter also argued the increase in prices could disproportionately benefit wealthy HODLers compared to retail investors, although there would likely be some positive downstream impact if prices surge. 

[A recent Forbes column from David Birch also questioned the utility of a strategic reserve, noting that even the US gold reserves don’t have much use anymore and neither would a crypto reserve.](https://www.forbes.com/sites/davidbirch/2025/01/21/it-is-not-strategic-reserve-a-government-bitcoin-hoard-makes-no-sense/)

“One of their arguments in favor of such action is that bitcoin is a form of digital gold, and since the government holds actual gold then it should sell some of it and replace it with the modern alternative.But that gold has little utility either. Gold reserves (about a sixth of global reserve assets) are no longer used to settle international accounts but are there as a hedge against exchange rate risk, but the fact is that much of the world’s official gold reserves are held for no better reason than sheer inertia.” — David Birch, Forbes

As the pro-crypto Trump administration enters its second month, the future of a national digital asset reserve is murky. The only certainty is that supporters on one side of the argument are likely to come away disappointed—while their opponents will be thrilled when a decision is made.

Unpacking the Debate Over a Strategic Bitcoin Reserve 

As part of Gemini’s mission to offer trusted information to institutional and retail investors, we are excited to announce the launch of our annual crypto trends report, "2025 Trends: Data-Driven Insights Into the Crypto Market," in collaboration with Glassnode, a leading analytics firm specializing in onchain assets. 

This report arrives at a seminal moment for crypto. Last month, President Donald Trump issued a historic executive order that set a roadmap for digital assets in the United States. The proclamation included launching a working group to study creating a US strategic bitcoin reserve, setting protections for software developers in the digital assets ecosystem, and banning the US from creating a central bank digital currency. 

Given the recent cascade of news, it’s the perfect time to take stock of the performance of onchain assets to give us a sense of where the digital asset ecosystem might be headed. 
The report offers trading insights on bitcoin, ethereum, and solana, as well as futures momentum, regional breakdowns, ETF flows, memecoin insights, and more information about institutional and retail participants in the crypto markets: 

[Download the full report here.](http://gemini.com/trend-report-2025)

Here are a few takeaways: 

### Retail Investors Are Really Back 

The recovery of digital asset prices following the “crypto winter” was initially driven by institutional investors, especially after the approval of spot bitcoin ETFs by the SEC in January 2024. The products became the fastest growing ETF in history, yet it was still clear retail had not yet fully re-joined the party despite signaling a willingness to return to the market. 

The latest bull run makes it clear many retail traders have returned. Bull markets are characterized by a gradual transfer of wealth from long-term investors to newer and often more speculative investors. A significant portion of the speculative investors are likely to be retail investors who are intrigued by the surging prices and quick returns.

To assess the influx of new demand, the report measured the realized cap for coins that have changed hands ('hot realized cap'). This metric, which assesses the capital held by accounts that have been active in the last seven days, showed a huge uptick in new demand.

When bitcoin reached its recent $100k ATH milestone, new bitcoin investors held $99.6B of hot realized cap for the network, equivalent to 13.7% of the total network wealth. The last cycle peaked at a value of $45.3B, with a network share of 22.5%. The increase in the hot realized cap suggests both strong market demand and the return of retail investors, while also inferring room for further growth.

### The Rise of Solana 

Since launching during the height of the Covid-19 pandemic, the Solana blockchain has become increasingly popular for its low fees and fast transaction speeds. The blockchain’s underlying coin has subsequently surged, reaching an all-time high above $290 and pushing up more than 200% over the past year. 

The Solana network powers smart contracts, decentralized finance apps, and NFTs. However, it has arguably benefitted most from being the blockchain infrastructure that powers memecoins, a fairly new phenomenon in crypto that has exploded in popularity over the past few years.

Futures investors are betting big on Solana. In 2024, the cryptocurrency experienced the largest relative growth in open interest among the coins studied, surging from $1.1 billion to $4.4 billion (300%). Solana overtook Ethereum in new investor demand and outperformed other assets in realized cap growth (+265.1%) and trading days.

Additionally, active addresses (the number of unique addresses that were active in the network either as a sender or receiver) on Solana have surpassed those on Bitcoin (~1M addresses/day) and Ethereum (~0.5M addresses/day) by a significant margin since December 2023. 
With 13.55M daily active addresses, Solana currently has 15.7x more active addresses than Bitcoin and 25.6x more than Ethereum.

### APAC Region Continues To Shine

When excluding exchanges and ETF flows, retail activity in the APAC region has grown at a faster clip than any other geographies featured in the report. 

To measure the impact of their retail activity in the APAC region, the Trends Report timestamped all transactions created by an entity (a cluster of addresses controlled by the same individual) with the working hours of different geographical regions. As a result, it determined probabilities for each entity being located in the US, Europe, or Asia.

As highlighted earlier, the digital asset ecosystem was driven by the introduction of spot bitcoin ETFs in the US. However, when we exclude the activity of exchanges and ETF flows, the APAC region led the way in retail growth. Since the cycle low in December 2022, year-over-year supply growth averaged 6.3% in APAC, beating out the US, EU and other geographies. 

### The Bottom Line

The report provides a comprehensive view of the current state of the digital asset market. From retail resurgence to Solana’s rapid rise and regional growth in APAC, the report underscores key trends shaping the industry today.

While the market continues to evolve, tools like spot ETFs and analytics platforms are enabling a new wave of participants—from institutional investors to retail traders—to engage with digital assets in innovative ways.

[See the full breakdown.](http://gemini.com/trend-report-2025)

Onward and Upward! 
Team Gemini

Gemini Launches Crypto Trends Report (1)

MiCA (Markets in Crypto-Assets Regulation) is a new regulatory framework being implemented across the EU to regulate crypto-assets, their issuers, and service providers within the region. It covers many areas from tokens and trading platforms, to stablecoins, aiming to reduce market abuse and ensure greater consumer protection. In the past, each European Union member state has managed their own response to the crypto-asset industry, making it somewhat challenging and unpredictable for crypto companies to operate in the region as a whole. MiCA seeks to solve these issues by having a single, unified ruleset.

As it takes center stage in Europe, it is time to reflect on MiCA’s significance for the industry, customers, and the future of digital assets. With Gemini having begun the [MiCA application process through Malta](https://www.gemini.com/blog/gemini-selects-malta-as-mica-hub-in-european-expansion-milestone), this cannot be thought of as ‘just another piece of regulation’. The promise of a harmonised regulatory landscape brought about by MiCA is a bold and necessary step toward creating a robust framework; balancing innovation with consumer protection.

### Setting the Standard 

For too long, the industry has operated in a fragmented regulatory environment, characterised by inconsistent rules across borders, stifling growth, and creating uncertainty for businesses and customers alike. Before MiCA, operating in multiple jurisdictions in Europe meant tackling a patchwork of different rules, often doubling efforts and resources to meet varying standards and maintain compliance. MiCA flips this narrative on its head by delivering a regulatory framework that sets clear standards across the EU. This is a watershed moment, not only for Europe but for the global crypto industry. It sends a message that this can be done in the US, Asia, and beyond.

By establishing clear requirements for crypto-asset issuers and service providers, the framework ensures that customers are protected, scams are mitigated, and an opportunity is presented for trust in the industry to further develop. It also provides businesses with much-needed clarity, enabling them to plan, scale, and innovate without the fear of regulatory whiplash undoing their progress.

The phased implementation of MiCA, as well as a transition period for crypto firms to comply before the deadline, gives all stakeholders the time to adapt while maintaining momentum. It is a testament to thoughtful, collaborative policymaking that recognises the unique attributes of digital assets and their need for tailored rules.

Gemini has always championed thoughtful regulation as the foundation of a thriving digital asset ecosystem, and MiCA not only protects customers but also enhances the industry’s credibility, paving the way for broader institutional participation. Europe is a key market for Gemini, and MiCA compliance will enable us to seamlessly offer our services across all EU jurisdictions, whilst we work to broaden our products and services in the region through 2025. 

### The Road Ahead 

While it will undoubtedly prove challenging for this regulation to match the pace of rapidly evolving innovation in crypto, MiCA’s central message is clear: Europe is open for business, and it is ready to lead a more cohesive global crypto economy. 

As we look to the future, we are excited about the possibilities MiCA unlocks and the blueprints it provides for crypto regulatory frameworks in other jurisdictions. Whether through greater consumer trust, increased market participation, or the arrival of groundbreaking innovations, this regulation signals a new era for the digital asset space.

As institutional adoption gains momentum, I am reminded of a quote which aptly captures MiCA’s role in progressing cryptocurrency towards being ‘fully regulated’: 
*
“Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.”*

Onward and Upward! 
Team Gemini

MiCA: The Blueprint for a Thriving European Crypto Ecosystem

The crypto industry is at a turning point in 2025, with global policy and regulatory advancements paving the way for a future where digital assets are fully integrated into the financial system.
At this critical juncture, understanding the attitudes of Gen Z is key in building inclusive, innovative crypto products for decades to come. Widely regarded as the most tech-savvy and forward-thinking generation, they will play a pivotal role in shaping the adoption, regulation, and long-term success of crypto.

Today, the Gemini team is sharing new insights from our [2024 State of Crypto Report](https://www.gemini.com/state-of-crypto-2024), examining the factors driving crypto adoption for the youngest generation of investors. 

### Survey Overview

The report was conducted between May and July 2024 by Data Driven Consulting Group, surveying 6,000 adults (crypto owners and non-owners) across the US, UK, France, Singapore, and Turkey.* It highlights that Gen Z adults (aged 18-29) stand out as the generation most engaged with and optimistic about this new financial frontier.

### High Crypto Ownership Rates

When it comes to crypto ownership, Gen Z is leading the pack. Globally, more than half (51%) of Gen Z respondents reported that they currently own cryptocurrency or have owned it in the past, significantly higher than the 35% reported by the general population. In the US, over half of Gen Z respondents owned or had owned cryptocurrency (51%), compared to 49% of Millennials (people born 1981-1994) and 29% of Gen X (people born 1965-1980). This trend holds true across countries:

![Gemini Survey Finds More Than Half of Gen Z Owns Crypto](//images.ctfassets.net/jg6lo9a2ukvr/6vFvW6tzOCscoX3i3KJAWs/323456828ce432a3394c97b0af065319/BlogInline_SOC_GenZ_Stats.png)

While older generations show notable engagement, Gen Z's ownership rate signals a deeper integration of digital assets into their investment portfolios, which is likely to continue amid the current bull market. In the US, one in three (33%) Gen Z respondents said they would be comfortable allocating at least 5% of their portfolio to cryptocurrency, compared to 21% of the general US population. 

### Gen Z Is Optimistic About Regulation

When asked about the need for increased government regulation of the crypto industry, 31% of Gen Z globally said they strongly agree, compared to 46% of the general population.
While established regulatory frameworks are still being rolled out, this suggests that Gen Z has a more optimistic view of the industry’s efforts to govern crypto. As the generation who will shape the future of crypto regulation, this trend is a positive signal for the space. 

### Pursuing Profit Through Crypto Investing

Globally, nearly half of Gen Z (48%) respondents reported investing in cryptocurrency as a means of generating income, compared to 41% of the general population.
Gen Z is also particularly concerned about inflation, using crypto as a way to combat the rising cost of goods and services globally. In the UK, more than two in five (42%) of Gen Z crypto owners said they use crypto as a hedge against inflation compared to nearly one in three (32%) across all crypto owners in the UK.

A similar trend was noted in France, where 39% of Gen Z owners said that they used cryptocurrency as a means of generating profit, compared to 30% of France’s general population.

### Growing Interest in ETFs

With the recent rise of spot bitcoin ETFs in the US, ETFs are becoming an increasingly appealing method of crypto investment for younger investors. 

Globally, 48% of Gen Z respondents said they were more likely to purchase crypto due to its availability through ETFs, allowing them access to the asset class without needing to hold the underlying asset. When compared to the 37% of respondents globally across all age groups, Gen Z’s enthusiasm for ETFs is made clear.

### The Bottom Line

Gen Z’s relationship with cryptocurrency is a testament to their openness to digital innovation and alternative financial systems. Their high levels of ownership, interest in ETFs and willingness to allocate a large portion of their investments into crypto, are just some of the characteristics which likely inspire the cohort to embrace cryptocurrencies. 
As the generation continues to mature and crypto becomes increasingly mainstream, Gen Z’s influence on the crypto landscape, and the broader financial ecosystem, will only grow. Financial institutions, crypto platforms, and policymakers should take note of these trends to better prepare for the evolving financial landscape, and the increasingly digital practices which Gen Z seems ready to champion.

Onward and Upward! 
Team Gemini

*Unless otherwise noted, findings cited as global in the report refer to average 2024 data across the United States, United Kingdom, France, and Singapore.*

Gemini Survey Finds More Than Half of Gen Z Owns Crypto

The cryptocurrency industry changed forever in 2024. 

Spot bitcoin ETFs launched in the United States in January, bringing billions in institutional inflows. The latest Bitcoin halving event hit in April, cutting in half the available rewards miners receive when they mint a new bitcoin. And in the US election in November, Republicans won the Presidency and both chambers of Congress while promising to usher in a new pro-crypto regulatory environment. 

As we enter 2025, crypto bulls are buoyant after surviving the crypto winter, an aggressive regulatory enforcement regime, and a cascade of negative media attention from the fallout of FTX. [Meanwhile, retail investors who previously left the crypto market appear eager to jump back in.](https://www.gemini.com/state-of-crypto-2024) 

With optimism around digital assets approaching an all-time high, we felt it was the right time to offer five predictions for the crypto industry in 2025: 

### Prediction 1: Bitcoin Will Continue Its Hot Streak

Bitcoin is poised to have another banner year in 2025.

After launching in January, spot bitcoin ETFs became the fastest growing exchange-traded fund ever created in the US, proving that retail and institutional investors were eager to gain exposure to bitcoin’s price movements. 

A year later, demand for spot bitcoin ETFs has been relentless, with inflows of $2 billion during one particularly bullish week in December. [Last month, Bitwise Asset Management predicted spot bitcoin ETFs will attract increased inflows in 2025 as more wirehouses come online, the pace of adoption speeds up, and investment professionals receive more access.](https://www.etf.com/sections/news/bitcoin-etf-flows-2025-will-exceed-2024-bitwise)  

Corporate adoption of bitcoin is also likely to help the rally continue. Over the past year-plus, Microstrategy founder Michael Saylor has turned his software company into a pseudo bitcoin treasury. The details will make your head hurt when you hear him explain it, but it involves Saylor issuing convertible notes to debt holders so he can buy more bitcoin. 

The sustained buying has no doubt helped bitcoin’s price climb higher. It’s also inspired more large-scale public companies to purchase bitcoin and make it their own reserve asset.

Expect more corporations to use bitcoin as a reserve asset in 2025. 

### Prediction 2: The US Will Launch A Bitcoin Reserve

During an appearance at the annual Bitcoin Conference over the summer, president-elect Donald Trump said he would create a strategic bitcoin reserve when he takes office. Here’s to thinking he will deliver on that promise.   

Senator Cynthia Lummis (R-WY) has already proposed legislation that would instruct the US Treasury to purchase $200,000 bitcoin annually over the next five years. Such a program would likely supercharge demand for the world’s largest digital asset, driving the price higher.   

In December, Federal Reserve chairman Jerome Powell indicated that the Fed is not attempting to change the law so it can hold bitcoin, noting it was not allowed to own it under current laws.

"That's the kind of thing for Congress to consider, but we are not looking for a law change at the Fed," he said. 

Indeed, it will take action from Congress for the Fed to create an official strategic reserve for Bitcoin. Don’t be surprised if lawmakers will do just that before 2025 comes to a close. 

### Prediction 3: Congress Will Pass a Digital Assets Bill

In 2024, the US House of Representatives passed FIT21, a bipartisan bill offering a comprehensive framework outlining how multiple US agencies would regulate the digital assets industry. Despite support from US Senate leader Chuck Schumer (D-NY) and a range of other Democrats, the bill stalled in the upper chamber of Congress.

Lawmakers expect to introduce FIT21 in 2025, and the environment looks promising. Trump has pledged to make the United States the “crypto capital of the planet.” And Republicans now control both chambers of Congress, which should make the bill easier to pass.

In the meantime, look for Congress to pass stablecoin regulation, long considered a layup for lawmakers. This past fall, Patrick McHenry (R-NC) and Maxine Waters (D-MO) reached a bipartisan stablecoin deal but apparently ran out of time to close it before the end of their 2024 lame-duck session. The good news: Congress is expected to re-introduce the stablecoin bill when it reconvenes in 2025

### Prediction 4: Tokenization Will Go Mainstream

The World Economic Forum in Davos has long been a meeting place for the political and financial elite. The annual event in Davos, Switzerland includes a series of panels where market movers discuss a range of topics, the vast majority of which revolve around tradfi. 

This past year, the discussion turned to blockchain tokenization, signaling that a previously niche part of the crypto world has become a major initiative for institutional investors.

Why? Tokenization has an ironclad business case for capital markets.[ By instituting smart contracts and other automated processes, tokenization could create between $15 billion to $20 billion in cost savings, per the World Economic Forum.](https://www.weforum.org/stories/2024/12/tokenization-blockchain-assets-finance/)

Tokenization involves taking a real-world asset such as real estate and “tokenizing it” so it can be sold on the blockchain. 

“The need for shortened settlement cycles – which improve liquidity, enhance market efficiency and lower systemic risk – and the demand for 24/7 market operations will require a new infrastructural backbone,” per the WEF report. 

Franklin Templeton and Blackrock have introduced tokenized mutual funds. Expect more financial institutions to soon follow suit as they aim to unlock $255 trillion in marketable securities that can be used as collateral. 

### Prediction 5: More Crypto ETFs Are on the Way

Expect spot ETFs for XRP and Solana to start trading in the US in 2025.

In October, Bitwise filed for a spot XRP ETF, hoping to capitalize on the unprecedented interest in spot bitcoin and spot ethereum ETFs. Crypto betting site Polymarket had the percentage of XRP ETF approval at 70%, indicating bullish sentiment among retail investors. 

The SEC recently filed an appeal in its lawsuit against Ripple after a lower court judge ruled against the regulatory agency. But that case appears destined to fizzle with a new regime ready to take the reins. SEC chair Gary Gensler is expected to step down later this month, with crypto advocate Paul Atkins slated to replace him. 

Meanwhile, [Solana](https://www.gemini.com/prices/solana) has experienced a rapid ascent recently, rising 107% over the past year as memecoins surged in popularity. As of Friday, Polymarket put the percentage of SEC approval of spot Solana ETF at 77%. That marks a fairly encouraging sign after a Gensler-led SEC told two of the five applicants for a Solana ETF in December that the filing was delayed indefinitely. 

Additionally, analysts expect the SEC to approve a combo bitcoin-ethereum ETF, which weighs the prices of both digital currencies, along with a handful of other crypto-focused ETFs.

Five Crypto Predictions for 2025

Today, we are excited to announce the listing of the TRUMP/GUSD perpetual contract on Gemini Derivatives. Eligible users can now trade the TRUMP perpetual contract denominated in [Gemini Dollars (GUSD)](https://www.gemini.com/dollar) with up to __100x leverage__.

Gemini Derivatives is a non-US derivatives platform that hosts multiple single-asset perpetual contracts for trading, including BTC/GUSD, ETH/GUSD, XRP/GUSD, as well as index perpetuals like the Top 5 Index (KT5/GUSD) and the Layer 2 Index (KSL2/GUSD).

Gemini Derivatives is available in select jurisdictions globally. The full list of available countries can be found [here](https://www.gemini.com/derivatives). It is not available to customers in the United States of America, United Kingdom, or the European Union.

### Opening a Derivatives Account

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD, BTC, ETH, or USDT to your derivatives account

Stay tuned to our blog as we list more perpetual contracts soon.

For additional details, please visit [www.gemini.com/derivatives](https://www.gemini.com/derivatives).

Onward and Upward,

The Gemini Derivatives Team

<details>sign up</details>

Introducing the TRUMP/GUSD Perpetual Contract on the Gemini Derivatives Platform

Today, we are delighted to announce that Gemini has chosen Malta as our hub for the Markets in Crypto-Assets (MiCA) framework. This strategic decision underscores our dedication to enhancing regulatory compliance and European growth. Having received our Virtual Financial Assets (VFA) Service Licence in Malta in December 2024 (our sixth Virtual Asset Service Provider registration), the move will enable us to empower the next era of financial, creative and personal freedom in Europe.

Malta’s proactive approach to fostering innovation among fintech and digital asset companies presents an ideal environment for Gemini to drive our European operations. 

Compliance with MiCA regulations, which was implemented by EU lawmakers to standardise crypto regulations across member states, will allow us to continue to offer our secure and reliable services to customers in the EU, supporting the sustainable growth of a trusted crypto ecosystem in the region.

The announcement follows [several senior hires in Europe](https://www.gemini.com/blog/gemini-accelerates-european-expansion-with-new-leadership-team), leading Gemini’s ambitious European growth plans. This includes Mark Jennings, Head of Europe, Daniel Slutzkin, Head of UK, and Claudio Bedino, Head of Consumer Growth in Europe. With the establishment of our Malta office, we plan to recruit a talented local team to help support the expansion.

[Gemini’s 2024 State of Crypto report](https://www.gemini.com/blog/introducing-the-2024-global-state-of-crypto-report) showed that 39% of non-crypto owners globally stated that a lack of regulatory clarity was a barrier for entry, suggesting that the rollout of comprehensive regulation like MiCA may boost crypto demand in the region.

Mark Jennings, Gemini’s Head of Europe, said that “MiCA is a much needed regulatory development for the European crypto community. Our decision to establish Malta as our MiCA hub reflects our commitment to upholding regulatory standards, advancing innovation, and shaping the future of digital assets in Europe. We hope that it serves as a blueprint for crypto regulation globally.”

Following Gemini’s recent [launch in France](https://www.gemini.com/blog/gemini-launches-in-france-as-countrys-trust-in-crypto-increases), today’s announcement is a significant milestone in our European expansion plans. We remain committed to building a safe and innovative ecosystem for our customers. In the coming months, we plan to introduce new features for both retail and institutional customers, strengthen our local presence across Europe, and enhance our user experience for customers in the 32 European countries (EEA & UK) that we currently serve.

Onward and Upward, 
Team Gemini

Gemini Selects Malta as MiCA Hub in European Expansion Milestone

We are excited to announce the launch of two new perpetual contracts on Gemini Derivatives – the Top 5 Index contract (symbol: KT5GUSDPERP) and the Layer 2 (L2) Index contract (symbol: KSL2GUSDPERP). These innovative products offer traders an opportunity to gain exposure to curated baskets of crypto assets, enabling diversified trading strategies with a single contract. Eligible users can now trade these contracts denominated in [Gemini Dollars (GUSD)](https://www.gemini.com/dollar) with up to __100x leverage__.

Gemini Derivatives is a non-US derivatives platform that hosts multiple crypto perpetual contracts for trading, including the BTC/GUSD, ETH/GUSD, XRP/GUSD, SOL/GUSD, WIF/GUSD perpetual contracts and much more.

Gemini Derivatives is available in select jurisdictions globally. The full list of available countries can be found [here](https://www.gemini.com/derivatives). It is not available to customers in the United States of America, United Kingdom, or the European Union.

### What are the Top 5 and L2 Indices?

These indices, developed by Kaiko, serve as benchmarks designed to reflect the performance of their respective categories. Gemini Derivatives operates as the trusted marketplace to provide a secure and efficient avenue to trade these perpetual contracts.

The Top 5 Index and L2 Index are collections of cryptocurrencies chosen through a comprehensive algorithm. This includes combining market capitalisation and liquidity metrics to select the most representative and tradable assets. The Top 5 Index offers broad exposure to the leading assets in the crypto market, while the L2 Index captures assets in the Layer 2 ecosystem – a critical growth area in blockchain scalability and usability.

Why Trade Index Perpetuals:

1. __Diversification__: With a single contract, traders gain exposure to a range of assets, reducing the risks associated with individual token movements.
2. __Efficiency__: No need to manage multiple positions; index contracts simplify portfolio management.
3. __Access to Trends__: Take advantage of market trends without the need to research individual tokens or hold the underlying assets, allowing you to focus on broader market movements.

In summary, if you’re looking to capitalise on market trends without the complexity of managing multiple trades – index perpetual contracts are a perfect choice.

### Opening a Derivatives Account

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD, BTC, or ETH to your derivatives account

With these new index perpetual contracts, we aim to empower traders with access to diverse trading opportunities on the Gemini Derivatives platform. Stay tuned as we continue to expand our offerings with more index contracts and single asset options.

For details on the composition of these baskets, please visit [www.gemini.com/derivatives](https://www.gemini.com/derivatives).

Onward and Upward,

The Gemini Derivatives Team

<details>sign up</details>

Introducing Index Perpetual Contracts on the Gemini Derivatives Platform: KT5/GUSD and KSL2/GUSD

Mark Jennings and Daniel Slutzkin have now joined Gemini as our new Head of Europe, and Head of UK respectively, bringing a wealth of experience from across digital assets, financial markets, and consumer credit. Vijay Selvam has assumed the role of General Counsel, International and will be based in the UK, which follows the recent appointment of Claudio Bedino as Head of Consumer Growth, Europe. Gemini’s industry-leading European senior management team will propel Gemini’s plans for significant expansion in the region in 2025.

### Meet the New Leaders

__Mark Jennings, Head of Europe__

As CEO of Crypto Facilities, a subsidiary of Kraken, Mark led the development and execution of innovative strategies for the FCA-authorised crypto derivatives platform, meeting the evolving demands of a global client base.

Previously, Mark served as Chief Operating Officer for Kraken's European operations where he played a pivotal role in establishing and strengthening the company’s regional footprint. He has also held senior leadership roles at TPICAP, Credit Suisse, and Citi, where he led impactful efficiency initiatives and spearheaded scalable growth strategies for institutional clients. Mark’s diverse experience positions him as a critical driver of our European expansion efforts.

__Daniel Slutzkin, Head of UK__

Daniel has demonstrated an ability to navigate complex challenges and deliver results in highly regulated environments. Most recently, he served as Country Manager at UK broker Stake, where he specialised in US-listed equities and ETFs, driving growth and enhancing operations. His experience in guiding a business through the UK regulatory authorisation process will be invaluable as we continue to expand our retail and institutional offerings in the UK and beyond.

__Vijay Selvam, General Counsel, International__

Vijay has transitioned to General Counsel of our International business, based in London, having joined Gemini earlier this year as General Counsel for APAC. With extensive experience in the financial services industry in London, New York, Hong Kong and Singapore, Vijay holds law degrees from Harvard Law School and Oxford University. Prior to joining Gemini, he served as General Counsel of Equonex, the first NASDAQ-listed digital assets firm, and spent over a decade at Goldman Sachs, overseeing structured investment products and capital market transactions. A licensed attorney in New York and a UK Solicitor (non-practicing), Vijay will be instrumental in driving Gemini’s European and UK licensing and regulatory strategy, and upholding our high governance standards in the region.

### A Shared Vision for Gemini Europe

“Joining the team at this transformative time is a unique opportunity and shows that Gemini is serious about our commitment to Europe,” said Mark. “The regulatory frameworks in the EU and UK, including MiCA and the FCA’s forthcoming crypto roadmap, signal a new era of sustainable growth for digital assets. Now is an exciting time to spearhead Gemini’s efforts as we scale our presence and influence across the region. As a trusted, innovative and regulation-first platform, Gemini will be instrumental in shaping the future of the crypto industry in Europe.”

Mark, Daniel, Vijay, and Claudio will play a pivotal role in executing our strategy and operations in the region as we take the next step in our mission to unlock the future of financial freedom. Welcome to the team!

Onward and Upward,

Team Gemini


Gemini Accelerates European Expansion with New Leadership Team

Gemini is thrilled to announce the addition of Just a chill guy (CHILLGUY) to the exchange. 
Just a chill guy is now available to deposit, withdraw, and trade on Gemini’s mobile app and website for USD, GBP, EUR, AUD, HKD, and SGD pairs and on our API/FIX and ActiveTrader applications for the USD trading pair. 

[__If you don’t have a Gemini account, you can create one here__](https://exchange.gemini.com/register).

[Learn more about all the tokens we support here](https://www.gemini.com/prices). 

## What is Just A Chill Guy? 

Just a chill guy is a meme featuring a brown bear with his hands tucked in his pockets and unbothered smirk. Over the past few weeks, the meme has become extremely popular on a range of social media sites including TikTok and X. It has also been spotted in social media marketing ads for the NFL, CBS, and March Madness.

As of Friday afternoon, the coin had reached a market of around $185 million. It operates within the [Solana](https://www.gemini.com/prices/solana) ecosystem and has a total supply of 1 billion. 

Onward and Upward! 
Team Gemini

*Just a chill guy is a new meme token. It has no defined utility; its value may be derived only from the continued willingness of market participants to demand and trade the token, which may result in the potential for permanent and total loss of value should participants choose to no longer demand or trade Just a chill guy. The token may also be subject to extreme price volatility, in particular if large, concentrated holdings of Just a chill guy are liquidated in a short period of time. By trading Just a chill guy, you acknowledge that you have read this risk disclosure and understand the risks associated with trading Just a chill guy.

Just A Chill Guy is Now Available on Gemini

On 22 January 2025 at 12:00pm SGT, Gemini Foundation will delist the MATIC/GUSD perpetual contract. This follows the migration of MATIC to POL, and the recent listing of the[ POL/GUSD perpetual contract](https://www.gemini.com/blog/five-new-perpetual-contracts-on-geminis-derivatives-platform) on Gemini’s derivatives platform.

We strongly encourage customers to close any open positions and refrain from opening new ones for this contract prior to the scheduled delisting date. 

### Please note the following:

1. At 12:00pm SGT, the MATIC/GUSD perpetual contract will be delisted and trading will no longer be supported.
2. All open orders for the MATIC/GUSD perpetual contract will be automatically cancelled. 
3. Any open positions in the MATIC/GUSD perpetual contract will be automatically closed. The closing price will be determined based on the index price at 12:00pm SGT on 22 January 2025, as published real-time on the Gemini website.

For any questions, please reach out to our [support team](https://support.gemini.com/hc/en-us/requests/new "Customer Support").

Onward and Upward,

The Gemini Derivatives Team

<details>sign up</details>

Delisting of the MATIC/GUSD Perpetual Contract on Gemini’s Non-US Crypto Derivatives Platform

Today, we are excited to announce the listing of four new perpetual contracts on Gemini Foundation. Eligible users can now trade the HYPE, SHIB, UNI and BCH contracts denominated in [Gemini Dollars (GUSD)](https://www.gemini.com/dollar) with up to __100x leverage__.

Gemini Derivatives is a non-US derivatives platform that hosts multiple crypto perpetual contracts for trading, including BTC/GUSD, ETH/GUSD, XRP/GUSD, SOL/GUSD, WIF/GUSD perpetual contracts, and much more.

Gemini’s derivatives product is available in select jurisdictions globally. The full list of available countries can be found [here](https://www.gemini.com/derivatives). It is not available to customers in the United States of America, United Kingdom, or the European Union.

### Opening a Derivatives Account

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD, BTC, or ETH to your derivatives account

Stay tuned as we continue to list new perpetual contracts and enhance your experience on the Gemini derivatives platform. 

For additional details, please visit [www.gemini.com/derivatives](https://www.gemini.com/derivatives).

Onward and Upward,

The Gemini Derivatives Team

<details>sign up</details>

Introducing Four New Perpetual Contracts on Gemini’s Derivatives Platform: HYPE/GUSD, SHIB/GUSD, UNI/GUSD, BCH/GUSD

Now that Washington DC is turning the page on crypto, it is important to take stock of the last four years and think boldly about what comes next.

Over the last four years, a small group of regulators forced the digital asset space through a gauntlet, thereby stifling wondrous innovation. 

On the one side were a set of securities laws and regulations fashioned in and for another era. Federal securities regulators knew there was no way for our new industry to comply with these anachronistic rules. Yet they refused to engage in a constructive dialogue about how to adapt them for the modern era. On the other side of the gauntlet, federal banking regulators tried to de-bank crypto—operation Chokepoint 2.0.

The obvious goal was to kill crypto and then fold the remnants into traditional finance—with the remnants being blockchain technology and the few digital assets that happened to mature into “digital commodities” before the gauntlet was put in place. Nobody should be surprised that these cynical and regressive policies have spawned a massive backlash.

Moving forward, the first question to be asked is this: [Should the future of crypto policy be framed around an 80-year-old decision about orange groves in Florida?](https://www.cnbc.com/2022/11/21/why-protections-for-crypto-investors-are-linked-to-orange-groves.html) Clearly not. The Howey Test has outlived its utility, at least as it applies to the digital asset space.

More broadly, labelling some digital assets as “digital securities” and some as “digital commodities” misses the mark. Those labels are rooted in a historical regulatory paradigm that fails to account for crypto’s unique attributes. Worse, they lead some to the conclusion that the SEC and CFTC should share jurisdiction over crypto. Such a model would stifle innovation. This new technology needs a new set of rules. And those rules should be enforced by one primary federal regulator—not two.

The lynchpin of the American economic success story has been our ability to innovate at speed. Let’s come together to keep pace with that noble tradition. We need to abandon prior attempts to shoehorn crypto into a regulatory paradigm designed in and for another era. The promising innovation unfolding in the digital asset space warrants a new regulatory approach. 

Regulators should write from a clean slate.

Onward and Upward! 
Team Gemini

A Message From Gemini’s Chief Legal Officer

Today, we are excited to announce the listing of the PYTH/GUSD and FLOKI/GUSD perpetual contracts on Gemini Foundation. Eligible users can now trade these contracts denominated in [Gemini Dollars (GUSD)](https://www.gemini.com/dollar) with up to __100x leverage__.

Gemini Derivatives is a non-US derivatives platform that hosts multiple crypto perpetual contracts for trading, including the BTC/GUSD, ETH/GUSD, XRP/GUSD, SOL/GUSD, WIF/GUSD perpetual contracts and much more.

Gemini’s derivatives product is available in select jurisdictions globally. The full list of available countries can be found [here](https://www.gemini.com/derivatives). It is not available to customers in the United States of America, United Kingdom, or the European Union.

### Opening a Derivatives Account

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD, BTC, or ETH to your derivatives account

Stay tuned as we continue to list new perpetual contracts and enhance your experience on the Gemini derivatives platform. 

For additional details, please visit [www.gemini.com/derivatives](https://www.gemini.com/derivatives).

Onward and Upward,

The Gemini Derivatives Team

<details>sign up</details>

Introducing the PYTH/GUSD and FLOKI/GUSD Perpetual Contracts on Gemini’s Non-US Crypto Derivatives Platform

Gemini is thrilled to announce the addition of Pyth Network (PYTH) and Floki (FLOKI) to the platform. 

PYTH and FLOKI are now available to deposit, withdraw, and trade on Gemini’s mobile app and website.

[Learn more about all the tokens we support here](https://www.gemini.com/prices). 

### What is Pyth Network?

The Pyth Network is an oracle service providing real-time, high-fidelity market data to digital asset markets and other markets, and can be used for smart contracts across multiple blockchains. It aggregates data from more than 90 first-party publishers, including major market participants and market makers, and can connect for use in DeFi applications. Its data covers a wide range of assets including cryptocurrencies, equities, and commodities.

### What is FLOKI?

Floki is a community-driven token inspired by Elon Musk’s Shiba Inu, Floki. Launched as a memecoin by fans of the Shiba Inu (SHIB) community, Floki quickly gained popularity for its strong community spirit and creative vision.

Onward and Upward! 
Team Gemini

*FLOKI is a community-driven memecoin on the Ethereum ecosystem. As a meme token, its value may be derived only from continued market demand and trading activity, which may result in the potential for permanent and total loss of value if demand or trading ceases. The token may also be subject to extreme price volatility, in particular if large, concentrated holdings of FLOKI are liquidated in a short period of time. By trading FLOKI, you acknowledge that you have read this disclosure and understand the risks associated with trading FLOKI.

PYTH and FLOKI Are Now Available on Gemini

Today, we are excited to announce the listing of the MOODENG/GUSD perpetual contract on Gemini Foundation. Eligible users can now trade the MOODENG perpetual contract denominated in [Gemini Dollars (GUSD)](https://www.gemini.com/dollar) with up to __100x leverage__.

Gemini Derivatives is a non-US derivatives platform that hosts multiple crypto perpetual contracts for trading, including the BTC/GUSD, ETH/GUSD, XRP/GUSD, SOL/GUSD, WIF/GUSD perpetual contracts and much more.

Gemini’s derivatives product is available in select jurisdictions globally. The full list of available countries can be found [here](https://www.gemini.com/derivatives). It is not available to customers in the United States of America, United Kingdom, or the European Union.

### Opening a Derivatives Account

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD, BTC, or ETH to your derivatives account

Stay tuned as we continue to list new perpetual contracts and enhance your experience on the Gemini derivatives platform. 

For additional details, please visit [www.gemini.com/derivatives](https://www.gemini.com/derivatives).

Onward and Upward,

The Gemini Derivatives Team

<details>sign up</details>

Introducing the MOODENG/GUSD Perpetual Contract on Gemini’s Non-US Crypto Derivatives Platform

Today, we are excited to announce the listing of five new perpetual contracts on Gemini Foundation. Eligible users can now trade the BOME, GOAT, MEW, PNUT, and POL perpetual contracts denominated in [Gemini Dollars (GUSD)](https://www.gemini.com/dollar) with up to __100x leverage__.

Gemini Derivatives is a non-US derivatives platform that hosts multiple crypto perpetual contracts for trading, including the BTC/GUSD, ETH/GUSD, XRP/GUSD, SOL/GUSD, WIF/GUSD perpetual contracts and much more.

Gemini’s derivatives product is available in select jurisdictions globally. The full list of available countries can be found [here](https://www.gemini.com/derivatives). It is not available to customers in the United States of America, United Kingdom, or the European Union.

Please note that with the listing of the POL/GUSD perpetual contract, __the MATIC/GUSD perpetual contract will be scheduled for delisting in the near future__. We encourage customers to close any open positions and refrain from opening new ones for this contract. Further information regarding this process will be provided to customers in due course.

### Opening a Derivatives Account

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD, BTC, or ETH to your derivatives account

Stay tuned as we continue to list new perpetual contracts and enhance your experience on the Gemini derivatives platform. 

For additional details, please visit [www.gemini.com/derivatives](https://www.gemini.com/derivatives).

Onward and Upward,

The Gemini Derivatives Team

<details>sign up</details>

Introducing Five New Perpetual Contracts on Gemini’s Derivatives Platform: BOME/GUSD, GOAT/GUSD, MEW/GUSD, PNUT/GUSD, POL/GUSD

Gemini is thrilled to announce the addition of BOOK OF MEME (BOME), Goatcoin (GOAT), Peanut the Squirrel (PNUT), and cat in a dogs world (MEW) to the platform.

Each memecoin is now available to deposit, withdraw, and trade on Gemini’s mobile app and website in the US, UK, EU, and SG. Perps trading will be available for each soon in certain jurisdictions outside of the US.

[Learn more about all the tokens we support here](https://www.gemini.com/prices). 

__About Book Of Meme:__ BOME is a memecoin on the [Solana network](https://www.gemini.com/prices/solana) created by Darkfarms, the popular digital artist responsible for the Pepe memes. Launched in March 2024, the token has quickly surged in popularity while it sought to become a digital storage space for memecoins. It is closely associated with the Bored Ape Yacht Club. 

__About Goatseus Maximus:__ GOAT is a recently launched memecoin endorsed by an AI-powered bot known as Truth Terminal. It is not to be confused with Goatcoin, which serves as the governance token of Gotcha, a decentralized NFT trading platform. 

__About Peanut the Squirrel:__ PNUT is a memecoin on Solana created to honor a viral squirrel controversially euthanized by New York state authorities. The PNUT token has subsequently surged in value, gaining in popularity following a tweet from X owner Elon Musk. 

__About cat in a dog’s world (MEW):__ Mew is a memecoin on the Solana network that was created to challenge the recent proliferation of dog-themed tokens. The memecoin has earned notoriety for its unique structure to maintain price stability–90% of tokens were contributed to the liquidity pool, with liquidity pool tokens being subsequently burnt.

Onward and Upward! 
Team Gemini

*These tokens have no defined utility; their value may be derived only from the continued willingness of market participants to demand and trade the token, which may result in the potential for permanent and total loss of value should participants choose to no longer demand or trade. The tokens may also be subject to extreme price volatility, in particular if large, concentrated holdings are liquidated in a short period of time. By trading, you acknowledge that you have read this risk disclosure and understand the risks associated with trading.

You Can Now Trade BOME, GOAT, PNUT, and MEW on Gemini

The Moo Deng memecoin is now available to buy, sell, and store on Gemini in the US, UK, and Singapore.

[Learn more about all the tokens we support here](https://www.gemini.com/prices). 

## What is Moo Deng?

Moo Deng (MOODENG) is a Solana-based token launched in October 2024.

Moo Deng is an adorable baby pygmy hippopotamus living in Khao Kheow Open Zoo in Si Racha, Chonburi, Thailand. She was born in September and quickly became an internet sensation for her feisty and playful spirit and has been engaging audiences around the world ever since. 

Moo Deng was launched on the Solana ecosystem, which offers fast transaction speeds and low fees, making it an attractive option for investors and traders interested in memecoins.

Gemini’s decision to support the custody and listing of Moo Deng is in line with the company’s plan to provide safe storage of bitcoin and other virtual currencies. Retail traders will benefit from having access to more regulated options to safely store and trade Moo Deng.

Onward and Upward! 
Team Gemini

*Moo Deng is a new meme token. It has no defined utility; its value may be derived only from the continued willingness of market participants to demand and trade the token, which may result in the potential for permanent and total loss of value should participants choose to no longer demand or trade Moo Deng. The token may also be subject to extreme price volatility, in particular if large, concentrated holdings of Moo Deng are liquidated in a short period of time. By trading Moo Deng, you acknowledge that you have read this risk disclosure and understand the risks associated with trading Moo Deng.

Moo Deng Is Now Available To Trade on Gemini

Previously unreleased data collated as part of [Gemini’s 2024 Global State of Crypto Repor](https://www.gemini.com/state-of-crypto-2024)t shows that UK crypto holders remained undeterred by market pressures, with 93% of current crypto owners at least somewhat likely to buy crypto within the next year. However, UK respondents continued to voice their concern about the UK’s need for a clear regulatory framework for digital assets, with 49% stating that clearer government regulation would foster trust.

The subsequent release of this data coincides with the launch of Gemini’s global out-of-home advertising campaign centred around the tagline, “Go Where Pounds Won’t,” which features a series of futuristic billboards from Dune artist Matt Griffin that showcase what a digital economy fueled by crypto could look like. 

### UK Crypto Market Shows Signs of Rebound 

With the crypto winter of 2022 in the rearview mirror, digital asset investors in the UK have remained resilient. The percentage of UK consumers who own crypto held steady at 18% in 2024, the same percentage as two years ago. Additionally, crypto sell-offs have been comparatively low in the UK this year, as just 15% of previous owners who sold their crypto did so in the past six months – a lower percentage than in the US, France, and Turkey.

UK crypto owners showed commitment to the asset class, with 59% of them comfortable allocating at least 5% of their investment portfolios to crypto – 2% higher than the global average. This signals growing confidence in digital currencies as part of a diversified portfolio.

To further illustrate the confidence in digital assets, a number of past crypto owners in the UK appear ready to re-enter the market. Among those surveyed, 78% of former holders said they were at least somewhat likely to purchase crypto again within the next year, slightly higher than the global average.

### Regulatory Concerns Still Front of Mind 

The European Union (EU) has recently introduced the Market in Crypto Assets Regulation (MiCAR), a harmonized framework across member states for the treatment of crypto assets. While this brings needed clarity to digital asset regulation in the EU, the United Kingdom is behind the curve in terms of passing their own comprehensive regulation.

Despite UK users showing their commitment to the asset class in recent years, additional data released from the 2024 Global State of Crypto report shows that 38% of UK consumers who don’t currently hold crypto cited regulatory uncertainty as a barrier to buying crypto, up slightly from 34% in 2022. Similarly, 21% of past UK owners said there should be more government regulation of the space. This highlights the need for the UK to implement a clear regulatory framework and provide greater clarity to consumers and industry players alike. 

Gemini has welcomed the passing of the[ UK’s Financial Promotions regime and updated AML/CTF guidelines](https://www.gemini.com/blog/gemini-implements-additional-measures-to-protect-uk-users-fca-regulations) by the FCA over the past year, aligning strongly with our belief in the importance of regulation to support growth within the crypto asset sector.

### UK Retail Investor Sees Long-Term Value in Crypto 

Other key findings from the 2024 Global State of Crypto report included:

![BlogInline SOCUK Stats (1)](//images.ctfassets.net/jg6lo9a2ukvr/hjkiwRaCQg6O93oooUENE/d11b41311e06a07c4e44067b9adc33d6/BlogInline_SOCUK_Stats__1_.png)

Gillian Lynch, CEO of UK & Europe at Gemini, said: “It’s great to see positive signs of adoption and growth in the UK market, one of the European countries that we’ve strategically selected to target growth and investment over the next year. With the recent bull market, the findings highlight opportunities for industry players such as Gemini to win back past crypto owners, onboard new ones and target women.”

The 2024 Global State of Crypto report was compiled based on data from a survey conducted by Data Driven Consulting Group from May-June 2024. The respondents were from the US, UK, France, Singapore, and Turkey.

### Gemini’s Out-of-Home Campaign in London

Gemini’s new [out-of-home brand campaign](https://www.gemini.com/blog/gemini-coms-go-where-dollars-wont-campaign-gives-glimpse-into-how-crypto) launched in London last week, the first of a series of activations planned for major European and US cities. The creative direction,“Go Where Pounds Won’t,” symbolizes our vision for how crypto will be used over the next 100 years and more, emphasizing exploration, growth, and the limitless potential of crypto, with our eyes set on a significant European expansion over the next 12 months. 

Designed by renowned multimedia artist Matt Griffin, known for his work on Dune and Star Wars, the images portray a future humanity with crypto at its core, inviting Gemini customers to become pioneers in this new frontier of financial innovation. To celebrate the occasion, Gemini has launched [MarsSafariCo.com](https://www.gemini.com/marssafarico), showcasing designs from the campaign through a fictitious travel agency in the future.

Onward and Upward! 
Team Gemini

UK Crypto Investors Remain Resilient, Eager for Regulatory Certainty

Gemini’s global out-of-home campaign launched this week in New York, Los Angeles, Miami, Dallas, and London with 2,794 ad placements, the first of a series of activations planned for major cities globally. The goal is to give consumers a glimpse of a future with crypto at its core.

Created in partnership with brand agency Tombras and out-of-home specialist Quan Media Group, the campaign features scenes of the future drawn by Matt Griffin, a renowned multimedia artist best known for his work on Dune, Dune 2 and Star Wars. 

The campaign showcases how crypto can be used over the next 100 years and beyond – all while inviting Gemini customers to become pioneers in this new frontier of financial innovation.

The creative theme, “Go Where Dollars Won’t,” emphasizes exploration, growth, and crypto’s limitless potential, whether it’s going on that Martian Safari to fulfill a life-long dream of capturing an unforgettable photo of a Wooly Mammoth brought back to life via de-extinction, or using bitcoin to pay for your lift pass to go strata-skiing on a breathtaking ice asteroid. 

The campaign will debut across a number of pivotal locations in each market, including The Dolphin Expressway in Miami, the American Airlines arena in Dallas, and the entrance to Madison Square Garden in New York City. In Los Angeles, the artwork will be displayed on the City National Bank building on Sunset, and in London it will appear in Heathrow Airport and the London Waterloo Rail station. 

The future is being built today. Crypto is how we will be able to unlock the next era of personal, financial, and creative freedom. Traditional fiat currency is simply not dynamic or technologically advanced enough to propel humanity forward. Only crypto has the capacity to power our lives among the stars. Gemini is here to serve the crypto community, now and for the next 100 years. 

Onward and Upward, 
Team Gemini

Gemini's 'Go Where Dollars Won’t' Campaign Gives Glimpse Into How Crypto Will Power Our Lives Among The Stars

Gemini is pleased to announce that we are expanding the number of tokens offered on our exchange:

- Popcat (POPCAT) is now available for deposits and withdrawals. Spot trading began Monday, November 4. Perpetuals trading for eligible customers began Tuesday, November 5.*
- Bonk (BONK) is now available for deposits and withdrawals. Spot trading began Monday, November 4. Perpetuals trading for eligible customers began Tuesday, November 5.*
- Spot trading for Optimism (OP) began on Monday, November 4. Perpetuals trading began Tuesday, November 5.*

[__If you don’t have a Gemini account, you can create one here__](https://exchange.gemini.com/register).

[Learn more about all the tokens we support here](https://www.gemini.com/prices). 

## What is Popcat?

Popcat is a community-oriented token inspired by an October 2020 meme featuring a white-and-gray smiling cat named Oatmeal. In the meme, Oatmeal showcases an adorable “O-shaped” mouth expression and in another he appears to be smiling with his mouth closed. Both expressions quickly went viral. And over the ensuing weeks and months, Oatmeal gained momentum and popularity and became a widely recognized internet meme.

__Relevant Popcat Data:__ As of Friday, Popcat had a market cap of some $1.6 billion. Over the past year, Popcast has risen 9,818%, pushing to $1.161 per coin. The total supply in circulation was 979.97 million. 

## What is Bonk?

Bonk is the first dog-themed coin on the [Solana blockchain](https://www.gemini.com/prices/solana). Launched in December 2022, Bonk aims to reinvigorate liquidity on Solana-based decentralized exchanges (DEXs) and foster a fully community-driven ecosystem. By airdropping 50% of its total supply to the Solana community, Bonk offers users the opportunity to become integral parts of the growing Solana network.

__Relevant Bonk Data:__ As of Friday, Bonk had a market cap of $1.5 billion. Over the past year, the coin has risen 2,418% but pulled back slightly over the past 30 days, dropping 12%. There are more than 74 trillion BONK coins in circulation.

## What is Optimism?

Optimism is a layer-2 scaling solution for Ethereum that aims to improve transaction speeds, increase scaling and reduce costs all while leveraging the security of the Ethereum network. It does so by using the Optimistic Virtual Machine (OVM) which facilitates the Ethereum Virtual Machine (EVM) integration allowing developers to write scalable smart contracts on Ethereum. 

OP is the native utility token of the Optimism network, which can be used to participate in the network's governance. The token facilitates the maintenance of a robust network ecosystem and supports the upgradeability of the platform through a decentralized governance framework.

__Relevant Optimism Data:__ As of Friday, Optimism had a market cap of $2 billion. The coin has jumped 16% over the past year, settling at $1.70 per coin. There are roughly 4.3 billion coins in circulation. 

Onward and Upward! 
Team Gemini

*Gemini Derivatives, a Gemini Foundation product, is currently available to customers in Argentina, Bahamas, Bermuda, Bhutan, Brazil, British Virgin Islands (BVI), Cayman Islands, Chile, Costa Rica, Dominican Republic, Ecuador, Egypt, El Salvador, Guernsey, Hong Kong, Israel, Jersey, Mexico, New Zealand, Panama, Peru, Saint Lucia, Saint Vincent & Grenadines, Singapore, South Africa, South Korea, Switzerland, Taiwan, Thailand, Turkey, Uruguay, Vietnam

New Listings: Popcat, Bonk, and Optimism Are Now Available on Gemini

At Gemini, our goal is to empower our customers to comply with all relevant tax laws in the US and abroad. To that end, there are a number of new US tax reporting rules that will go into effect January 1, 2025 that may affect customers’ tax reporting obligations. 

In June 2024, the US Treasury Department issued final regulations for digital asset broker reporting. These new rules require US crypto exchanges including Gemini to report sales or trades of digital assets to both customers and the IRS on Forms 1099-DA, beginning with transactions occurring on or after January 1, 2025.

In anticipation of these regulations, Gemini began generating gain/loss statements in 2023, enabling customers to choose their preferred accounting method and submit cost basis information for assets transferred on to the Gemini exchange. Below we outline the changes that Gemini customers can expect ahead of this coming tax year. However, please be advised that Gemini is unable to provide tax advice to customers. For questions pertaining to your unique situation please consult with a tax professional. 

### New Reporting Measures

Gemini customers, along with all US customers of US digital asset exchanges, will receive Forms 1099-DA to report proceeds from digital asset sales beginning with tax year 2025. The first Forms 1099-DA will be issued in February 2026. 

- Gemini may request certain information from customers leading up to this reporting timeline, such as the accounting method preferred for dispositions of digital assets (e.g., highest-in first-out or HIFO). In the absence of a customer selection, Gemini will be required to use the default first-in first-out (or FIFO) method. 

- Form 1099-MISC reporting for income over $600 from staking and refer-a-friend bonuses will continue as usual. 

- Starting in 2026, Form 1099-DA will include both the cost basis (initial purchase value) and the sale proceeds for “covered assets.” A covered asset is an asset that was bought on the exchange or after January 1, 2026.

- For these covered assets, Form 1099-DA will show any tax gain or loss, making it easier for customers to report these gains or losses on their US tax returns.

- Remember, Form 1099-DA is sent to both customers and the IRS, so customers should expect to reconcile this form with their tax return. 

- It is important for customers to complete their preferred accounting method to assist in a reconciliation of assets that remain in the account for sale on January 1, 2026. 

### Tax Documentation Update

Gemini will need to collect valid tax certifications from all customers. If tax information is needed for any account, customers will receive a request to log in and certify their tax status. During this period, all new accounts must complete an electronic Form W-9 or W-8 as part of their onboarding process, and existing accounts will also be required to complete these forms.

- 2025: Accounts with a US address and no valid US Tax Identification Number must submit either a Form W-9 to certify their US TIN, or a Form W-8 to confirm non-US status. Gemini is required to verify name/TIN combinations using the IRS TIN Matching system to determine validity.
- 2026: All new accounts opened in 2026 must complete a valid Form W-9 or W-8. All accounts opened prior to 2026, even those who have had their US TIN successfully verified, must complete a valid Form W-9 or W-8 prior to 12/31/2026.

### Backup Withholding 

Gemini will be required to subject sales proceeds to 24% backup withholding tax for any 
account that has not provided a valid tax certification as required. Gemini may disallow asset sales for accounts that have not provided the required tax documentation. If backup withholding is applied, the tax will be reported to the customer and to the IRS on a Form 1099-DA to facilitate a reclaim of the amount withheld by the customer with the filing of the customer’s US tax return. 

### How To Prepare 

We recommend that customers take the following steps to prepare: 

- Visit the Gemini Tax Center and select an accounting method for asset sales on the exchange, as well as input required information for any transferred assets to facilitate disposition of assets as per the method selection. In the absence of an accounting method selection, FIFO (First-In-First-Out) will be the default method applied. 
- Monitor your Gemini account for requests for tax certifications so that your certification can be completed when required. 
- Revisit historical digital asset tax calculations so you can be prepared to review 2025 Forms 1099-DA when received and reconcile appropriately. 

### Moving Forward

As with all new reporting requirements, we expect that there will be growing pains in reconciling, but we are happy to work with our customers to make the transition as painless as possible. 

If you have any questions regarding requests or forms received, please do not hesitate to contact @GeminiSupport. However, please note that we are not permitted to provide tax advice to customers. When in doubt, please consult your tax advisor.

Onward and Upward, 
Team Gemini

*Disclaimer: The information above is provided for general informational purposes and should not be considered tax advice. Please consult a tax advisor to determine your personal tax obligations that result from your activities on Gemini, including dispositions, earnings, and rewards.*

Prepare Now for New Tax Reporting Rules for Digital Assets in 2025

We are excited to announce that Gemini has received In-Principle Approval (IPA)
from the Monetary Authority of Singapore (MAS) for its Major Payment Institution
(MPI) license application under the Payment Services Act 2019 to provide
cross-border money transfer and digital payment token services.

The issuance of the IPA is a significant milestone that underscores our commitment
to operating with the highest regulatory standards and reinforces our dedication to
the Singapore market.

## Why Singapore Matters

Singapore has long been the heart of our operations in APAC. Since establishing our
regional headquarters in Singapore, we’ve focused on expanding our footprint,
ensuring that we bring a localized, secure, and compliant trading experience to users
across the region.

At Gemini, we believe that the regulatory frameworks set by MAS strike a balance
between fostering innovation and ensuring consumer protection. As part of our
ongoing commitment to this market, we are continuing to work towards achieving the MPI license.

## Strengthening our Singapore Team

As part of our ongoing expansion in APAC, we have made significant leadership
hires in recent months, including [Saad Ahmed, Head of APAC](https://www.gemini.com/blog/saad-ahmed-to-lead-gemini-asia-pacific-apac "Saad Ahmed to Lead Gemini Asia Pacific (APAC)"), who has been instrumental in driving our regional strategy and regulatory engagements.

Additionally, we continue to grow our team in Singapore, with a focus on hiring top
talent to support our continued growth and ensure compliance with local regulations.

*If you’re interested in joining our growing Singapore team, you can explore opportunities [here](https://www.gemini.com/careers "Gemini Careers").*

As we look to the future, Gemini remains dedicated to delivering the best possible
experience for our users while contributing to the growth and development of the
digital asset ecosystem in Singapore and across APAC.

Stay tuned for more updates on our continued progress in Singapore as we work 
towards obtaining the MPI license.

Onward and Upward, 
Team Gemini

Gemini Receives In-Principle Approval from MAS for Major Payment Institution License

Gemini is thrilled to announce we have welcomed Claudio Bedino as our new head of consumer growth for Europe; a key appointment in our expansion into the continent. With more than two decades of experience in the financial and technology sectors, Claudio brings a wealth of knowledge and a proven track record of success. Most recently, he served as the general manager for Italy and southeast Europe at N26, where he was responsible for driving growth and overseeing strategic relationships in key markets.

Before his tenure at N26, Claudio co-founded Oval Money, a fintech company based in the UK and Italy, serving as executive director and chief marketing officer. With more than 400,000 customers, Oval Money provides innovative solutions in payments, savings, and investments. In 2012, he founded Starteed, a pioneering crowdfunding startup that assisted the development of many Italian and European platforms, while also supporting the Italian government in creating their equity crowdfunding regulatory framework.

“I’m thrilled to join the Gemini team and leverage my background in fintech innovation and regulatory frameworks to propel Gemini's expansion across Europe,” said Claudio. “The recent passing of the MiCA framework has the potential to revolutionize the European crypto space, presenting Gemini with an opportunity to be at the forefront of the industry as we enhance user engagement and broaden our services in strategic European markets.”

Based in Italy, Claudio will be instrumental in advancing the presence of Gemini in that country and wider Europe.

Onward and Upward, 
Team Gemini

Welcoming Claudio Bedino to Gemini’s European Team

As we enter the final three months of 2024, the cryptocurrency world is emerging from the crypto winter. Following a decade-long initiative by the industry, crypto ETFs launched in the US. Institutional players have poured billions into digital assets. And the crypto retail market appears poised to rebound. 

Gemini’s ninth anniversary was this past Saturday, so it’s the perfect moment to look back over the previous year to celebrate some company milestones as crypto cements itself as part of the global financial ecosystem. 

Put simply, there is ample reason for optimism as we look ahead to 2025 and beyond. Our progress in 2024 will set the stage for Gemini’s continued growth as a global crypto platform as we advance our mission to unlock the next era of financial, creative, and personal freedom.

Below is an overview of the most impactful moments:

### Continuing to Serve as a Trusted Custodian for Institutions

Since Cameron and Tyler Winklevoss founded Gemini a decade ago, Gemini has served retail investors looking for a trusted, secure way to buy, sell, and hold digital assets.

Over the past few months, the company has vastly expanded services custodying cryptocurrencies for major institutional investors as well. 

- In June, Gemini became the custodian for a spot bitcoin ETF listed by Australia’s Monochrome Asset Management. It is the only spot ETF in Australia that holds bitcoin directly. 
- That same month, Gemini became the custodian for a staking ether ETP launched by Purpose Investments. With $230 million in AUM, the ETF was the largest staking ether ETP in North America at the time of launch. 
- In July, Gemini became the custodian for VanEck’s highly anticipated spot ether ETP, building on a relationship that began after custodying their spot bitcoin ETF just months prior.

### Struck Five-Year Deal With Real Bedford 

In April, Tyler and Cameron Winklevoss made English football history [when they invested $4.5 million in Real Bedford Football Club through Winklevoss Capital.](https://www.gemini.com/blog/cameron-and-tyler-winklevoss-invest-usd4-5m-of-bitcoin-into-real-bedford) It was the largest investment ever made in an English football club outside of the professional leagues. 

The investment was paid upfront in bitcoin, enabling Real Bedford owner Peter McCormack to establish a bitcoin treasury to secure the club’s long-term goals, build a new training center, launch a football academy to nurture local talent, and more. 

In July, Gemini struck a five-year sponsorship agreement with Real Bedford, giving the club long-term financial resources to continue climbing the English football ladder.

### Uncovered the Resilience of Crypto Investors 

In September, [Gemini released the 2024 Global State of Crypto report,](https://www.gemini.com/blog/introducing-the-2024-global-state-of-crypto-report) which showed the crypto selling has largely slowed over the past six months and many past crypto owners appear poised to re-enter the market. Some of the findings included:

- The majority (57%) of crypto owners say they are comfortable making crypto a core part of their investment portfolio. More than one in four (26%) past owners said the same, signaling many may soon be re-entering the crypto market.
- In the US, nearly two in five (37%) cryptocurrency owners surveyed said they hold some crypto through an ETF. More than one in ten (13%) own crypto exclusively through an ETF.
- More than 70% of past owners say they are likely to buy cryptocurrency in the next year.

### Launched New Features for ActiveTrader and Derivatives

Gemini had a busy year rolling out new product updates for ActiveTrader and the derivatives platform.

In June, we launched ActiveTrader 2.0, a high-performance trading tool built to give you full control of your crypto trading experience.

The new ActiveTrader interface offers enhanced usability and more customization. And you can now work smarter and more efficiently with Gemini’s new Dual Markets tool, adjustable layouts, improved analysis features, and more.

We also continued to innovate for customers in jurisdictions who can use our derivatives platform, including making USDT and ethereum available as cross collateral for derivatives trading, [and implementing seamless SGD to GUSD transfers.](https://www.gemini.com/blog/introducing-seamless-sgd-to-gusd-transfers-on-geminis-derivatives-platform) These new features will help our customers take their derivatives trading to the next level. 

### Onward and Upward!

Over the past year, we have made significant gains with retail and institutional investors, elevating our brand presence globally, bolstering our product offerings, and building out our editorial arm. And we’re just getting started. 

So hop on board and join us as we unlock the next era of financial, creative, and personal freedom. 

Onward and Upward! 
Team Gemini

*This material is for informational purposes only and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of Gemini. Gemini, its affiliates and its employees do not make any representation or warranty, expressed or implied, as to accuracy or completeness of the information or any other information transmitted or made available. Buying, selling, and trading cryptocurrency involves risks, including the risk of losing all of the invested amount. Recipients should consult their advisors before making any investment decision. Any use, review, retransmission, distribution, or reproduction of these materials, in whole or in part, is strictly prohibited in any form without the express written approval of Gemini.
*

Celebrating Gemini’s 9th Anniversary

Traders can now buy and sell dogwifhat on the Gemini exchange. 

[__If you don’t have a Gemini account, you can create one here__](https://exchange.gemini.com/register).

[Learn more about all the tokens we support here](https://www.gemini.com/prices). 

## What is Dogwifhat? 

Dogwifhat (WIF) is a Solana-based token launched in November 2023. It quickly garnered attention within the crypto community due to its playful, dog-themed logo, which aligns with a popular trend initiated by tokens like Dogecoin and Shiba Inu Coin. 

Since launching, dogwifhat supporters have cemented the memecoin’s place within the crypto community. In March, supporters organized a crowdfunding campaign that raised $700,000 in an effort to get the dogwifhat icon to appear on the Las Vegas Sphere. 

Dogwifhat's appeal lies in its combination of community-driven hype and its integration within the broader Solana ecosystem, which offers fast transaction speeds and low fees, making it an attractive option for investors and traders interested in memecoins.

Gemini’s decision to support the custody and listing of WIF is in line with the company’s plan to provide safe storage of bitcoin and other virtual currencies. Ultimately, retail traders will benefit from having access to more regulated options to safely store and trade WIF.

Onward and Upward! 
Team Gemini

*Dogwifhat is a new meme token. It has no defined utility; its value may be derived only from the continued willingness of market participants to demand and trade the token, which may result in the potential for permanent and total loss of value should participants choose to no longer demand or trade dogwifhat. The token may also be subject to extreme price volatility, in particular if large, concentrated holdings of dogwifhat are liquidated in a short period of time. By trading dogwifhat, you acknowledge that you have read this risk disclosure and understand the risks associated with trading dogwifhat.

Dogwifhat Is Now Available on Gemini 

We’re thrilled to announce the immediate availability of [USDT](https://www.gemini.com/prices/tether) as collateral when trading derivatives using Gemini’s cross collateral feature.

In addition to the recent announcement of ETH as collateral, Gemini’s perpetual contracts—denominated in [Gemini Dollars (GUSD)](https://www.gemini.com/prices/gusd)—now offer even greater flexibility with cross-collateral support. Customers can now use USDT, ETH, BTC, and GUSD as collateral to trade perpetual contracts, providing a wider range of funding options and enhancing trading flexibility.

### What is Cross Collateral?

When trading derivatives, you are required to deposit funds, known as collateral, in order to open and maintain derivatives positions. The collateral required to open a position is your __Initial Margin__. The collateral required to keep your position open is known as __Margin maintenance limit__, and the total amount of collateral available for trading is your __Margin Assets Value__.

*To learn more about margin, check out our article: [Gemini Foundation Academy: Understanding Margin and Leverage](https://www.gemini.com/blog/gemini-foundation-academy-understanding-margin-and-leverage "Gemini Foundation Academy: Understanding Margin and Leverage")*.

Collateral serves as a buffer to cover potential losses in the event that your derivatives position moves against you. You are required to hold sufficient collateral to meet margin requirements, and keep in mind that collateral assets are at risk of liquidation when margin requirements are not met. Please note that even with sufficient margin, your collateral assets may still be at risk of liquidation if a negative balance occurs and the ‘Negative Balance’ setting is turned off, or if your negative balance exceeds the allowable thresholds. 

*To learn more about negative balances on your derivatives account, check out our article: [What are negative balances and negative balance fees in cross collateral trading?](https://support.gemini.com/hc/en-us/articles/22961549369883-What-are-negative-balances-and-negative-balance-fees-in-Cross-Collateral-trading "Negative Balance Explainer")*

Even if you don't have cross collateral enabled, you can still easily fund your derivatives account on Gemini. Simply transfer SGD, USD, or USDC into your derivatives account, and the funds will automatically be converted to GUSD - offering you flexible funding options to suit your needs.

### How to Open a Derivatives Account

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD,BTC, or ETH to your derivatives account
6. Start trading!

Stay tuned for more updates and features to elevate your derivatives trading experience.

Onward and Upward,

The Gemini Derivatives Team

<details>sign up</details>

USDT Now Available as Cross Collateral for Derivatives Trading

Today, we’re thrilled to announce the immediate availability of ETH as collateral when trading derivatives using Gemini’s cross collateral feature.

This means that while Gemini’s perpetual contracts are denominated in Gemini Dollars (GUSD), customers who enable cross collateral will now be able to use ETH, in addition to BTC and GUSD, as collateral to trade perpetual contracts - providing more flexible funding options.

### What is Cross Collateral?

When trading derivatives, you are required to deposit funds, known as collateral, in order to open and maintain derivatives positions. The collateral required to open a position is your __Initial Margin__. The collateral required to keep your position open is known as __Margin maintenance limit__, and the total amount of collateral available for trading is your __Margin Assets Value__.

*To learn more about margin, check out our article: [Gemini Foundation Academy: Understanding Margin and Leverage](https://www.gemini.com/blog/gemini-foundation-academy-understanding-margin-and-leverage "Gemini Foundation Academy: Understanding Margin and Leverage")*.

Collateral serves as a buffer to cover potential losses in the event that your position moves against you. You are required to hold sufficient collateral to meet margin requirements, and keep in mind that collateral assets are at risk of liquidation if margin requirements are not met.

With the cross collateral feature, you can now use BTC and ETH, as collateral for your trades. More assets for cross collateral will be introduced soon.

Even if you don't have cross collateral enabled, you can still easily fund your derivatives account on Gemini. Simply transfer SGD, USD, or USDC into your derivatives account, and the funds will automatically be converted to GUSD - offering you flexible funding options to suit your needs.

### How to Open a Derivatives Account

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD,BTC, or ETH to your derivatives account
6. Start trading!

Stay tuned for more updates and features to elevate your derivatives trading experience.

Onward and Upward,

The Gemini Derivatives Team

<details>sign up</details>

Introducing ETH as Cross Collateral for Derivatives Trading

As the cryptocurrency landscape evolves, staking has become an increasingly popular way for crypto enthusiasts to earn rewards on their holdings. In this blog, we’ll explore what staking is, how it differs from DeFi and traditional lending, and why Gemini’s ethereum staking products are the ideal choice for your investments.

### What is Staking?

Staking involves participating in the validation of transactions on a proof-of-stake (PoS) blockchain like Ethereum. By holding and locking up a certain amount of ether in a wallet, you contribute to the network’s security and operations. In return, you earn rewards in the form of additional ether.

- __Staking:__ You lock up your ether to support the Ethereum network, earning rewards directly related to your participation in the network’s validation process.
- __DeFi (Decentralized Finance) Lending:__ DeFi involves using decentralized applications (dApps) to lend, borrow, or trade assets. Unlike staking, DeFi typically involves interacting with smart contracts to earn interest or other forms of rewards.
- __Traditional Lending:__ This involves depositing money into a bank, which then lends it out to borrowers at a higher interest rate. The bank keeps a portion of the interest as profit, passing a smaller percentage back to you.

At Gemini, we offer two ethereum staking options to cater to different needs:

- __Pooled Staking:__ Designed with simplicity in mind and allows you to start earning rewards without the technical requirements of running a validator. You can join a pool with other users, making staking accessible even if you don’t have the full 32 ether required to run your own validator.
- __Staking Pro (segregated):__ Provides more control and transparency and lets you run your own validator and view your activity on-chain. This option offers a deeper level of involvement and the ability to monitor your staking performance directly.

### Why Stake with Gemini?

- __Competitive APR Rates:__ Maximize your earnings with some of the highest Annual Percentage Rates (APR) in the market. Our use of maximal extractable value, or MEV, boosts your rewards by up to 40%, with 24/7 monitoring of validators. As of June 9, 2024, Gemini's ETH staking APR is 3.73%, placing it in the 95th percentile among major staking pools.*
- __More than $400M in Assets:__ Our staking products have attracted over $400 million in assets from institutions and high-net-worth individuals, reflecting the trust and confidence of our user base. Since inception in November 2022, Gemini users have earned more than $14 million in staking rewards.
- Detailed Reporting: Stay informed with comprehensive staking transaction history and monthly reports.
- __Tax Forms:__ For users who generate more than $600 (USD equivalent) in annual staking income, we provide a Form 1099-MISC to simplify your tax reporting.
- __Enhanced Security:__ The private keys controlling our staking wallets are held offline in an air-gapped system, ensuring high security.

### How To Get Started:

- Sign Up or Log In
- Deposit ETH / Buy ETH 
- Go to Staking 
- Select a Currency
- Start the Staking process

Staking is a powerful way to enhance your ether portfolio while supporting the Ethereum network. Whether you prefer the simplicity of pooled staking or the transparency of segregated staking, Gemini has a solution for you. Start staking with Gemini today and take advantage of all the benefits we offer.

Onward and upward, 
Team Gemini

Discover the Benefits of Ethereum Staking with Gemini

Since launching nine years ago, Gemini has made it our mission to be a responsible custodian powering the expansion of the cryptocurrency ecosystem.

To that end, Gemini is pleased to announce that we were selected as the custodian for [Path Crypto’s Managed Portfolios](https://www.pathcrypto.com/), a robo-advisement investment platform that offers tailored digital investment strategies for retail and institutional investors. 

Path Crypto, a registered SEC investment advisor in the crypto industry, recently launched the Managed Portfolios program in the US and has plans to expand internationally later this year pending regulatory approvals. 

### Why Team Up with Path Crypto? It’s About Access

The cryptocurrency market has experienced explosive growth over the past decade-plus. But the landscape has become increasingly complex. Now, even seasoned investors often find it challenging to keep up with shifting market trends, technological advancements, and evolving state and federal regulations. 

Path Crypto’s Managed Portfolios service helps alleviate these pain points, making crypto less intimidating for novice investors by crafting investment strategies to fit the unique needs of each customer. 

"Managed Portfolios marks a significant milestone in our commitment to simplifying cryptocurrency investing,” Path CEO Joel Birch said. “We believe that everyone should have access to expert guidance and diversified portfolios in the crypto space. This launch represents our dedication to making cryptocurrency investment accessible to all."

Customers can access Managed Portfolios with a minimum investment of $100, making it easier than ever to gain exposure to digital currencies. 

“Gemini shares Path’s mission to broaden access to crypto investing,” said Paget Stanco, a business development principal at Gemini. “We look forward to supporting them with Gemini’s infrastructure solutions to provide secure access to crypto-native trading and custody.”

### Providing the Infrastructure To Support Crypto Investments 

As part of the partnership, Gemini’s infrastructure team will power the Managed Portfolios product’s back-end, allowing Path customers to access their crypto dashboard. Path Crypto takes it from there, using robo-advisor technology to offer investment strategies based on individual risk preferences.

After signing up for Managed Portfolios, Path customers answer a few questions about risk tolerance, and the program team does the rest, creating investment solutions aligned with customers' financial goals. Gemini custodies the cryptocurrency assets, allowing Path Crypto to actively manage crypto portfolios to address changing market dynamics. 

### Regulatory Compliance Made Easy 

Regulatory compliance has become increasingly important in the digital assets industry. After signing up for Managed Portfolios, Gemini will send all the necessary KYC/AML checks to ensure that customer accounts comply with all relevant state and federal regulations. 

Gemini Trust Company, LLC is a fiduciary and qualified custodian under the New York Banking Law and is licensed by the New York State Department of Financial Services (NYDFS). All customer funds held on Gemini are held at 1:1 and available for withdrawal anytime.

Path is an SEC-registered investment advisor, and, like Gemini, has a fiduciary responsibility to ensure assets are managed with the best interests of customers at heart.

Onward and Upward! 
Team Gemini

Gemini Becomes Custodian for Path Crypto's Managed Portfolios Platform

Since the Gemini Credit Card launched in April 2022, customers have earned millions in crypto rewards. Cardholders who kept their crypto rewards saw them more than double thanks to the recent crypto bull run.*

Let’s break down how Gemini Credit Card crypto rewards have performed:* 

- The average value of Gemini Credit Card crypto rewards awarded to cardholders has grown $471
- The top 10% of cardholders’ crypto rewards increased in value by at least $1,286
- The top 10% of cardholders’ crypto rewards increased in value by at least 206%
- The top 50% of cardholders’ crypto rewards increased in value by at least 122%

### Changing the Narrative Around Credit Card Rewards Programs

Unlike many traditional cash-back credit cards where your rewards will devalue over time, the Gemini Credit Card rewards have the power to increase in value. Historically, when consumers signed up for a traditional credit card with cash back, they received between 1% and 5% of the purchase price back and went on with their day. But recently consumers have noticed these legacy programs have not lived up to their billing. 

[In May, a Consumer Financial Protection Bureau report revealed that many who sign up for cash-back rewards cards have experienced numerous issues.](https://www.consumerfinance.gov/about-us/newsroom/cfpb-report-highlights-consumer-frustrations-with-credit-card-rewards-programs/) The CFPB notes, “Credit card companies often use rewards programs as a ‘bait and switch’ by burying terms in vague language or fine print and changing the value of rewards after people sign up and earn them.” These issues are also problematic for cards that offer rewards in airline, hotel or other loyalty points, as those programs regularly cut or decrease benefits. 

In comparison, Gemini Credit Card users’ rewards have the power to grow. Since rewards are paid back in crypto, the value of Gemini Credit Card rewards have showcased their ability to grow after hitting customer accounts as the value of cryptocurrencies have soared. 

### Crypto Rebound Drives Rewards Surge

Gemini Credit Card holders benefited immensely from bitcoin and ether’s recent rallies in particular. The value of bitcoin crypto rewards held by cardholders have appreciated by 141.3%, while ether rewards have appreciated by 119.6%.*

Gemini Credit Card holders have seen positive appreciation on their altcoin rewards. Customers who selected 16 of the alt coins saw their rewards appreciate by more than 100%, 27 of the altcoins appreciated by more than 50%, and 30 saw depreciation.*

Here are a few of the top performing altcoins awarded to cardholders and the appreciation value of those rewards:*

- Fetch.AI (FET) rewards appreciated by 543.8% 
- Solana (SOL) rewards appreciated by 325.5% 
- Render (RNDR) rewards appreciated by 286.7%
- Livepeer (LPT) rewards appreciated by 215.7%

[Find up-to-date crypto prices here
](https://www.gemini.com/prices)
### Additional Benefits

The Gemini Credit Card has no annual fee,** no fee to receive crypto rewards, and no fee on foreign transactions. Rewards are delivered, and customers can alternate between crypto rewards with no penalty. Plus, Gemini Credit Cardholders receive discounted access Peacock Premium, as well as other discounts to Instacart, ResortPass, Lyft, Booking.com, and more. Additionally, they get access to crypto back rewards through merchant reward offers at hundreds of merchant locations.***

The Gemini Credit Card offers up to 4% back on Gas at the pump or EV charging on up to $200 in spend per month(then 1% on all other Gas at the pump and EV charging purchases that month), 3% back on dining, 2% back on groceries, and 1% back on other purchases. Customers can choose to earn those rewards back in bitcoin, ether, or 50-plus other cryptocurrencies available on Gemini.

[Apply for the Gemini Credit Card Now 
](https://creditcard.exchange.gemini.com/credit-card/apply) 
*Appreciation of crypto rewards is an average of equivalent USD value gained or lost across all assets from the time of reward deposit through 5/26/24. Not all digital assets performed positively and some decreased in value. Engaging with crypto involves risk and you are encouraged to seek professional advice. Past performance is no guarantee of future results. A Gemini Mastercard ®. Issued by WebBank. Terms & Conditions apply. 

**The standard variable APR for purchases will be between 18.24% - 30.24%, based on your creditworthiness. After that, your APR will vary with the market based on the Prime Rate. The standard variable APR for cash advances will be 31.24%. This APR will vary with the market based on the Prime Rate. The variable penalty APR is 35.24% and may be applied if you make a late payment or make a payment that is returned. Annual fee—None. Fee for foreign purchases—None. Cash advance fee—either $10 or 3% of the amount of each cash advance, whichever is greater. Late payment fee—up to $8. Returned payment fee—up to $35. Issued by WebBank. Subject to cardholder [Terms and Conditions.](https://www.gemini.com/legal/cardholder-agreement) Subject to [Rewards Program Terms.](https://www.gemini.com/legal/credit-card-rewards-agreement)

***Merchant Rewards Offers is a program for Gemini Credit Card users that offers crypto back on purchases with select merchants subject [Rewards Program Terms.](https://www.gemini.com/legal/credit-card-rewards-agreement#section-receiving-rewards)

Crypto Rewards Appreciate 129% for Gemini Credit Card Customers

For the first time in United States history, crypto has become a significant campaign issue in a presidential election, according to Gemini's upcoming 2024 State of Crypto survey. 

The study found that more than one in five Americans currently own cryptocurrency (21%). Among those who own crypto, the vast majority (73%) plan to consider a candidate’s stance on crypto when they vote for the next president of the United States. More than a third (37%) say that a presidential candidate’s position on crypto would have a significant impact on their vote for president.

The 2024 State of Crypto study explores adoption and attitudes towards crypto among 1,200 Americans and was conducted between May 23, 2024 and June 28, 2024 by Data Driven Consulting Group on behalf of Gemini. As part of the study, 233 cryptocurrency owners were asked about the impact on their vote of a presidential candidate’s crypto stance between June 10 and June 27, 2024.

Thoughtful regulation of crypto continues to be a barrier to entry for Americans who do not own crypto:

- 38% of Americans who do not own crypto say that concerns about laws around cryptocurrency have discouraged them from getting started. 
- Nearly half of non-owners (47%) agree that we need more government regulation of cryptocurrency.
- 41% of non-owners agree there is legal uncertainty around using cryptocurrency.

For current crypto investors, cryptocurrency offers protection from disruptions in the traditional monetary system. However, they recognize there is a need for regulatory clarity in order to increase trust in the crypto industry and protect it from bad actors: 

- Nearly one in five (18%) of crypto owners see crypto as an alternative to government currencies controlled by a central bank. 
- Nearly one in five (18%) of crypto owners think more government oversight of the crypto industry will be positive because it will protect consumers from bad actors.
- 41% of crypto owners say requiring crypto exchanges to comply with strict laws would increase trust in the crypto industry.

As the United States approaches its presidential election in November, crypto holders and crypto investors remain engaged as a critical part of the voting electorate. Gemini supports crypto voter advocacy and education by supporting [Stand With Crypto.](https://www.standwithcrypto.org/partners) 

Onward and Upward! 
Team Gemini

Three in Four Crypto Owners Say Vote for President Will Be Impacted by Candidate’s Crypto Stance

The introduction of crypto ETFs has historically led to increased investor confidence and market liquidity. The approval of spot ethereum ETFs is therefore expected to boost ethereum's overall profile, if not its market position. Historically, the introduction of ETFs has led to increased investor confidence and market liquidity. 

[Some analysts predict that spot ether ETFs will attract substantial institutional investment, similar to the influx seen with spot bitcoin ETFs, which pulled in over $58 billion within five months of their approval.](https://www.fxempire.com/news/article/ethereum-spot-etf-approved-by-sec-1432576) But not everyone believes it will be a boon to the ecosystem. [One analyst predicted spot ether ETFs won’t rival spot bitcoin ETFs, suggesting the price of ether could drop by as much as 30% following their launch.](https://cointelegraph.com/news/ether-price-could-fall-after-ethereum-etfs-launch) The reason for this, some argue, is that investors might have overestimated the positive price action which can be expected from the launch of these ETFs, and could be causing the current price of ETH to be inflated.

[Crypto analytics firm K33 Research had a more measured prediction, saying ether ETFs could attract around $5 billion in inflows in the first five months of trading.](https://www.coindesk.com/markets/2024/06/04/ether-price-poised-for-supply-shock-as-etfs-may-attract-4b-inflows-in-five-months-k33-research-says/) The firm's forecast is based on an analysis of assets under management for existing ether-based exchange-traded products globally, comparing them to similar bitcoin products. Additionally, K33 Research examined the open interest (OI) in futures contracts on the Chicago Mercantile Exchange (CME), a key platform for institutional investors.

Currently, ether's OI on CME is 23% of that of BTC futures. However, since the introduction of ether  futures on CME in 2021, the average share has been 35% of bitcoin  futures, indicating there’s untapped institutional demand for ether in the US.

### Regulatory Challenges

Despite sunny predictions of multi-billion dollar inflows, the introduction of spot ether ETFs will not be without its challenges. For one, the SEC’s approval process involves rigorous scrutiny, addressing issues such as custodianship, market manipulation, and regulatory compliance. That could keep some asset managers from jumping in with ETFs of their own. 

While the approval generally suggests a positive regulatory stance, spot ether ETFs only began trading after the necessary S-1 registration documents were finalized, a process that took months. This requirement alone might also be enough to result in only a select few providers being approved. 

However, the SEC’s approval implies that ether is not currently viewed as a security – something which will also come as good news for proponents of crypto. This regulatory clarity could reduce investor skepticism.

### The Ethereum Knowledge Gap

As digital assets still represent a small portion of many institutional investor portfolios, some investors might opt for the more widely known bitcoin spot ETF, which are based on a more widely traded asset. 

[Some analysts have suggested ethereum ETFs have the potential to compete effectively with their bitcoin counterparts, but only if the Ethereum network focuses on its more ‘digital-native’ appeal in comparison to Bitcoin’s ‘mainstream’ appeal. 
](https://cointelegraph.com/news/spot-ether-etf-challenges-lie-ahead-valuation-problems-fireblocks)

When investing in an ether spot ETF, investors have greater exposure to crypto sectors such as layer-2s and DeFi than they would with the BTC equivalent – which might act in Ethereum’s favor. Another aspect of these ETFs which might appeal to investors is the fact that Ethereum is a proof-of-stake blockchain. As a result, investors will be building the blockchain they're investing in, simply by holding shares in spot ether ETFs.  

Onward and Upward,

Team Gemini


Spot ETH ETFs Have Arrived. How Will They Impact Crypto? 

VanEck took an early lead in the mission to bring spot bitcoin ETPs (exchange-traded products) to market, and now the investment management firm is doing the same with spot ethereum ETPs. Today, Gemini is proud to announce we will operate as the custodian for VanEck’s highly anticipated spot ether ETP, VanEck Ethereum ETF (Ticker: ETHV), [just months after joining forces with VanEck for a spot bitcoin ETP. 
](https://www.gemini.com/blog/gemini-named-as-custodian-on-vanecks-newly-launched-spot-bitcoin-etf)
### A Landmark Offering

[In 2013, Gemini founders Cameron and Tyler Winklevoss laid the groundwork for crypto ETFs by applying with the SEC for a bitcoin fund.](https://archive.nytimes.com/dealbook.nytimes.com/2013/07/01/first-name-in-the-first-fund-for-bitcoins-winklevoss/) More than a decade later, Gemini is still pushing to help increase crypto adoption. 

[The launch of ETHV marks a key milestone for the crypto industry after the SEC approved spot ether ETPs in May.](https://www.reuters.com/technology/us-sec-approves-exchange-applications-list-spot-ether-etfs-2024-05-23/) VanEck has been instrumental over the past few years in the ongoing dialogue around bringing spot crypto ETPs to market and consistently filing applications to drive the process forward. As one of the first to list these financial products in the US, VanEck and Gemini have made a shared commitment to providing access to secure and compliant crypto products. 

ETHV is now available to trade on the Cboe BZX Exchange. 

### Supported by Gemini’s Regulatory Expertise 

Gemini Fund Solutions (GFS) offers a wide range of comprehensive solutions tailored specifically for crypto ETFs and funds. These services include custody, clearing/settlement, trading, and other capital markets functions. 

This includes maintaining robust financial and security compliance standards, demonstrated by completing SOC 1 Type 2 and SOC 2 Type 2 examinations certified by Deloitte. Additionally, assets held with Gemini Trust Company are fully segregated for the benefit of fund owners.

The launch of the VanEck spot ethereum ETP is a monumental advancement for the digital assets space, and we’re excited to be building on our partnership with VanEck to increase crypto adoption. 

Onward and Upward!

Team Gemini


Gemini Is Proud To Be the Custodian for VanEck’s Spot Ethereum ETP 

At Gemini, securing and protecting customer assets and personal information is our top priority. 

To ward off potential scams, Gemini security engineers engage in “threat hunting.” To identify a scammer, they set up dummy accounts, get phished on purpose, and then work backward to identify potential avenues to disrupt the campaign quickly. 

Earlier this year, Gemini security analyst Rick Ramgattie presented at the BSidesSF security conference in San Francisco on the perils of phishing. [Dubbed “Hook, Line & Tinker: A Dive Into Phishing Company Sites," Ramgattie's 30-minute talk went in-depth into how he roots out malicious actors through his work at Gemini and elsewhere.](https://www.youtube.com/watch?v=ixHjfxWH_H0) 

This blog highlights a few examples from the presentation. 

### The Perils of Adversary in the Middle (AiTM) Phishing Attacks:

Adversary in the Middle (AiTM) phishing attacks have become increasingly popular among cybercriminals, posing significant risks to individuals and organizations alike. Unlike traditional phishing methods, AiTM attacks involve a malicious actor configuring a reverse proxy like [Evilginx](https://github.com/kgretzky/evilginx2) to forward communications between the victim and a legitimate service, often in real time. This sophisticated technique allows attackers to bypass traditional multi-factor authentication (MFA) and gain unauthorized access to sensitive information, making it a particularly dangerous threat in the current cybersecurity landscape.

In the first example presented by Ramgattie , a phishing site took the user’s login info (i.e. username and password) and forwarded it to the actual site. If the credentials were valid, the phishing site would ask the user for their 2FA code and sign into the victim’s account.

“This is why I originally called it a proxy ATO,” Ramgattie said. “My input was being proxied by something I didn’t know about.” 

Ramgattie ascertained that the scammers were using automation (ex. 2Captcha) to solve the real site’s CAPTCHA based on the speed between when the user entered their credentials into the phishing site and when the request was received by the real site. This discovery highlighted that traditional anti-automation controls are ineffective against modern AiTM attacks. 

Given this discovery, Ramgattie began reviewing the logs for confirmed compromised accounts and determined that the attacker was changing each victim's email address as soon as they signed into their account. At first this appeared to be a [persistence tactic](https://attack.mitre.org/tactics/TA0003/), but closer analysis of this fraud control helped him realize this was meant to serve as a means to obtain access to the underlying validation link emailed to the user. 

Ramgattie’s solution: Require access to the inbox of the account's current email address before allowing changes. It worked. The attacker could not access the verification link sent to the original email address, and it prevented further losses. 

### Identifying Phishing Sites through Referer Leaks

Threat actors play the numbers game when trying to lure users into sharing their credentials, deploying hundreds of sites to host their phishing campaigns. 

While analyzing phishing campaign sites, Ramgattie learned that attackers sometimes disclose their infrastructure when they attempt to redirect victims to the genuine site.

In Ramgattie’s second phishing example, he found numerous sites configured to steal user login information. Many of these sites featured a Gemini image that redirected the user to the phishing site. When Ramgattie tried to log in with fake or true credentials, he received an error message that contained a link redirecting him to Gemini’s real login page.

In this case, no “adversary in the middle” was orchestrating an account takeover. So Ramgattie checked the back-end for every single request issued on his browser to understand the attacker’s strategy.

“Every time somebody put their credentials into the real site, their back-end was sending an email with the credentials to a collection of email addresses,” Ramgattie said. “They were harvesting the credentials. I was able to figure that out because they did a poor job of setting up their server.”

Ramgattie found more than 200 phishing sites for that campaign. And it often took hosting providers more than a week to take down these sites. Even worse, many email providers offered no means to report the harvesting activity without email headers.

### The Brazilian Email Problem

For Ramgattie’s final example, he showed an instance when Gemini users were subjected to an email phishing campaign which claimed they were going to receive crypto assets via airdrop. But there were myriad signs that it was a phishing scam:

For one, the email address included the word “ecomotor,” which has nothing to do with Gemini or its products.

If users didn’t notice and continued to click on the “proceed now” button, it directed them to a landing page that appeared identical to Gemini’s homepage. From there, it prompted them to enter the pin provided on the previous page, and subsequently to connect to a Web3 wallet. If the victim approved the transfer, it would clean out their wallet. 

This was an example of a phishing site leveraging Gemini’s brand to swindle users. 

[Fortunately, MetaMask allows you to report domains that are using sites for phishing campaigns.](https://support.metamask.io/privacy-and-security/how-to-report-a-scam/) Reported domains will get automatically blocked if MetaMask users visit the page. From the perspective of protecting users, this will likely be faster than reporting it to hosting providers; at least it was for us.

Onward and Upward! 
Team Gemini

BSidesSF Recap: A Dive Into Fighting Phishing Scams

Today we are excited to announce that Gemini has signed a five-year sponsorship agreement with Real Bedford Football Club. The deal will be paid upfront in bitcoin, support the club’s continued success, and boost opportunities for children in the local community. 

The long-term agreement cements Gemini’s commitment to supporting Real Bedford in its quest to reach the Premier League. It follows a recent announcement that Winklevoss Capital, the investment firm owned by Gemini founders, Tyler and Cameron Winklevoss, [made a $4.5 million bitcoin investment into the club in April 2024.](https://www.gemini.com/blog/cameron-and-tyler-winklevoss-invest-usd4-5m-of-bitcoin-into-real-bedford) 

Real Bedford, a non-league football club based in Bedford, was acquired by journalist, Bedford resident and host of the “What Bitcoin Did” podcast, Peter McCormack. Known as the “Bitcoin football team”, the club has fully integrated Bitcoin into its infrastructure, allowing players to receive payments in Bitcoin and fans to purchase tickets and merchandise using the nascent currency. With a shared vision for supporting the growth of the digital economy and financial inclusion, [Gemini began sponsoring the club in 2022.](https://www.gemini.com/blog/community-bitcoin-real-bedford-fc-sponsorship)

Gemini’s five-year sponsorship deal, one of the longest multi-year shirt sponsor deals outside of the UK’s professional game, will be paid directly into the club’s Bitcoin treasury. This treasury supports the club’s ambitious goals by safeguarding it against high inflation. With plans to develop a new training centre and launch a youth football academy focused on underprivileged children in the Bedford region, the treasury plays a vital role in protecting the club’s savings and investments. 

Today’s announcement follows the club’s recent successes, having achieved two consecutive league promotions and cup wins in the last two seasons, with an 81% win rate.

"Our strategic five-year deal reaffirms our continued conviction that Real Bedford — powered by Bitcoin and Peter’s leadership — has the ability to defy the odds, upset the establishment, and dethrone incumbents,” said Marshall Beard, COO of Gemini. “Through our investment, Real Bedford’s balance sheet will be fortified with digital assets, giving them advantages on and off the pitch. We can’t wait to see what the club achieves in the coming years.” 

Peter McCormack, Club Owner of Real Bedford, said, “I want to extend a massive thank you to Gemini for renewing their sponsorship agreement with Real Bedford for another five years. By accepting payment in Bitcoin, this deal strengthens our economic foundations. In today's climate of reckless government economic policies, marked by massive borrowing, high inflation, and soaring interest rates, hardworking people are bearing the financial burden." 

"While the government continues to stifle the productive class, bitcoin offers a lifeline, providing individuals and businesses a way to safeguard their financial future," McCormack added. "By integrating bitcoin into our treasury, we have achieved a 62% return, thereby strengthening the club's financial position and protecting our cost base against the recent surge in inflation. Real Bedford is happy to share its Bitcoin strategy with any other club or business feeling the strain of the current economic environment.”

Onward and Upward! 
Team Gemini

Gemini Signs Five-Year Sponsorship Deal with Real Bedford 

We heard your feedback about how to elevate [ActiveTrader](https://www.gemini.com/activetrader). So we went to work. 

Today, we’re introducing ActiveTrader Reimagined, Gemini’s updated high-performance trading tool built to give you full control of your crypto trading experience.

The new ActiveTrader interface offers enhanced usability and more customization. And you can now work smarter and more efficiently with Gemini’s new Dual Markets tool, adjustable layouts, improved analysis features, and more. 

Here’s a look at what the new ActiveTrader will do for you: 

## Dual Markets: Make Multiple Trades Simultaneously

The new Dual Markets feature on ActiveTrader improves the Gemini experience for professional traders seeking efficiency and flexibility. 

This feature allows users to have two trading pairs open in a single window, including the ability to monitor and trade both spot and derivatives markets simultaneously for customers in derivatives-enabled jurisdictions. 

Now, traders can execute more sophisticated strategies and hedge positions in real-time without switching between markets. This enhancement not only streamlines the trading experience but also empowers traders with the tools to make faster, more informed decisions in the market.

![03B AT Re](//images.ctfassets.net/jg6lo9a2ukvr/7tKrhw4wx6r9gRKUGtiuGt/b1176899099577e74cbd1a7d42aa3b07/03B_AT_Re.png)

## Introducing Adjustable Dashboards  

When you’re trading crypto, it’s easy to lose sight of an important chart or coin, especially when you’re trying to multitask. 

With ActiveTrader’s adjustable dashboard, you can expand or reduce the size of your ActiveTrader panels to highlight the most important charts and tailor your dashboard to your preferences.

![02B AT Re](//images.ctfassets.net/jg6lo9a2ukvr/7qtJZVhK7ioXfIuPYxeoIY/544344b694814beb430f3142c941e923/02B_AT_Re.png)

## Price and Market Tickers Along Your Screen

[Crypto prices](https://www.gemini.com/prices) move quickly. Volatility is often the norm. When trading, speed is paramount. 

That’s why we are now displaying  on-screen tickers on ActiveTrader. You’ll be able to view market movements in real time so you’re always up-to-date on your preferred tokens. 

![06B AT Re](//images.ctfassets.net/jg6lo9a2ukvr/3RazCRr65B0NBtVEXIZCRp/7c2928ea3fdc4c5204908ded2ad6c825/06B_AT_Re.png)

## Additional Features and More

In case you missed it, here are some of our other features that we recently launched on ActiveTrader.

- TradingView Charts
- New trading pairs (SOL/BTC, SOL/ETH)
- Mobile stop-limit orders
- Mobile Limit order shortcut buttons

![05B AT Re](//images.ctfassets.net/jg6lo9a2ukvr/bpRSJlRaeGla6XLKlQ1M0/a10178e983568c18f25570b42fe7b53f/05B_AT_Re.png)

We want to hear from you! Send us your feedback on the new design and features by clicking the feedback button in the top right corner of your [ActiveTrader](https://www.gemini.com/activetrader) interface. 

Stay tuned as we continue enhancing the Gemini trading experience.

Onward and Upward!

Team Gemini


ActiveTrader Reimagined: Gemini’s Top Trading Tool has a New Interface, Dual Markets Feature, and Adjustable Dashboard

We’re excited to announce the growth of our Asia Pacific (APAC) leadership team with two new strategic hires – Vijay Ayyar, Head of Consumer Growth APAC, and Vijay Selvam, General Counsel APAC. These appointments underscore our commitment to the region and dedication to serving our APAC users.

### Vijay Ayyar, Head of Consumer Growth, APAC

In his new role, Vijay will spearhead efforts across APAC to expand Gemini’s consumer business and offerings, including regional expansion and enhancing the Gemini user experience. He will play a vital part in making cryptocurrency accessible and empowering for individuals throughout APAC, further solidifying Gemini’s presence in the region.

Before joining Gemini, Vijay served as VP, International Markets for CoinDCX, India's largest crypto platform, where he helped launch their global trading app across 100+ countries. Preceding that, Vijay spent over seven years at Luno, an emerging markets crypto wallet and exchange, where he helped the company scale to 10M+ customers across 40 markets. Prior to his foray into crypto, Vijay held various roles at Google, Youtube, and PwC. Vijay holds a degree in electrical engineering from IIT Bombay in India and an MBA from INSEAD, France.

### Vijay Selvam, General Counsel, APAC

Vijay Selvam joins us as General Counsel for APAC. In this role, Vijay will be responsible for overseeing all legal and regulatory matters in the region, upholding Gemini’s ethos of proactive regulatory engagement. 

Vijay is a New York State Attorney, UK Solicitor and Indian Advocate, having worked at law firms in New York and London. He spent over 10 years at Goldman Sachs in New York, Hong Kong and Singapore, where he was APAC Head of Finance and Corporate Legal, covering structured investment products and capital markets transactions. He has also served as General Counsel of the first NASDAQ-listed digital assets firm, Eqonex.  Vijay holds law degrees from Harvard Law School and Oxford University.

"These additions to our APAC leadership team represent a significant milestone for Gemini. Their extensive experience and deep understanding of the crypto landscape will be invaluable as we continue to innovate and expand our offerings,” said Saad Ahmed, Head of Asia Pacific at Gemini. “We are well-positioned to continue driving growth and delivering exceptional value to our customers across the region.”

This is an exciting time for Gemini as we continue to strengthen our footprint in the region. The future is bright and we’re confident that these new members of our team will play a key role in helping us achieve our vision.

Onward and Upward,

Team Gemini

Expanding the Gemini Asia Pacific (APAC) Leadership Team

Last week at Consensus, Gemini COO Marshall Beard (pictured far right) joined Dragonfly partner Rob Hadick and Sheila Warren, the CEO of the Crypto Council for Innovation, for a panel discussion about  “Which Countries Will Win The War for Web3?”

Led by podcast host Aubrey Strobel, the discussion hit on a wide range of topics impacting the digital asset ecosystem, including crypto legislation making its way through Congress, which countries have emerged as crypto and Web3 leaders, and a lot more.

Here are a few takeaways: 

## When It Comes to Crypto and Web3, the US Is Trailing 

Strobel kicked off the discussion by asking which countries are winning when it comes to crypto and Web3 and what winning entails. Each panelist was clear that the United States could be doing a lot more. 

Hadick said he judged success through the lens of retail and institutional adoption as well as capital formation. 

“From a venture perspective it is really around adoption and who's actually using it,” he said. “And so when I look at it from that lens, my perspective is that we're seeing a lot more winning happening right now in Asia than we are in places like the US.” 

Warren cited the lack of regulatory clarity as part of the reason the US has lost developers to Asia but noted that plenty have stuck it out in the US. She also pointed to the notion that operating in an environment with elevated risk–regulatory or otherwise–is simply not appealing to companies, especially if the rules constantly shift.

“We know that people do not want to build in places that feel really risky and risk is everything for a company,” she said. “If I have to suddenly change operations that could be extremely expensive.

“The rules might change around me, you know, and it feels like quicksand,” she said. “And so the United States is certainly not leading the charge in that area.”

Beard echoed Hadick and Warren, noting that winning ultimately comes down to what the customer wants. For crypto, that often depends on the jurisdiction in which they live, according to Beard. For instance, a stablecoin is often more appealing for a user in Africa, where the payment rails are less reliable, compared to one in the US.

Either way, it’s clear US regulators could be doing more.

“You're seeing more developed nations do this a little quicker in Canada, in the UK, Europe, and Dubai,” Beard said. “You're seeing countries kind of follow the lead.

“No one's really following the US right now, which is unfortunate,” he added. “But I think that real adoption globally will actually need to stem from the US."

## Political Winds in US Favor Crypto, but Challenges Remain

Crypto investors in the US do have reason for optimism.

Last month, the US House of Representatives passed FIT21, a comprehensive bill that offers regulatory clarity and consumer protections for the digital asset ecosystem in the US. Even though the bill was authored by Republicans and cosponsored by Congressman Patrick McHenry (R-NC), it received 71 votes from Democrats. 

Warren, whose team at the Crypto Council for Innovation [lobbied](https://x.com/GeminiInsti/status/1799140979112296678) for the bill, said she wasn’t ready to celebrate until it goes through the US Senate. But she was encouraged that the House version had received bipartisan support

“What we demonstrated was that people are making up their own minds,” Warren said. “They're not following a party line, they're not lining up like ducklings behind Elizabeth Warren.”

Hadick had a less favorable view of the recent stablecoin bill introduced by Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY). He cast doubt on whether anything would get signed into law in 2024, noting the way it is currently written could send the stablecoin market into chaos, in part because it would create a US agency which would have to enforce stablecoin laws internationally.

“I think it's just gonna be a quagmire, especially with over $100 billion outstanding and mostly being used in places like Latin America and Southeast Asia,” he said. “It opens up this can of worms for that potential enforcement that throws the whole stable market, I think into disarray.”

Meanwhile, Beard said he didn’t think crypto would be a single-issue topic for many voters, including himself, but was encouraged by the fact that Donald Trump, president Joe Biden and third-party presidential candidate Robert F. Kennedy Jr. had embraced crypto to varying degrees. 

“You see Trump take a liking to crypto in the past few weeks and then all of a sudden, Biden is backtracking a little bit and being more positive toward it as well,” Beard said. “I think all of that is generally an incredible thing for the industry coming into the election.”

RFK Jr. attended Consensus in person, speaking on the main stage to offer his support for the industry.

“He's here around the conference, you know, this week, which is incredible to show his support,” Beard said. “Our presidential nominees taking an interest is a positive for the industry.”

## It’s Not Easy to Keep Talent From Heading Abroad

Late in the panel discussion, Strobel asked if the APAC region was truly “kicking our butt” when it came to attracting crypto developers and other Web3 talent. Hadick would not go that far but acknowledged he was seeing some founders and developers moving elsewhere.

“We've seen a lot of these multiple passport founders who came to the US, they maybe went to Stanford or MIT or Harvard, who are saying, you know what I'm gonna go back there and I'm going to build (in APAC), when before they might have stayed in New York or the Bay,” he said. 

Warren noted that some APAC countries have a distinct cultural advantage when it comes to Web3 and crypto adoption. 

“A lot of these countries potentially were digitally native half a generation before the United States, they were more primed to be crypto native,” she said. 

Gemini has a Singapore office with roughly 50 employees. The company is currently operating through an exemption from the Monetary Authority of Singapore, pending a full license. Beard said he’s noticed the exodus. 

“I think in the last couple of years the US has been forcing talent into APAC,” Beard said. “I've seen teams, big trading firms and folks that basically stopped having US personnel and moving them all into the APAC region.”

Beard also said Canada is a “sleeping giant” when it comes to crypto. One reason: Canada has commissioned spot Ethereum ETFs going back years; the US only approved spot bitcoin ETFs in January and has yet to officially approve spot ETH ETFs, though the SEC appears like it will grant approval soon. 

“They were the first global player to list bitcoin and spot ethereum ETFs,” Beard said. “We made a big deal of them being launched in the US, but they've been live and active in Canada for many years now.”

Onward and Upward!

Team Gemini 

*This material is for informational purposes only and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of Gemini. Gemini, its affiliates and its employees do not make any representation or warranty, expressed or implied, as to accuracy or completeness of the information or any other information transmitted or made available. Buying, selling, and trading cryptocurrency involves risks, including the risk of losing all of the invested amount. Recipients should consult their advisors before making any investment decision. Any use, review, retransmission, distribution, or reproduction of these materials, in whole or in part, is strictly prohibited in any form without the express written approval of Gemini.

Gemini Talks Web3, US Crypto Regulation, and Talent Drain at Consensus Panel With Crypto Industry Heavyweights

We are thrilled to announce a significant enhancement to [Gemini Foundation](https://www.gemini.com/derivatives "Gemini Crypto Derivatives") that will streamline your trading process like never before. Effective immediately, customers can now transfer SGD from their spot account directly into their Gemini derivatives account, via ActiveTrader on web, where it will be automatically converted to GUSD with no fees.

This means that customers with SGD are no longer required to purchase GUSD or BTC to trade derivatives. Instead, the entire process of conversion to GUSD will be automated, and no fees will be charged to the customer.

Gemini Foundation is a non-US derivatives platform that currently hosts over a dozen crypto perpetual contracts for trading, including BTC/GUSD, ETH/GUSD, XRP/GUSD, and SOL/GUSD perpetual contracts, along with many others.

Gemini Foundation’s derivatives product is available in select jurisdictions globally. The full list of available countries can be found [here](https://www.gemini.com/derivatives "Gemini Crypto Derivatives"). It is not available to customers in the United States of America, United Kingdom, or the European Union. 

### How It Works

1. __Initiate Transfer__: Simply transfer SGD from your spot account to your derivatives account on ActiveTrader via web. 
2. __Confirm Transfer__: Review and confirm your transfer request and exchange rate.
3. __Automated Conversion__: Upon arrival in your derivatives account, SGD will be automatically converted into GUSD at the stated exchange rate. No fees will be charged to the customer as a result of this conversion.
4. __Start Trading__: With your funds now in GUSD, you can execute trades and explore the various perpetual contracts offered on our derivatives platform.

### Opening a Derivatives Account

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. Log on to ActiveTrader via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer SGD/GUSD/BTC to your derivatives account

Stay tuned as we continue to introduce more features and enhancements to elevate your trading experience. To learn more about Gemini Foundation, please visit [www.gemini.com/derivatives](https://www.gemini.com/derivatives "Gemini Crypto Derivatives"). 

Onward and Upward,

The Gemini Derivatives Team

<details>sign up</details>

Introducing Seamless SGD to GUSD Transfers on Gemini’s Derivatives Platform

You want more? We're giving you more!

Announcing the latest expansion of our derivatives trading competitions on the [Gemini Leaderboard](http://www.gemini.com/leaderboard "Gemini Leaderboard") - the P&L Playoff Monthly Challenge!

__Starting now, alongside our daily competitions, we're thrilled to introduce a monthly showdown where the derivatives trader with the highest number of wins at the end of every month in our daily P&L Playoff competition, will win the grand prize of $5000 GUSD.__

Just like our daily P&L Playoff competition, the monthly version of P&L Playoff is open to customers in any of our derivatives-supported jurisdictions. Institutional account holders are not eligible. The winner will be determined at the end of every month, running from the first day of the month at 00:00:00 UTC to the last day of the month at 23:59:59 UTC. Winners will be notified via email.

The prize will be credited directly to the winner’s Gemini derivatives account within 72 hours after the end of each competition period.

Running concurrently with all our daily trading competitions, we’re upping the ante to enhance your trading experience on Gemini.

### How to Join

You will need a Gemini derivatives account and be part of our Gemini Leaderboard in order to qualify.

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For Gemini users who have yet to activate their derivatives account, follow these steps:

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD or BTC to your derivatives account

With your Gemini derivatives account set up, you are now ready to join the Gemini Leaderboard. __Please note that you must join the Gemini Leaderboard to qualify for any of our derivatives trading competitions.__

1. In your derivatives account, select “Join the Gemini Leaderboard”
2. Enter your customized Geminym and profile picture. Your Geminym is the alias that will be displayed on the Gemini Leaderboard to represent you
3. Agree to the terms and conditions
4. Congratulations! Welcome to the Gemini Leaderboard

Get ready - P&L Playoff May Challenge starts now. 

Good luck and happy trading!

Onward and Upward,

The Gemini Derivatives Team

*Gemini’s derivatives product is available in select jurisdictions globally. It is not available to customers in the United States of America, United Kingdom, the European Union, or other prohibited jurisdictions.* 

<details>sign up</details>

Introducing the P&L Playoff Monthly Challenge - $5,000 GUSD Up For Grabs

The Olympics. The World Cup. The US presidential election.

A Bitcoin halving event. 

Each draws the world’s attention every four years. Each generates intense debate. 

For now, a BTC halving event might bring in a slightly smaller contingent than a US presidential election or the Olympics. However, it’s still a momentous occasion. The debate over how the latest halving, which is expected Friday, will impact the [price of BTC](https://www.gemini.com/prices/bitcoin) has raged on for months. 

Some analysts have speculated the halving could send the price of BTC skyrocketing. Others have argued the halving was priced in during BTC’s surge in price over the past year-plus. With the halving looming, let’s review what it entails and take a closer look at the debate.

## What is a Bitcoin Halving Event?

A halving is when BTC’s underlying blockchain cuts in half the availability of new rewards. It occurs when miners add 210,000 blocks to the network–usually every four years–and is meant to limit the amount of BTC supply in the market, keeping inflation down but cutting into profit margins for miners. 

As part of the latest halving, the block reward–the monetary incentive miners receive for validating transactions on the blockchain– will drop to 3.125 BTC, down from 6.25 BTC during the previous halving event in 2020 and from 12.5 BTC in 2016. 

Satoshi Nakamoto, the pseudonym for the person or group who founded Bitcoin in 2009, capped the total BTC that will be produced at 21 million. And miners haven’t reached that threshold yet. Analysts estimate that there was roughly 19.68 million BTC circulating in the market as of April. As a result, halving events will continue to occur every four years until 2140.

## The Bull Case for the Halving 

Some BTC bulls predict the price of BTC will hit $150K by the end of 2024 following the latest halving event. After all, BTC has surged each time the rate of new supply has diminished.  

Consider that in 2012, the price of BTC jumped 90x from the day of the halving to the top of the cycle. In 2016, it jumped 30x from the day of the halving to the top. And in 2020, it jumped from 8x from the day of the halving to its peak.

BTC bulls insist that limiting the supply of BTC has helped it retain its value over time and arguably made it more resistant to inflationary pressures faced by fiat currencies. Now, increasing participation from retail and institutional actors is driving up the price because of simple supply-and-demand economics. As with precious metals such as gold or silver, limiting new supply makes BTC more valuable. 

“Everything went up so fast already this year, there’s just a lot of activity, a lot of adoption, new regulation, ETFs, the halving, miners needing to get out,” [Gemini COO Marshall Beard told CNBC](https://www.cnbc.com/2024/04/08/ripple-ceo-crypto-market-to-double-in-size-to-5-trillion-in-2024.html).

“You’re going to see violent moves up and down until that new all-time high, which I think will be $150,000,” Beard added. “It probably happens this year. I think it moves so fast ... and I think that momentum, the supply shock, it moves crazy quickly.”

Claire Ching, Head of Institutional at Gemini, said the hype about the upcoming halving is likely outpacing the impact but acknowledged she’s still bullish overall. 

“I'm increasingly in the camp that it's more narrative this time around,” she said. “Daily supply will be halved, but as a percentage of average daily volume, it's an insignificant amount. The price of BTC will remain skewed on the demand side of the equation, with ETFs and the institutionalization of bitcoin being a big driver of that.”

## The Bear Case for the Halving 

On the flip side, there are no guarantees a halving will push BTC’s price up and to the right. Over the past year, the price of BTC has surged more than 100%, in part because of anticipated interest rate cuts from the Federal Reserve and a massive inflow of capital into spot BTC ETFs.

Predicting BTC price swings is inherently difficult, but some analysts maintain BTC will face significant pressures post-halving because it will make mining less profitable. 

Markus Thielen, head of research at 10x Research, said in a note that the halving could [lead to a $5B selloff from miners post-halving](https://www.thestreet.com/crypto/markets/bitcoin-halving-could-drive-5-billion-liquidations-research-firm-warns). And he's since sold out of his tech and crypto positions, a[rguing both are at a crucial tipping point](https://cointelegraph.com/news/stocks-crypto-edge-significant-correction-10x-research) because of delayed interest rate cuts, inflation, and high bond yields.

“The overhang from this selling could last four to six months, explaining why Bitcoin might go sideways for the next few months — as it has done following past halvings,” Thielen said.

Thielen took his argument a step further, saying BTC liquidations could amount to roughly $100M bitcoin per day when miners sell their recent acquisitions post-halving, leading to a supply-and-demand imbalance.

Said Thielen: “Other miners will likely follow a similar strategy to liquidate part of their inventory gradually.”

In anticipation of the halving, [some mining companies have built reserve funds](https://www.wired.com/story/bitcoin-miners-halving/) to combat the drop in profitability. But others that have struggled to break even in the current environment will likely face additional strain in the coming months.

The price of BTC had dipped more than 2% this week as of Friday at 2 pm ET, hovering above $64K. 

*This material is for informational purposes only and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of Gemini. Gemini, its affiliates and its employees do not make any representation or warranty, expressed or implied, as to accuracy or completeness of the information or any other information transmitted or made available. Buying, selling, and trading cryptocurrency involves risks, including the risk of losing all of the invested amount. Recipients should consult their advisors before making any investment decision. Any use, review, retransmission, distribution, or reproduction of these materials, in whole or in part, is strictly prohibited in any form without the express written approval of Gemini.

BTC Halving Gif

Unpacking the Arguments Over Upcoming Bitcoin Halving Event

The Olympics. The World Cup. The US presidential election.

A Bitcoin halving event. 

Each draws the world’s attention every four years. Each generates intense debate. 

For now, a BTC halving event might bring in a slightly smaller contingent than a US presidential election or the Olympics. However, it’s still a momentous occasion. The debate over how the latest halving, which is expected Friday, will impact the price of BTC has raged on for months. 

Some analysts have speculated the halving could send the price of BTC skyrocketing. Others have argued the halving was priced in during BTC’s surge in price over the past year-plus. With the halving looming, let’s review what it entails and take a closer look at the debate.

## What is a Bitcoin Halving Event?

A halving is when BTC’s underlying blockchain cuts in half the availability of new rewards. It occurs when miners add 210,000 blocks to the network–usually every four years–and is meant to limit the amount of BTC supply in the market, keeping inflation down but cutting into profit margins for miners. 

As part of the latest halving, the block reward–the monetary incentive miners receive for validating transactions on the blockchain– will drop to 3.125 BTC, down from 6.25 BTC during the previous halving event in 2020 and from 12.5 BTC in 2016. 

Satoshi Nakamoto, the pseudonym for the person or group who founded Bitcoin in 2009, capped the total BTC that will be produced at 21 million. And miners haven’t reached that threshold yet. Analysts estimate that there was roughly 19.68 million BTC circulating in the market as of April. As a result, halving events will continue to occur every four years until 2140.

## The Bull Case for the Halving 

Some BTC bulls predict the price of BTC will hit $150K by the end of 2024 following the latest halving event. After all, BTC has surged each time the rate of new supply has diminished.  

Consider that in 2012, the price of BTC jumped 90x from the day of the halving to the top of the cycle. In 2016, it jumped 30x from the day of the halving to the top. And in 2020, it jumped from 8x from the day of the halving to its peak.

BTC bulls insist that limiting the supply of BTC has helped it retain its value over time and arguably made it more resistant to inflationary pressures faced by fiat currencies. Now, increasing participation from retail and institutional actors is driving up the price because of simple supply-and-demand economics. As with precious metals such as gold or silver, limiting new supply makes BTC more valuable. 

“Everything went up so fast already this year, there’s just a lot of activity, a lot of adoption, new regulation, ETFs, the halving, miners needing to get out,” [Gemini COO Marshall Beard told CNBC](https://www.cnbc.com/2024/04/08/ripple-ceo-crypto-market-to-double-in-size-to-5-trillion-in-2024.html).

“You’re going to see violent moves up and down until that new all-time high, which I think will be $150,000,” Beard added. “It probably happens this year. I think it moves so fast ... and I think that momentum, the supply shock, it moves crazy quickly.”

Claire Ching, Head of Institutional at Gemini, said the hype about the upcoming halving is likely outpacing the impact but acknowledged she’s still bullish overall. 

“I'm increasingly in the camp that it's more narrative this time around,” she said. “Daily supply will be halved, but as a percentage of average daily volume, it's an insignificant amount. The price of BTC will remain skewed on the demand side of the equation, with ETFs and the institutionalization of bitcoin being a big driver of that.”

## The Bear Case for the Halving 

On the flip side, there are no guarantees a halving will push BTC’s price up and to the right. Over the past year, the price of BTC has surged more than 100%, in part because of anticipated interest rate cuts from the Federal Reserve and a massive inflow of capital into spot BTC ETFs.

Predicting BTC price swings is inherently difficult, but some analysts maintain BTC will face significant pressures post-halving because it will make mining less profitable. 

Markus Thielen, head of research at 10x Research, said in a note that the halving could [lead to a $5B selloff from miners post-halving](https://www.thestreet.com/crypto/markets/bitcoin-halving-could-drive-5-billion-liquidations-research-firm-warns). And he's since sold out of his tech and crypto positions, a[rguing both are at a crucial tipping point](https://cointelegraph.com/news/stocks-crypto-edge-significant-correction-10x-research) because of delayed interest rate cuts, inflation, and high bond yields.

“The overhang from this selling could last four to six months, explaining why Bitcoin might go sideways for the next few months — as it has done following past halvings,” Thielen said.

Thielen took his argument a step further, saying BTC liquidations could amount to roughly $100M bitcoin per day when miners sell their recent acquisitions post-halving, leading to a supply-and-demand imbalance.

Said Thielen: “Other miners will likely follow a similar strategy to liquidate part of their inventory gradually.”

In anticipation of the halving, [some mining companies have built reserve funds](https://www.wired.com/story/bitcoin-miners-halving/) to combat the drop in profitability. But others that have struggled to break even in the current environment will likely face additional strain in the coming months.

The price of BTC had dipped more than 2% this week as of Friday at 2 pm ET, hovering above $64K. 

*This material is for informational purposes only and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of Gemini. Gemini, its affiliates and its employees do not make any representation or warranty, expressed or implied, as to accuracy or completeness of the information or any other information transmitted or made available. Buying, selling, and trading cryptocurrency involves risks, including the risk of losing all of the invested amount. Recipients should consult their advisors before making any investment decision. Any use, review, retransmission, distribution, or reproduction of these materials, in whole or in part, is strictly prohibited in any form without the express written approval of Gemini.

Unpacking the Arguments Over Upcoming Bitcoin Halving Event (1)

Introducing the newest derivatives trading competition on the [Gemini Leaderboard](http://www.gemini.com/leaderboard "Gemini Leaderboard") - the P&L Playoff!

__Starting now, the derivatives trader with the highest profit achieved in each 24-hour period, including both realized and unrealized, will win $500 GUSD daily.__

P&L Playoff is open to customers in any of our derivatives-supported jurisdictions. Institutional account holders are not eligible. The winner will be determined at the end of every 24-hour period, running from 00:00:00 UTC to 23:59:59 UTC, and will be notified via email.

The prize will be credited directly to the winner’s Gemini derivatives account within 72 hours after the end of each competition period.

Running concurrently with our [ROI Rumble](https://www.gemini.com/blog/announcing-the-extension-of-the-roi-rumble "ROI Rumble") and [Volume Victor](https://www.gemini.com/blog/introducing-volume-victor-the-biggest-taker-takes-it-all "Volume Victor") trading competitions, get ready to compete with traders around the globe to walk away with one of our daily prizes!

### How to Join

Before the competition launches, you will want to ensure that your Gemini derivatives account is set up and ready to go. If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For Gemini users who have yet to activate their derivatives account, follow these steps:

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD or BTC to your derivatives account

With your Gemini derivatives account set up, you are now ready to join the Gemini Leaderboard. __Please note that you must join the Gemini Leaderboard to qualify for any of our derivatives trading competitions.__

1. In your derivatives account, select “Join the Gemini Leaderboard”
2. Enter your customized Geminym and profile picture. Your Geminym is the alias that will be displayed on the Gemini Leaderboard to represent you
3. Agree to the terms and conditions
4. Congratulations! Welcome to the Gemini Leaderboard

So what are you waiting for? Enter our [Gemini Leaderboard](http://www.gemini.com/leaderboard "Gemini Leaderboard") today and win big. Good luck!

Onward and Upward,

The Gemini Derivatives Team

*Gemini’s derivatives product is available in select jurisdictions globally. It is not available to customers in the United States of America, United Kingdom, the European Union, or other prohibited jurisdictions.* 

<details>sign up</details>

Get Ready for the P&L Playoff - Trade Big to Win Big

Today, we are thrilled to announce the listing of the WIF/GUSD perpetual contract on Gemini Foundation. Eligible users can now trade the WIF perpetual contract denominated in [Gemini Dollars (GUSD)](https://www.gemini.com/dollar) with up to __100x leverage__.

Gemini Derivatives is a non-US derivatives platform that now hosts multiple crypto perpetual contracts for trading, including the BTC/GUSD, ETH/GUSD, XRP/GUSD, SOL/GUSD, MATIC/GUSD perpetual contracts and more.

Gemini’s derivatives product is available in select jurisdictions globally. The full list of available countries can be found [here](https://www.gemini.com/derivatives). It is not available to customers in the United States of America, United Kingdom, or the European Union.

### Opening a Derivatives Account

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD/BTC to your derivatives account

Stay tuned as we continue to list new perpetual contracts and enhance your experience on the Gemini derivatives platform. For more details, please visit [www.gemini.com/derivatives](https://www.gemini.com/derivatives).

Onward and Upward,

The Gemini Derivatives Team

<details>sign up</details>

Introducing the WIF/GUSD Perpetual Contract on Gemini’s Non-US Crypto Derivatives Platform

Today, we are excited to announce the listing of the BNB/GUSD and INJ/GUSD perpetual contracts on Gemini Foundation. Eligible users can now trade the BNB and INJ perpetual contracts denominated in [Gemini Dollars (GUSD)](https://www.gemini.com/dollar) with up to __100x leverage__.

Gemini is a non-US derivatives platform that now hosts multiple crypto perpetual contracts for trading, including the BTC/GUSD, ETH/GUSD, XRP/GUSD perpetual,SOL/GUSD, MATIC/GUSD contracts and much more.

Gemini’s derivatives product is available in select jurisdictions globally. The full list of available countries can be found [here](https://www.gemini.com/derivatives). It is not available to customers in the United States of America, United Kingdom, or the European Union.

### Opening a Derivatives Account

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD to your derivatives account

Stay tuned as we continue to list new perpetual contracts and enhance your experience on the Gemini derivatives platform. For more details, please visit [www.gemini.com/derivatives](https://www.gemini.com/derivatives).

Onward and Upward,

The Gemini Foundation Team

<details>sign up</details>

Introducing the BNB/GUSD and INJ/GUSD Perpetual Contracts on Gemini’s Non-US Crypto Derivatives Platform

Today, we are thrilled to announce the listing of five new perpetual contracts on Gemini Foundation. Eligible users can now trade the AVAX, DOGE, DOT, LINK, and LTC perpetual contracts denominated in [Gemini Dollars (GUSD)](https://www.gemini.com/dollar) with up to __100x leverage__.

Gemini is a non-US derivatives platform that now hosts multiple crypto perpetual contracts for trading, including the BTC/GUSD, ETH/GUSD, XRP/GUSD perpetual contracts and more.

Gemini’s derivatives product is available in select jurisdictions globally. The full list of available countries can be found [here](https://www.gemini.com/derivatives). It is not available to customers in the United States of America, United Kingdom, or the European Union.

### Opening a Derivatives Account

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD to your derivatives account

Stay tuned as we continue to list new perpetual contracts and enhance your experience on the Gemini derivatives platform. For more details, please visit [www.gemini.com/derivatives](https://www.gemini.com/derivatives).

Onward and Upward,

The Gemini Derivatives Team

<details>sign up</details>

Introducing Five New Perpetual Contracts on Gemini’s Derivatives Platform: AVAX/GUSD, DOGE/GUSD, DOT/GUSD, LINK/GUSD, LTC/GUSD

__Announcing The Successful Resolution of Earn__ 

__February 28, 2024__ – Today, we shared with Earn users that we have finally reached a settlement in principle with Genesis and other creditors in the Genesis Bankruptcy that will, if approved by the Bankruptcy Court, result in __all Earn users receiving 100% of their digital assets back in kind.__

This means, for example, that if you had lent one bitcoin in the Earn program, __you will receive one bitcoin back. And it means that you will receive any and all appreciation of your assets since you lent them into the Earn program__. If approved, we will be returning over $1.8 billion in value (at today’s prices) — $700 million more than when Genesis halted withdrawals on November 16, 2022. 

Looking forward, if the Bankruptcy Court approves the settlement in principle announced today, Earn users __can expect to receive approximately 97% of their assets in kind within about two months__. And they can expect to receive their remaining asset balance within the next 12 months. 

The settlement in principle is subject to definitive documentation. The required Bankruptcy Court process could take as long as two months to complete, and we will keep Earn users informed along the way. Gemini thanks the New York Department of Financial Services (DFS) for its role in this settlement, which delivers a coin-for-coin recovery for Earn users.
We’ve worked tirelessly over the past 15 months to advocate for Earn users and seek the return of their assets. As a part of this settlement, Gemini is contributing $40 million to Earn users’ recovery. 

As responsible stewards of the crypto ecosystem, we know that our customers value the ability to hold their digital assets through the ups and downs of crypto market cycles. Being able to return assets on a coin-for-coin basis to our customers was critical for us. 

We recognize the hardship presented by this lengthy process, and we are deeply appreciative of our customers’ patience and support along the way. 

Team Gemini

Announcing the Successful Resolution of Earn

Today, we’re thrilled to announce the immediate availability of cross collateral on the [Gemini derivatives](https://www.gemini.com/derivatives "Gemini Derivatives") platform — providing you with more flexible funding options. 

With the introduction of cross collateral, you are no longer limited to only posting GUSD as collateral to trade derivatives on Gemini. You can now also leverage your BTC holdings to trade derivatives, with ETH collateral becoming available in the coming weeks.

### What is Collateral and Cross Collateral?

When trading derivatives, you are required to deposit funds, known as collateral, in order to open and maintain derivatives positions. The collateral required to open a position is your __Initial Margin__. The collateral required to keep your position open is known as __Maintenance Margin__, and the total amount of collateral available for trading is your __Margin Assets Value__.

*To learn more about margin, check out our article: [Gemini Foundation Academy: Understanding Margin and Leverage](https://www.gemini.com/blog/gemini-foundation-academy-understanding-margin-and-leverage "Gemini Foundation Academy: Understanding Margin and Leverage").*

Collateral serves as a buffer to cover potential losses in the event that your position moves against you. You are required to hold sufficient collateral to meet margin requirements, and keep in mind that collateral assets are at risk of liquidation if margin requirements are not met.

Here’s where cross collateral comes in. Until today, when trading derivatives on Gemini you could only deposit GUSD as collateral to open and maintain derivatives positions. With the introduction of the new cross collateral feature, you can now use BTC, and soon ETH, as collateral for your trades. Keep reading for an example of how this works.

### Cross Collateral In Action

Bob only holds BTC in his Gemini account and wants to open a derivatives position to reflect his short-term view on the price of PEPE. Prior to our new cross collateral feature, Bob would have only been able to use GUSD to trade derivatives on Gemini. This means he would have had to convert some of his BTC holdings into GUSD to trade PEPE derivatives, and in turn lose some of his exposure to BTC.

Now, with cross collateral, Bob has more options. He can directly deposit BTC as collateral to open a position without having to sell some of his BTC for GUSD.

The cross collateral feature provides customers like Bob with greater flexibility and capital efficiency. Customers like Bob can now pursue trading strategies while retaining exposure to their chosen assets.

### How to Open a Derivatives Account

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD or BTC to your derivatives account
6. Start trading!

The introduction of the cross collateral feature marks a significant step forward in enhancing the trading experience on the Gemini derivatives platform. Stay tuned for more updates, features, and opportunities that will empower you to efficiently navigate the crypto derivatives market with confidence.

For more details on using cross collateral, please visit our [Support page](https://support.gemini.com/hc/en-us/sections/22961163164827-Cross-Collateral "Cross Collateral").

Onward and Upward,

The Gemini Derivatives Team

<details>sign up</details>

Introducing Cross Collateral for Derivatives Trading

At Gemini, we are passionate about building products that expand and facilitate access to crypto. [The Gemini Credit Card](https://www.gemini.com/credit-card)* is a unique product that simplifies the entry into crypto by allowing users to earn crypto rewards on every swipe. 

__Starting today, Gemini Credit Card users can add up to five authorized users to their primary credit card accounts.__ With this new feature, cardholders can invite friends and family to start exploring the crypto ecosystem, and receive even more crypto back at the same time with each authorized user’s swipe of the Gemini Credit Card. 

- __Five Authorized Users:__ Add up to five family members or other trusted individuals to your primary account.
- __Seamless Tracking:__ Track spending on the Gemini Credit Card for each individual authorized user.
- __Building Credit for the Future:__ Build your credit history together with your authorized users. Each individual authorized user’s credit report will be updated based on the primary cardholder’s payment history.**
- __Simple Card Management:__ Add and manage users at any time from Card Settings on the Gemini website or mobile app. 

<details>inline</details>

Beyond the addition of authorized users, here’s a reminder of other perks you get as a Gemini Credit Card holder (all authorized users would benefit from these too!):

- __Unlimited 3% Back on Dining:__ Get 3% back on dining with no annual cap. 
- __Export Transaction History:__ You can now conveniently export your transaction history in .csv format directly from the Gemini Web interface or mobile app.
- __Push Notifications:__ You can now opt in or out of receiving push notifications for various purchases and notifications for improved security and convenience.

The Gemini Credit Card is a powerful tool for you to get started with crypto. Begin with the swipe of a card and start building your crypto portfolio. Instead of you and your authorized users spending your own money to buy crypto, you can automatically invest your credit card rewards in the supported crypto of your choice.

We are committed to creating more opportunities for crypto to grow. We hope you join us as we continue on our mission to unlock the next era of financial, creative, and personal freedom.

Onward and Upward!

Team Gemini

*A Gemini Mastercard®. Issued by WebBank. [Terms Apply](https://www.gemini.com/legal/cardholder-agreement). Subject to [Rewards Program Terms](https://www.gemini.com/legal/credit-card-rewards-agreement). Engaging with crypto involves risks, including the risk of your crypto rewards declining in value over time. Past performance does not guarantee future results.

**We may report information about your Account or Authorized Users to credit bureaus and others. Late payments, missed payments, or other defaults on your Account may be reflected in your credit report and Authorized Users’ credit reports.

Get Even More Crypto With Up to 5 Authorized Users on Your Gemini Credit Card

We are excited to announce the listing of the MATIC/GUSD perpetual contract on Gemini Foundation. Eligible users can now trade the SOL perpetual contract denominated in [Gemini Dollars (GUSD)](https://www.gemini.com/dollar) with up to __100x leverage__.

Gemini Derivatives is a non-US derivatives platform that now hosts multiple crypto perpetual contracts for trading, including the BTC/GUSD, ETH/GUSD, XRP/GUSD perpetual contracts and more.

Gemini's derivatives product is available in select jurisdictions globally. The full list of available countries can be found [here](https://www.gemini.com/derivatives). It is not available to customers in the United States of America, United Kingdom, or the European Union.

### Opening a Derivatives Account

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD to your derivatives account

For more details, please visit [www.gemini.com/derivatives](https://www.gemini.com/derivatives).

Onward and Upward,

The Gemini Derivatives Team

<details>sign up</details>

Introducing the MATIC/GUSD Perpetual Contract on Gemini's Non-US Crypto Derivatives Platform 

We are excited to announce the listing of the SOL/GUSD perpetual contract on Gemini Foundation. Eligible users can now trade the SOL perpetual contract denominated in [Gemini Dollars (GUSD)](https://www.gemini.com/dollar) with up to __100x leverage__.

Gemini Derivatives is a non-US derivatives platform that now hosts multiple crypto perpetual contracts for trading, including the BTC/GUSD, ETH/GUSD, XRP/GUSD perpetual contracts and more.

Gemini's derivatives product is available in select jurisdictions globally. The full list of available countries can be found [here](https://www.gemini.com/derivatives). It is not available to customers in the United States of America, United Kingdom, or the European Union.

### Opening a Derivatives Account

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD to your derivatives account

Stay tuned to our blog as we introduce additional perpetual contracts soon.

For more details, please visit [www.gemini.com/derivatives](https://www.gemini.com/derivatives).

Onward and Upward,

The Gemini Derivatives Team

<details>sign up</details>

Introducing the SOL/GUSD Perpetual Contract on Gemini's Non-US Crypto Derivatives Platform

__Mission Control:__ 

Awkward Astronauts (AA) have officially completed two successful years in orbit, originating from the world of Decentralized Finance (DeFI) and navigating the depths of the metaverse. Our first 730 days on this interplanetary journey have been adventurous, ambitious, and a little awkward, but the mission continues.

__Origins: Gemini x Nifty Gateway__

Awkward Astronauts is an NFT collection launched in February, 2022 by Gemini & Nifty Gateway with artwork by Lambo. Mission control at Gemini worked very hard to recruit this crew of Awkward Astronauts to join us on our mission. Initially, all 10,214 astronauts were airdropped to Gemini & NIfty Gateway users that entered our sweepstakes in late January 2022. Looking at the faces of these astronauts, there was much to be proud of. 

These cadets represented the best the Earth had to offer—the bravest souls ready to take on the daunting task of laying a new foundation for the future of humanity. Putting this diverse group of cadets together to embark on a mission of this caliber, was truly an awkward enterprise, but it needed to be done. An awkward mission for an awkward group.

We caught up with Lambo, the artist behind Awkward Astronauts, to talk about the early days dreaming up the collection, inspirations, and a behind the scenes look at the earliest art iterations. 

__🧑‍🚀 SPACESUITS__ 

Everything at Gemini and Nifty Gateway is space themed. Employees are referred to as Astronauts, projects and initiatives are given names related to space, and we remain convinced that crypto will reach the moon (and beyond).

On the spacesuit inspiration: “I was always blown away by how many spacesuit designs exist in our history and pop culture, so I wanted them to be the core of each AA.”
![AA-Blog-1](//images.ctfassets.net/jg6lo9a2ukvr/3USYLAPAvYJcKhEmG41Xw3/306c24ae2d7d110be7c4e926839a9a4e/AA-Blog-1.jpg)

__👀 AWKWARD FACES__

On the facial expressions featured across the collection: “The AA faces had one goal–to look awkward… and there was no better place to look other than memes and TV shows that I love.”
![AA-Blog-2a](//images.ctfassets.net/jg6lo9a2ukvr/7v8PPen2bLlF8TWbj428qF/c0195838008f427b575c963cd8454ec8/AA-Blog-2a.jpg)

__✏️ SHAPES AND FORMS__

On initial design concepts: “Since the AA would be many people's first NFT, I knew they needed to look simple and appeal to the broader audience."
![AA-Blog-3](//images.ctfassets.net/jg6lo9a2ukvr/4LNdzvSQt5AagaFFDv2Acx/f8844922d64355f8dd6b76cf2ce58393/AA-Blog-3.jpg)

__🎨 AESTHETICS__

On AA aesthetics: “This was when it got super fun as I began experimenting with different colors and relative proportions between the head and the body.” 

Here are some early iterations:
![AA-Blog-4](//images.ctfassets.net/jg6lo9a2ukvr/4m6MsfuLuQWnFEtXZxVhYb/39493d7b6fc1b659ef1c44b64dd48a4b/AA-Blog-4.jpg)

__🌌 BACKGROUNDS__

On AA background variants: “I wanted the background of each AA to tell you about the universe, so I made them as colorful and mysterious as possible.”
![AA-Blog-5](//images.ctfassets.net/jg6lo9a2ukvr/3JxNhcQR6RWMbPZfTRejg/6d6a8c208916ef4ebb384a712074d6b0/AA-Blog-5.jpg)

__Highlights from Orbit:__

- Annual Gemini Utility 
  - Each year, all [Awkward Astronauts](https://x.com/AwkwardAstros/status/1646891741759569923?s=20) holders are eligible for one month of fee-free trading on the Gemini Exchange 
- Annual Nifty Gateway Utility  
  - Each year, all Awkward Astronauts holders are eligible for one month of no marketplace fees when buying NFTs on Nifty Gateway
- Expansion of Awkward Astronauts Through Limited Edition Releases, Created by Lambo
  - [Awkward Summer ](https://www.niftygateway.com/collections/awkward-summer)
  - [Awkward Winter ](https://www.niftygateway.com/collections/awkward-winter)
  - [Awkward Halloween](https://www.niftygateway.com/collections/awkward-halloween)
  - [Awkward Origin I ](https://www.niftygateway.com/collections/awkward-origin-1)

Are you an aspiring awkward cadet ready to embark on interplanetary conquests? Join Awkward Astronauts today and experience the vibrant, inclusive community. 

- [Awkward Astronauts Collection](https://www.niftygateway.com/marketplace/collectible/0xc71561e12faf378b07eacd36b3d0eb0d13a5fb1c)
- [Awkward Astronauts X (Twitter)](https://twitter.com/AwkwardAstros)
- [Awkward Astronauts Discord](https://discord.gg/niftygateway) 


Awkward Astronauts - Celebrating Two Years in Orbit

We are thrilled to announce the appointment of Saad Ahmed as Head of Asia Pacific (APAC) at Gemini. Saad will lead Gemini's strategy and business development efforts in the region. Saad joins Gemini from Grab, Southeast Asia’s superapp, where he held executive leadership positions as the Regional Head of Commercial and Managing Director, Merchants.

As Head of APAC, Saad will continue to expand Gemini’s APAC footprint, working to grow our user base and introducing our suite of products and services to institutions of all sizes. Saad will also oversee the region's profitability and growth.

With a career spanning more than two decades, Saad specializes in scaling technology-driven enterprises within APAC. He has held various leadership roles with global and regional giants such as Uber and Grab, helping both companies gain significant market share in the region. Prior to his roles at Grab, Saad was one of the founding team members for Uber in India and headed Business Development for the firm in Southeast Asia.

Crypto is a global movement, and the East/West Crypto Flippening is upon us. As the crypto winter begins to thaw, we are excited for Gemini’s expansion in APAC following the launch of our [crypto derivatives platform](https://www.gemini.com/derivatives) and the [opening of our India office](https://www.gemini.com/blog/gemini-to-expand-global-engineering-and-operations-teams-with-new-india-office) in 2023.

Saad's wealth of experience and commitment to fostering growth and innovation align seamlessly with Gemini's vision for expansion and excellence in APAC. Join us in extending our warmest welcome to Saad.

Onward and Upward,

The Gemini Team


Saad Ahmed to Lead Gemini Asia Pacific (APAC)

Today, we are excited to announce the listing of the XRP/GUSD perpetual contract on Gemini Foundation. Eligible users can now trade the XRP perpetual contract denominated in [Gemini Dollars (GUSD)](https://www.gemini.com/dollar) with up to __100x leverage__.

Gemini Foundation is a non-US derivatives platform that now hosts multiple crypto perpetual contracts for trading, including the BTC/GUSD, ETH/GUSD, and PEPE/GUSD perpetual contracts.

Gemini Foundation’s derivatives product is available in select jurisdictions globally. The full list of available countries can be found [here](https://www.gemini.com/derivatives). It is not available to customers in the United States of America, United Kingdom, or the European Union.

### Opening a Derivatives Account

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD to your derivatives account

Stay tuned as we introduce additional perpetual contracts, dated futures, and options trading.

For additional details, please visit [www.gemini.com/derivatives](https://www.gemini.com/derivatives).

Onward and Upward,

The Gemini Derivatives Team

<details>sign up</details>

Introducing the XRP/GUSD Perpetual Contract on Gemini’s Non-US Crypto Derivatives Platform

In response to the latest Financial Conduct Authority’s (FCA) Financial Promotions requirements, that came into effect today, Gemini will be asking UK users for additional information to help better understand their level of investment knowledge. 

Since inception, Gemini has been committed to putting regulation and compliance at the forefront of everything we do. Our approach to these new FCA regulations is no exception. In late 2023, [we implemented a first set of rules](https://www.gemini.com/blog/gemini-remains-committed-to-the-uk-market) related to financial promotions that impact a variety of ways we communicate with our users in the UK. These included changes to our marketing channels, such as the inclusion of risk warnings, as well as changes to the type of incentives and promotions we are able to offer our customers residing in the UK.

The additional measures implemented today support a core purpose of the FCA’s Financial Promotions regime — customer safety — and align directly with a central pillar of our business: ensuring customers remain safe when interacting on our platform.

### What Changes Can You Expect to the Gemini Experience?

Starting on January 8, 2024, upon first login on either the Gemini web or mobile app, existing UK users will be asked to take the following steps:

1. __Sign a Self Categorisation Investor Statement:__ In order to make sure Gemini products and services are suited to our users, we will be asking users to select which type of investor they are — whether that’s a seasoned investor or brand new to crypto. This will help Gemini tailor our products and services to our users in the UK. 
2. __Complete a Crypto Risk Assessment Questionnaire:__ Gemini must ensure our users understand the risks associated with crypto asset investments, therefore our users in the UK will be asked to complete a short questionnaire of multiple choice questions. This will help Gemini ensure users are equipped to make informed and proportionate investment decisions. All users will need to complete and pass the questionnaire, in order to continue trading on Gemini.

Please note that if a user fails this risk assessment questionnaire on the second attempt, there is a 24-hour lock-out period, which restricts users from making any new trades. They will then need to retake and successfully pass the test after this lock-out period to continue trading. During the lock-out period, users will still have access to all other functionalities relating to crypto deposits and withdrawals.

We are committed to working collaboratively with regulators around the world to help the crypto industry flourish in a compliant, sustainable, and safe manner. The implementation of these FCA Financial Promotion regulations is the next step on this journey as we continue on our mission to unlock the next era of financial, creative, and personal freedom.

Onward and Upward!

Team Gemini

Gemini Implements Additional Measures to Protect UK Users, Further Adhering to New FCA Regulations

There’s no denying that taxes are complicated, and adding crypto taxes to the mix certainly doesn’t help. Over the past year, a cross-functional team of tax experts and engineers at Gemini have collaborated to build the __Gemini Tax Center__, a hub dedicated to simplifying your US crypto tax reporting. 

The new Gemini Tax Center* is designed to provide you with helpful tools for the upcoming tax season. If you sold assets on the Gemini exchange in 2023, you will be able to generate a __gain/loss statement__ for these sales. You’ll also be able to track information for crypto transferred to Gemini by manually entering price and acquisition date information, or using a default value at the time of the transfer.

### Download a 2023 Gain/Loss Statement Plus Current and Historical Forms 1099-MISC

To generate a 2023 gain/loss statement, you’ll have to satisfy the following conditions:

1. Sold an asset in 2023;
2. Selected a cost basis method to apply to sales; and
3. Input cost basis and acquisition date information for assets transferred onto the exchange (if applicable).

The Gemini Tax Center will also be the new centralized location for US users to download current and historical Forms 1099-MISC, as well as receive income and realized gain/loss information.

### How to Access the Gemini Tax Center

To access the Gemini Tax Center, follow these steps:

1. Log on to your Gemini account on our website or mobile app,
2. Navigate to the Account tab at the top right of your screen (if you're on web, click settings),
3. Locate and click on the Statements and taxes tab,
4. Once on the Statements and taxes page, select the Taxes tab.

*Make sure your app is up to date. 

[Visit this link to learn more about the Gemini Tax Center](https://support.gemini.com/hc/en-us/sections/20008507869979-United-States) and Gain/loss statements generated by Gemini.

We are thrilled to offer this new tax hub for you to generate forms you may need to help report your Gemini-related crypto tax information. We’re always driven to build more products to support you on your crypto journey as we continue on our mission to unlock the next era of financial, creative, and personal freedom.

Onward and Upward!

Team Gemini

**The Tax Center will be available for both Retail and Institutional users who have access to the Gemini website or app. 2023 Gain/loss statements will not be available for OTC traders.*

*Please consult with a tax professional for any questions about your personal tax situation including advice on a cost basis method. Gemini does not verify and cannot be responsible for information input by users regarding the acquisition cost or date of transferred assets, and the impact on an individual’s tax obligations. Information on 2023 gain/loss statements is not filed with the US Internal Revenue Service, but only provided to customers for the sake of convenience.*


Simplify Your Crypto Tax Reporting With the New Gemini Tax Center

- We’ve developed a new pair discovery interface for mobile, which includes filters for stablecoins, crypto-crypto pairs, popular pairs, and top movers.
- Through our Advanced trading mode, mobile users also have access to maker-or-cancel, immediate-or-cancel, and fill-or-kill orders.
- To change modes, simply navigate to your account settings on mobile and choose Advanced mode. Switch back to Simple mode at any time. 
![Blog Inline 03](//images.ctfassets.net/jg6lo9a2ukvr/6NjikZ3DzdLHZdqBx8G1oG/87208c48dc03f7b455a92a1085b1de34/Blog_Inline_03.png)

Today, we are pleased to announce the launch of the Advanced Trading mode on [the Gemini mobile app](https://www.gemini.com/mobile). Advanced Trading on mobile brings many of our ActiveTrader interface’s core functionalities to our mobile app, including enhanced __trading pair discovery__ and __new order types__. These updates offer a more sophisticated mobile trading experience to our users across the globe.

## Enhanced Crypto Trading on Mobile

The dynamic nature of crypto markets means that traders often need access to advanced trading tools and features while on the go. Below, we outline the trading features we’ve recently added to the Gemini mobile app. *Please note that trades made through our Advanced mode interface on mobile adhere to our mobile fee schedule.*

### Trading Pair Discovery

We’ve developed a new pair discovery interface for mobile, which includes filters for stablecoins, crypto-crypto pairs, popular pairs, and top movers, enabling Gemini's sophisticated traders to easily find the pairs they want to trade when on the go.
![02 Blog ATI](//images.ctfassets.net/jg6lo9a2ukvr/1v1wK9JSJcWDH4j0XGqsAe/c7effe745da5e2ecc0b1c7d08022c83c/02_Blog_ATI.png)

### Additional Order Types

Mobile users also have access to order types previously unavailable on mobile, including maker-or-cancel, immediate-or-cancel, and fill-or-kill orders. All these order types are also available for concrete pairs, eligible FX pairs, and cross or convert pairs.
![03 Blog ATI](//images.ctfassets.net/jg6lo9a2ukvr/2SnY9DqXq5fcnqox1ZPjYS/fadf01810443ff5cd9ed8268f54b08c9/03_Blog_ATI.png)

### Seamlessly Switch Modes

Switching between Simple and Advanced trading modes is as simple as a tap on your mobile app, offering seamless navigation and a consistent trading experience. To change modes, navigate to your account settings on mobile and under “Trading mode” choose Advanced mode. Your account data is the same in either mode, ensuring you have access to all your information and preferences at any time.
![04 Blog ATI](//images.ctfassets.net/jg6lo9a2ukvr/talieyA5N05swz0Jtihai/86fa270513ae19cf2f00d9dd4319f200/04_Blog_ATI.png)

We will continue to enhance [the Gemini mobile app](https://www.gemini.com/mobile) by regularly adding more advanced trading functionalities to improve the user experience when you’re on the go. With these updates, we’re thrilled to offer Gemini users even more ways to trade on mobile, as we continue on our mission to unlock the next era of financial, creative, and personal freedom. 

Onward and Upward!

Team Gemini

The Gemini Blog

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