Crypto
Gemini Exchange Expanding into Asia-Pacific Region
Gemini Exchange Expanding into Asia-Pacific Region
Gemini, the New York-based cryptocurrency exchange, has confirmed its plans to expand its operations to the Asia-Pacific region. According to Tyler Winklevoss, the CEO of Gemini, the exchange has set its sights on the region as the next destination for its global expansion.
The Gemini Expansion Plan
Gemini’s expansion plan includes an aggressive approach to capture the largest market share in Asia Pacific. The company is intending to offer a range of cryptocurrency trading services in the region, including its flagship trading platform, custody, and clearing services. Initially, the exchange will offer trading services in Bitcoin, Ethereum and five other major cryptocurrencies.
Gemini is also planning to apply for licenses to operate in several countries in the Asia Pacific region, including Japan, Singapore, and Hong Kong. The company’s expansion into Asia was reportedly motivated by the region’s growth potential, which is expected to be the leading cryptocurrency market in the coming years.
Gemini’s Reputation in the Crypto Industry
Gemini has been regarded as one of the most reputable and regulated exchanges in the market. The company is known for its strict security measures that have made it one of the safest places to buy and sell cryptocurrencies. Gemini is also licensed by the New York State Department of Financial Services (NYDFS), which has made it a preferred choice for institutional investors looking for a regulated platform to invest in cryptocurrencies.
The CEO of Gemini, Tyler Winklevoss, said the expansion into Asia Pacific was part of the company’s mission to make cryptocurrency accessible to everyone in the world. He said, “Our expansion into the Asia Pacific region is another step towards fulfilling our mission of empowering individuals and institutions around the world through cryptocurrency.”
Impact of Gemini’s Expansion
The entry of Gemini into the Asia Pacific market is expected to have a significant impact on the cryptocurrency industry in the region. Gemini’s reputation as a secure and regulated exchange is expected to attract a large number of institutional investors, which will boost the liquidity of the market. With its plans to offer a range of trading services, the exchange is also expected to increase competition in the market, which will ultimately benefit cryptocurrency traders in the region.
This move comes at a time when other cryptocurrency exchanges such as Coinbase are also exploring expansion plans in the Asia-Pacific region. With the steady growth of cryptocurrency markets in countries like China, Japan, and South Korea, the region is set to become the largest cryptocurrency market in the world. As more exchanges enter this market, there will be increased competition, which will ultimately benefit traders in the region.
BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.
Binance Coin Outlook
BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.
Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.
The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
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