Gemini, the US-based cryptocurrency exchange founded by Cameron and Tyler Winklevoss, is expanding its global footprint, focusing on the Asia-Pacific (APAC) region. Leading this initiative is Saad Ahmed, Head of APAC, now based in Singapore. Ahmed, who joined Gemini in November 2023, brings valuable experience from Uber and Grab.
According to a recent report, crypto investors exhibit remarkable resilience. Despite the volatility in 2022 and 2023, many countries saw only a marginal decline in crypto ownership. Most crypto holders, often referred to as hodlers, continue to believe that this asset class has a crucial role in a balanced portfolio. Approximately 70% of respondents from various markets expressed intentions to allocate more to crypto in the next 12 to 18 months, indicating a strong belief in the longevity of the asset class.
Saad Ahmed highlighted the importance of consistent regulation across jurisdictions as a barrier to industry growth. In the crypto sector, differing regulatory approaches can complicate operations for global entities. Singapore stands out for its regulatory clarity, focusing on customer protection and fostering dialogue between the industry and regulators. However, there's still a call for more clarity among some stakeholders.
As the US election approaches, Ahmed notes that 70% of voters consider candidates' positions on digital assets significant. This emerging focus on crypto in political discourse is seen as beneficial for the industry, potentially driving increased attention and legitimacy for cryptocurrencies.
In a recent move, Gemini delisted the controversial Terra Luna Classic (LUNC). Ahmed explained that the decision was based on a thorough auditing process, which evaluates various factors, including the project's viability and market demand. Gemini maintains a robust infrastructure for listing and delisting assets to manage its offerings effectively.
When addressing concerns about fees compared to other exchanges, Ahmed noted that customers prioritize liquidity, product variety, and fees differently. While Gemini strives for competitive pricing, efforts are underway to enhance liquidity on their platform.
While the US remains Gemini's largest market, the exchange has been active in the APAC region for four years, establishing its headquarters in Singapore. With a dedicated team of around 40 employees, Gemini is focused on creating localized experiences and expanding its services throughout Asia.
As a global exchange, Gemini prioritizes building products tailored to regional customers' needs. Ahmed stressed the importance of localization in driving adoption and ensuring relevance in diverse markets. As the landscape evolves in 2024, with increased legitimacy for crypto through ETFs and participation from traditional finance, Gemini aims to facilitate smoother transitions for new users into the crypto space.
