Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, is broadening its financial infrastructure for European institutional investors. The company has announced plans to expand its US dollar payment support across the European Union and the European Economic Area (EEA) in the coming weeks. The move follows an initial rollout in the United Kingdom and Switzerland, facilitated through a partnership with Liechtenstein-based Bank Frick.
Gemini’s expansion will allow institutional clients in several European regions, including Gibraltar, Jersey, Guernsey, and the Isle of Man, to deposit and withdraw US dollars directly through their accounts. The initiative eliminates the need for currency conversions into British pounds or euros, reducing trading friction and enhancing efficiency. Mark Jennings, Gemini’s head of Europe, stated,
“With interest in institutional crypto adoption exploding in recent years, US dollar rails will be key in giving a seamless and frictionless trading experience.”
The exchange will integrate Bank Frick’s instant transfer service, xPulse, enabling around-the-clock fiat deposits and withdrawals for institutional customers who hold a Bank Frick account. This service is expected to provide a continuous on-ramp for clients seeking to engage in crypto trading without delays due to banking hours.
Regulatory Compliance and Institutional Strategy
Unlike many crypto asset service providers (CASPs) that rely on third-party financial institutions to facilitate fiat transactions, Gemini will provide its US dollar payment rails through its own Electronic Money Institution (EMI)-licensed entities.
Jennings emphasized Gemini’s regulatory-first approach: “Our regulatory-first approach allows us to provide seamless funding solutions directly through our own EMI-licensed entities.”
The company’s focus on regulatory compliance has been evident in its recent strategic decisions. At the start of 2025, Gemini designated Malta as its primary hub for European operations in alignment with the European Union’s Markets in Crypto-Assets (MiCA) regulation. This followed its December 2024 approval for a Virtual Financial Asset (VFA) service license in Malta, a key step in establishing a broader European presence.
The move to expand US dollar support comes as other major exchanges adjust their services in the region. Coinbase introduced US dollar trading pairs for European customers in 2019 but discontinued its Coinbase Pro service in 2023. The extent to which other European exchanges offer similar US dollar trading support remains unclear, potentially giving Gemini a competitive advantage in catering to institutional clients looking for direct USD transactions.
By reducing fees and eliminating conversion requirements, Gemini aims to create a more efficient trading ecosystem for European institutions. The exchange is also leveraging its licensing strategy to bypass the need for external banking partners, a challenge that has hampered many European crypto platforms.
IPO Speculation and Strategic Growth
The expansion of Gemini’s financial infrastructure coincides with ongoing speculation about its potential initial public offering (IPO). According to Bloomberg, the company has confidentially filed for an IPO in the United States. If launched, the offering could take place as soon as this year, with investment banking giants such as Goldman Sachs and Citigroup reportedly involved in the process.
Gemini has been pursuing a public listing since at least 2021. The company previously considered merging with Digital Currency Group, a venture capital firm that has since declared bankruptcy.
While details about the IPO remain scarce, the timing of Gemini’s European expansion suggests an effort to bolster its market position ahead of a potential public debut.
