Gemini rolls out USD payment rails for UK and EU institutions

Through this move, Gemini plans to deliver USD payment rails for institutional customers in the UK and Switzerland through Bank Frick, as well as to users in Gibraltar, Jersey, Guernsey, and the Isle of Man. As of the announcement, institutions operating in these regions can engage in cryptocurrency transactions in USD, which in turn increases the capabilities of Gemini’s platform. Also, users can deposit and withdraw in USD and access over 80 different USD trading pairs.

Gemini launches USD payment rails for UK and EU institutions

Furthermore, for a limited period, UK institutions are set to be able to deposit and withdraw fiat funds, leveraging these USD rails without facing additional fees. At the same time, Gemini aims to utilise xPULSE, Bank Frick’s payment service, to support optimised banking rails for deposits. Gemini also mentioned that in the upcoming period, the company intends to roll out the same functionality to all of its EU and EEA institutional customers. Facilitating this new functionality in the UK was achieved through a collaboration with Bank Frick, a provider of services such as fund administration, blockchain banking, and fund management.

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Launching USD payment rails comes just a day after Gemini allegedly made progress toward going public by filing for an IPO in the US. According to sources cited by Bloomberg, the company collaborated with Goldman Sachs Group and Citigroup on the offering, intending to go public as soon as 2025. The listing would have to be preceded by the closing of a US Securities and Exchange Commission investigation into its operations. However, at the time of the announcement, deliberations regarding the IPO were still in process, and no final decisions had been made on pursuing the offer.

Gemini launches USD payment rails for UK and EU institutions

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