Major crypto exchange Gemini has officially launched in France as part of its European expansion strategy.
French users can now open a Gemini account to deposit, trade, and store more than 70 digital assets using the web or mobile app, the press release said.
They can also add funds using local payment rails, including EUR and GBP, through debit cards, bank transfers, and Apple Pay.
Meanwhile, advanced traders can access ActiveTrader, which offers over 80 trading pairs.
The country’s institutional clients have the OTC desk and eOTC trading system options. These execute large orders with “deep liquidity and optimal pricing,” the exchange said.
This latest news comes after the company registered as a Virtual Asset Service Provider (VASP) in the country in January 2024.
“Gemini’s entry into France is a strategic choice for the company’s next phase of growth,” the announcement said.
“France’s proactive engagement with and support of the crypto sector has fostered the development of a crypto hub, making it a key market for Gemini.”
Expanding in the European Market
Gemini’s CEO of the UK and Europe, Gillian Lynch, commented that the exchange’s research into the French market discovered a growing interest in digital assets.
Notably, there is also a clear and robust regulatory framework – positively affecting both the investors and companies. This is a product of France’s VASP regime on the one hand, and the much anticipated Markets in Crypto Assets regulation (MiCA) on the other.
The latter bill was passed in 2023, providing EU companies with a clear and comprehensive regulatory framework for digital assets.
These factors present “a unique opportunity to introduce our platform to the trading community and extend our presence in the European market over the coming months,” Lynch said.
There are several other relevant factors at play, Gemini suggested.
The research showed that French respondents trusted crypto more than those in the US and UK.
At the same time, since 2022, the percentage of crypto owners has increased from 16% to 18%. This made France the country with the highest growth post-crypto winter, per Gemini’s research.
Furthermore, investors have shown a strong demand from strong industry players to enter the country.
Notably, 62% of French respondents said crypto is a long-term investment, while 46% bought their first crypto in the past three to five years.
Additionally, 49% of past crypto owners said they’d likely re-enter the market within the next year, while 28% said they’d allocate 5% of their investment portfolios to crypto.
This is creating a fertile ground for crypto companies in the country, particularly as crypto market booms.
Meanwhile, Gemini recently apologized for mistakenly issuing a Bitcoin (BTC) price alert stating the coin surpassed $100,000.
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