Gemini prepares Dublin crypto base

Tyler Winklevoss, co-founder of crypto exchange Gemini. Picture by AFP via Getty Images

Jonathan Keane

Gemini, the cryptocurrency exchange led by the Winklevoss twins, is building up a base in Dublin to serve the European market.

US-based Gemini was founded in 2014 by Cameron and Tyler Winklevoss, known for their infamous dispute and $65m legal settlement with Mark Zuckerberg.

Since then, the twins have gone gung-ho on bitcoin and other cryptocurrencies.

Last year, the company put boots on the ground in the UK and secured regulatory approval there as part of its European expansion plans.

It has opted for Ireland as the beachhead to develop its EU business and is pursuing an electronic money licence from the Central Bank of Ireland that it will be able to passport to other markets in the EU.

It has hired Gillian Lynch to head up its Irish and European operations from Dublin. Lynch was previously chief operating officer of fintech firm Leveris – which recently filed for liquidation – and was head of retail planning at Bank of Ireland for several years.

The company has made a number of other signings including a head of finance and a head of risk and compliance and is recruiting accounting managers and traders to handle orders on behalf of clients.

Gemini declined to comment on its Irish operations.

It also provides a credit card to customers to use their cryptocurrency and issues the Gemini dollar, or GUSD, a stablecoin that is pegged to the value of the US dollar.

Gemini has touted itself as a cryptocurrency exchange that plays by the rules and pursued regulatory clearances early on in a bid to differentiate itself from other crypto businesses in the early 2010s that were operating in a grey area.

Of late, cryptocurrency exchanges have come under regulatory scrutiny. Major competitor Binance was ordered to cease activity in the UK by the country’s financial watchdog and received warnings from other national authorities.

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