Sat, May 18, 2024

Gemini Digital Coins to Develop in Australia

Digital Coins: Bitcoin on Australia map.

Digital Coins: Bitcoin on Australia map.

Recently, Gemini reported to the opening of its doors in Australia.

Australian customers can now buy and hold Bitcoin, Bitcoin Cash, Ether, Zcash and Litecoin.

The co-founder and CEO at Gemini, Tyler Winklevoss said, “Cryptocurrency is the future of money, and we’re committed to building a bridge to that future in Australia.”

He also added, “We are thrilled to continue expanding our global footprint and give Aussies a safe and trustworthy cryptocurrency experience.”

Lastly, “We founded Gemini to build trust in this nascent technology and we look forward to building that trust in Australia.”

Gemini’s fees are higher than you’ll find on some current Australian exchanges.

According to its website, the lowest the transaction fee can be is 1.49%. After that it charges a spread, which it calls a “convenience fee” of 0.5% on top of that.

By distinction, Australian exchanges like CoinSpot and CoinJar provides a much wider range of cryptocurrencies with fees roughly from 0.1% to 1%.

The only thing that it can offer is its branding, as “the regulated cryptocurrency exchange”.

Crypto exchanges in Australia are also under regulations. They are mandatory to get registration from AUSTRAC, and diverse cryptocurrencies may be subject to certain restrictions under ASIC regulations.

Gemini May Go Further

In the world, Gemini was the first cryptocurrency exchange and custodian to complete the SOC 2 Type 1 inspection.

This signifies a level of security compliance in protecting user data and funds.

It’s also subject to the capital reserve requirements, cybersecurity requirements, and banking compliance standards.

All of these were all designed by the New York Department of Financial Services, and New York banking law.

While the assumption of being safer to hold one’s own funds than entrust them to an exchange, it’s not like that. Gemini’s standards propose it may be more of an actual cryptocurrency custodian than other exchanges.

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