Gemini Establishes New Base in Dublin

July 19, 2021
Makayla Santino

Gemini is a cryptocurrency exchange that is currently constructing a center in Dublin to tend to the European market. This exchange is led by the Winklevoss twins, Cameron and Tyler. The company was established in 2014 by the twins and is centrally based out of the United States. Cameron and Tyler Winklevoss gained prominence from a well-known dispute with Mark Zuckerberg that resulted in a $65 million legal settlement. 

Ever since this settlement, the brothers have entered the finance industry, specifically focusing on bitcoin and other cryptocurrencies. In 2020, Gemini made its debut in the UK. It was able to obtain regulatory authorization in the country to further its goal of expansion into Europe. 

The company has decided that Ireland will be the best European base to expand business within the EU. Gemini is currently seeking an electronic money license from the Central Bank of Ireland. This license would allow the company to do business in other markets throughout the EU. 

Gillian Lynch has recently been hired to run Gemini’s Irish and European dealings from the Dublin base. Lynch had previously worked for another fintech firm, Leveris, as the chief operating officer before its liquidation. She also worked at the Bank of Ireland as the head of retail planning for a few years.

Gemini has been on a hiring spree and has signed on a number of other employees for a variety of positions. These include a new head of finance and head of risk. It is still looking to fill positions of accounting managers and traders that would be in charge of client orders. 

Another service the company provides its customers is a credit card that allows them to use their cryptocurrency and distributes the Gemini dollar (GUSD), which is a stablecoin that is tied to the worth of the US dollar. 

Most recently, regulation of cryptocurrency has become an area under close examination. The industry is still extremely new and regulation of the industry has not necessarily caught up to the quick progression of the industry. A large competitor of Gemini is Binance. Binance was ordered to stop business in the UK by the UK’s financial watchdog and has even received warnings from authorities in other countries. 

In opposition to Binance’s situation, Gemini prides itself on being a cryptocurrency exchange that follows rules and seeks regulatory approvals. The company has done so well before many others in order to distinguish themselves from other cryptocurrency businesses at the beginning of the 2010s. 

The future looks promising for the company as it works out its plans to expand into the market of the EU. Building a base in Dublin will be a good strategy that will allow Gemini to conduct business throughout Europe in a much easier and efficient way.

 

 

References:

Keane, Jonathan. “Gemini Prepares Dublin Crypto Base.” Independent.ie, 18 July 2021, https://www.independent.ie/business/gemini-prepares-dublin-crypto-base-40662965.html.

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