Digital currency exchange Gemini announced yesterday that it is opening its services to traders in South Korea and Japan.
The move comes just over a year after Gemini first opened its doors in New York. The exchange, which had been in the works since early 2015, came online following its successful bid for a bank charter. Yet the exchange struggled to find traders following its launch, and may be looking past US shores in a bid to attract more activity.
Customers in both countries will have access to bitcoin and ether trading, both markets of which will trade against the US dollar. South Korean and Japanese customers will also have access to Gemini’s daily bitcoin auction.
The company said:
“These dynamic East Asian economies have long embraced the growth of bitcoin and other digital assets, and our expansion to Japan and South Korea represents another milestone in Gemini’s pursuit of building a global next generation digital asset exchange.”
Gemini’s launch in the two Asian countries comes during a dynamic period for them both. Some of South Korea’s biggest payment companies are moving to integrate the technology underlying bitcoin, while several of its bank look to launch next-generation remittance solutions.
Conditions in Japan – home of the now-defunct bitcoin exchange Mt Gox – are perhaps more ripe for expansion. Last month, local sources reported that Japan’s government is moving to drop a sales tax on bitcoin after classifying it under domestic law as a kind of prepaid payment instrument.
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