Gemini Continues to Expand as Whales Amass Bitcoin on the Exchange

Cryptocurrency exchange Gemini has expanded to five more European countries as part of a wider rollout. Investors in Denmark, Sweden, Portugal, Czechia, Latvia, and Liechtenstein may now create an account on the platform, according to an October 31 announcement.

The launch comes weeks after the cryptocurrency platform was recently granted registration by the Central Bank of Ireland to offer crypto services to the Irish market. Gemini became the first firm to be registered as a Virtual Asset Service Provider (VASP) after its Central Bank authorization as an Electronic Money Institution (EMI) in March 2022.

Now Investors in Denmark, Sweden, Portugal, Czechia, Latvia, and Liechtenstein may now use Gemini’s website or mobile application to legally buy cryptocurrencies with Euros (EUR) and Pounds Sterling (GBP) through debit cards, bank transfer, Apple Pay, Google Pay and other traditional means of payment. Further strengthening the firm’s presence across Europe.

Bringing Institutional Money

In addition, Gemini partnered with MassMutual’s fintech subsidiary Flourish earlier this month to provide registered investment advisors, and accredited investors access to the cryptocurrency market.

With the Gemini integration, RIAs may provide their clients access to their cryptocurrency portfolios, performance statistics, and invoicing information without leaving the Tamarac dashboard.

Gemini BITRIA, a platform acquired by Gemini in January, facilitates this by providing a wide range of services specifically aimed at financial advisors, such as asset custody, liquidity, trading, portfolio creation, and reporting.

The Envestnet | Tamarac is a popular client-management software utilized by over a thousand Registered Investment Advisors (RIAs) that collectively manage an excess of $1.2 trillion in assets. This development is another push for the cryptocurrency industry in the institutional space.

Whale movement on Gemini

Whales have also amassed massive sums of Bitcoin on Gemini over the past week. Last week, an anonymous cryptocurrency wallet with $28,828,758 in Bitcoin moved its funds to the platform. On October 27, another anonymous wallet transferred over $35 million worth of Bitcoin from Binance to Gemini.