Even though times have been very tough in the crypto industry since mid-2021, there is ongoing growth. Gemini, one of the prominent US-based exchanges, has expanded its European footprint. A solid decision as Europe continues to warm up to Bitcoin and other kin.
Gemini Expands In Europe
There seems to be a gap in cryptocurrency exchange reliability across Europe. More specifically, there are different platforms to access in most Western European countries. However, things seem slightly different in Scandinavia, Middle Europe, and Eastern Europe. More competition is always good as it enables more people to add cryptocurrency to their portfolios.
Gemini acknowledges there are opportunities in Europe. The company has made inroads across Denmark, Sweden, Czechia, Liechtenstein, Portgular, and Latvia. None of these countries are commonly named regarding cryptocurrencies and blockchain. However, they have budding communities that actively want to push mainstream adoption.
It is remarkable to see a US-based exchange target these particular areas. Launching in these countries will give Gemini a more significant presence in Europe. Moreover, the company sees these countries as crucial in engaging with regulators and policymakers. Simultaneously, Gemini’s team will continue to expand across Europe and other key regions.
Residents of these six European nations can set up their exchange accounts. Gemini provides access to over 100 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, etc. While individual interest in crypto assets keeps rising, it remains to be seen if institutions will explore these opportunities. Due to various industry mishaps, institutional interest in crypto has been relatively low in recent months.
Renewed Momentum For The Exchange
It has been a rough year for Gemini. Like other fintech players and crypto custodians, the company had to lay off employees in recent months. The cut of 10% of the workforce is significant, and it seems unlikely they will create more jobs for the foreseeable future. In addition, global interest in buying, selling, and trading has dwindled significantly as crypto prices continue to get battered.
The European expansion offers much-needed momentum for the exchange and the broader industry. Gemini has worked hard to become regulatory compliant in Ireland and the UK, either directly or through partnerships. Bringing cryptocurrencies to these six new countries may also introduce new payment-related opportunities. Crypto payments have boomed in recent years.
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