Gemini crypto exchange adds USD payment rails for European institutions

Gemini crypto exchange, founded by Cameron and Tyler Winklevoss, is expanding its trading capabilities for institutional clients in Europe by introducing US dollar payment support

Gemini has partnered with Liechtenstein-based Bank Frick to enable US dollar payment rails for institutional customers in the United Kingdom and Switzerland, the firm said in an announcement shared with Cointelegraph on March 12.

“We plan to expand our rollout of USD rail support to our European Union institutional customers in the next few weeks,” said Gemini’s head of Europe, Mark Jennings.

The new functionality will also be available to Gemini’s institutional users in Gibraltar, Jersey, Guernsey and the Isle of Man.

Direct crypto trades with US dollar

Gemini’s new US dollar feature — also coming to some countries in the European Economic Area — will enable institutions to deposit and withdraw US dollars to and from their Gemini accounts with no fees.

The functionality will also enable institutions to access US dollar-to-crypto trading pairs and directly trade with US dollars on Gemini, rather than having to convert to the British pound or euros, removing friction, Jennings told Cointelegraph, adding:

“With interest in institutional crypto adoption exploding in recent years, US dollar rails will be key in giving a seamless and frictionless trading experience.”

For deposits, Gemini will utilize Bank Frick’s instant transfer service called xPulse, which will provide a 24/7 fiat on-ramp for institutional customers who have a Bank Frick bank account, the firm noted.

Gemini will provide the feature via its EMI-licensed entities

According to Jennings, Gemini’s new functionality will be available directly on the platform through its own entities that have received Electronic Money Institution (EMI) licenses.

“Unlike most CASPs [crypto asset service providers] that rely on partnerships for funding rails due to the lack of an EMI license, our regulatory-first approach allows us to provide seamless funding solutions directly through our own EMI-licensed entities,” the exec told Cointelegraph.

It is unclear how widespread US dollar trading support is among other European crypto exchanges and service providers.

Major crypto exchange Coinbase introduced US dollar trading pairs for European customers in 2019 for Coinbase Pro and Prime customers. The exchange halted its Pro service in 2023.

The news comes soon after Gemini reportedly submitted a confidential filing for an initial public offering (IPO) in the United States.

According to Bloomberg’s sources, Gemini’s IPO may be launched as soon as this year and would involve companies like Goldman Sachs and Citigroup.

Gemini has been working to go public since at least 2021 and reportedly considered a merger with the now-bankrupt venture capital firm Digital Currency Group.

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