The U.S.-based crypto exchange Gemini announced on its blog on November 19 that it was expanding into France. The decision comes after a significant rise in crypto interest in the country and a consequent increase in crypto users by about 2%. The exchange also highlighted the country’s thriving crypto and web3 space.
The expansion was a significant step after the crypto exchange received a Digital Asset Service Provider (DASP) registration in January. The French financial regulator by l’Autorité des Marchés Financiers (AMF). Gemini mentioned in its January 17 announcement that the exchange looked forward to providing services to the French crypto community in the ‘coming weeks.’
Notably, the move also comes as European countries prepare to implement the Markets in Crypto-Assets Regulation (MiCA). The Cameron and Tyler Winklevoss-led exchange mentioned its mission to leverage the regulatory framework to possibly expand into other European countries implementing MiCA.
Gemini’s CEO in the United Kingdom and Europe, Gillian Lynch, said that the exchange has invested enough time into translating and optimizing the platform to localize it for French customers, offering a “full suite of services.” Gemini is now offering its services to over a dozen European countries after opening its EU headquarters in Ireland in 2022.
French Gemini users can deposit using the Euro and GBP
French citizens can make deposits through local ways of debit cards, bank transfers, and even Apple Pay in either euros or British pounds. Notably, crypto users can access deposits, withdrawals, trading, and storing of about 70 digital assets provided by the crypto exchange through web or mobile.
The exchange revealed that pro traders could use its advanced investment tool, ActiveTrader™, to access advanced trading options. ActiveTrader™ will provide French traders with over 80 trading pairs while integrating various Gemini APIs.
Institutional investors in France will also be able to trade using the exchange’s OTC desk to buy and sell crypto assets like Bitcoin. The investors can also access the electronic over-the-counter solution eOTC to execute larger orders. Gemini assured its users that eOTC will provide deep liquidity for their trades.
Lynch added that the exchange was currently evaluating different options to expand its services in the country. Gemini further meant to explore other payment rails to improve accessibility and choice for its French customers.
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Crypto exchange Gemini has launched services for the French. They received their license in January 2024. According to their report, the adoption of cryptocurrencies in France is growing at a record pace. pic.twitter.com/pHz7xvA0pd
— CRYPTO OUTLOOK (@_crypto_outlook) November 19, 2024
Beyond the 2% increase in French crypto users, the exchange outlined the overall growth of crypto adoption in the country. Gemini cited its 2024 Global State of Crypto report, highlighting the continued resilience of crypto holders in France, the UK, the U.S., and Singapore.
The exchange revealed that about 62% of all crypto owners in the country were HODLers. Gemini explained that the percentage indicated that French crypto users saw digital assets as long-term investments. Notably, nearly half of the owners purchased their crypto over 3 years ago.
The report further revealed that the French crypto community had more faith in crypto than the U.S. crypto space. Likewise, the country has fewer worries about regulatory concerns than two years ago. Security still remains a top priority for the French crypto owners.
Gemini mentioned that it hoped to empower the growing French crypto community. The exchange also revealed its mission to make crypto more accessible to French citizens.
“We believe in empowering individuals through crypto, and our expansion into France marks a significant milestone in our mission to make crypto accessible to everyone.”
Lynch insisted that the exchange’s research into the French crypto market revealed an increasing interest in digital assets. The CEO also highlighted the robust regulatory environment available in the country.
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