Gemini, a leading cryptocurrency exchange based in New York, has attained a highly sought-after milestone, by being the first company to be registered as a Virtual Asset Service Provider to provide crypto services in Ireland.
The said status was bestowed upon Gemini by the Central Bank of Ireland after the crypto firm had been authorized as an electronic money institution, earlier this year.
Gemini’s EU headquarters are located in Dublin, after having set up shop there since last year, with the same promise to offer its products and services to conveniently allow customers to trade in cryptocurrencies with either the Euro, the Pound or the Sterling.
Head of Ireland and Eu at Gemini, Gillian Lynch, observed how Dublin’s presence was critical in their quest for a wider global reach.
“As a thriving centre of technology and financial innovation, we are excited to keep growing our presence in Ireland to serve its citizens as well as others in Europe.”
VASP authorization allows companies exclusive access to exchange back and forth between virtual assets and fiat currencies.
In addition, they can trade amidst various forms of virtual assets, move virtual assets, provide their services which stand in as a provisional custodian wallet provider, and before and after sales services in the case of an issuer’s offer or sale of a virtual asset.
Gemini, formed in 2014, may at first seem as if it has an unfamiliar history, with unknown origins but all that changes at the mention of Cameron and Tyler Winklevoss, made popular by the movie Social Network, for having sued Mark Zuckerberg, Facebook co-founder for stealing their college based social network idea.
VASP approval couldn’t have come at a better time, with Gemini having had to make reports just two months prior that it would have to cut its workforce due to market conditions.