Gemini Financial News

On 11 September, Avalanche [AVAX] saw some important announcements and events, as OpenSea, the largest peer-to-peer marketplace for NFTs on Ethereum launched on the Avalanche proof-of-stake blockchain.

Robo-advisor Betterment has launched its crypto offering after completing a private beta phase. With the new cryptocurrency investment tool, customers can invest up to 5% of their Betterment balance in digital currencies like Bitcoin, Ethereum, and other popular currencies. The news comes on the heels of Betterment's partnership with crypto exchange Gemini to offer crypto portfolios.

Gemini has entered the Irish market. The company now provides crypto exchange and custody services to individuals and institutions.

Nasdaq plans to wait for further clarity in terms of crypto adoption globally, the company's executive vice president and head of North American markets said.

Fiat exchange volumes fell for the fifth time in a row as September ended, according to The Block's Data Dashboard.

MakerDAO [MKR] received a proposal revolving around a partnership from leading cryptocurrency exchange Gemini on 29 September. 

Investment robo-advisor Betterment partnered with crypto exchange Gemini to launch a crypto investing portfolio service for its 730,000 customers.

The move comes shortly after Betterment acquired crypto investing firm Makara, appointing its CEO Jesse Proudman VP of crypto investing.Says Proudman on the Gemini tie-up: "Betterment is built on the principles of trust, ease-of-use and diversification and we wanted to work with a partner who not only understood our unique needs, but had the infrastructure in place to power our crypto solution in a way that aligned with our values."

Nasdaq Inc is placing a big bet on the cryptocurrency market, with the launch of a digital assets business that is aimed at tapping institutional investors. The new unit, Nasdaq Digital Assets, will offer custody services for cryptocurrencies, including bitcoin and ethereum, potentially pitting it against firms such as Coinbase, Fidelity Digital Assets and Winkelvoss twin-owned Gemini that offer similar products. Nasdaq has hired Ira Auerbach, a Gemini executive, to lead the new unit. The stock exchange has also expanded its anti-financial crime technology to detect and curb money laundering, fraud and market abuse risks, it said in a statement on Tuesday, as the market is constantly on the regulator's radar. The crypto market is reeling from a major rout, forcing some of its biggest players to lay off thousands of employees in a bid to cut costs. Bitcoin has crashed nearly 60% this year, driving companies such as Celsius Network and Voyager

Singapore is planning to introduce new regulations that will tighten the trade of cryptocurrencies by retail investors, according to one of the country’s leading regulatory officials. The step is being taken to safeguard the interest of investors, given the fact that they remain “irrationally oblivious” about the risks associated with the market.

Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.

It marks the first time that the UK’s licensing regime will cater specifically for a cryptoasset. While certain crypto businesses have to comply with the UK’s anti-money laundering rules, any issuer of stablecoins used for payment must now seek a licence from the Financial Conduct Authority (FCA).

The move highlights the increasing emergence of crypto in the financial ecosystem, opening the door for more retail consumers to build their digital asset portfolios.

The crypto industry has witnessed a massive downturn, losing about $2 trillion in value since hitting a peak in November.

It marks the first time that the UK’s licensing regime will cater specifically for a cryptoasset. While certain crypto businesses have to comply with the UK’s anti-money laundering rules, any issuer of stablecoins used for payment must now seek a licence from the Financial Conduct Authority (FCA).

New York-based crypto trading platform Gemini claims to be the first one to get registered as a virtual asset service provider (VASP) by the Central Bank of Ireland (CBI). Earlier in February 2022, a company received an electronic money institution (EMI) authorization from the CBI. 

Major crypto exchanges Coinbase, Binance, and Kraken sit in the top three spots for the second quarter of this year, according to the ranking by Paris-based data provider Kaiko.

Citing sources, TechCrunch says that Gemini has reduced its headcount by 68 due to "extreme cost cutting". The move comes just weeks after founders Cameron and Tyler Winklevoss announced a 10% reduction in the workforce, blaming a “crypto winter” compounded by wider "macroeconomic and geopolitical turmoil".

Cameron and Tyler Winklevoss’ Gemini has reportedly laid off additional staff more than a month after reports suggested the cryptocurrency exchange cut 10% of its employees.

Nonfungible token (NFT) marketplace OpenSea announced mass layoffs on Thursday, joining other crypto companies in reducing headcount during one of the most volatile periods in the industry’s history. 

United States data transfer network Plaid has added four major cryptocurrency exchanges to its platform, giving users the ability to connect their digital asset portfolios to other applications more easily.