Gemini, the U.S.-based cryptocurrency exchange, has reportedly set its sights on launching an international derivatives platform that will offer perpetual futures to traders outside the United States.
According to sources familiar with the situation, the platform is currently in the works and is actively seeking out market makers to aid in its overseas operations.
Perpetual futures are a type of derivative that are not offered to retail traders in the United States due to their lack of an expiration date, which makes them a particularly risky product.
Although Gemini has yet to officially announce its plans, recent regulatory setbacks faced by competitors like Binance and FTX have created a unique opportunity for the exchange to fill this niche.
In January of this year, Gemini found itself in hot water with the SEC, which charged both the exchange and its Genesis lending service with unregistered sales of securities.
The exchange fired back, calling the charges “absolutely counterproductive” and claiming that they did not contribute to their efforts to resolve the crisis.
Regardless, it seems that Gemini is pressing forward with its expansion plans, and will likely continue to attract attention from traders around the world.