in

Gemini Out to Boost Crypto Adoption With Major Integrations

Gemini Exchange is a self-proclaimed exchange for world-class digital assets with celebrity endorsements. It doesn’t have many advanced features, but it’s smooth, fast, and relatively intuitive. It’s a powerful tool for advanced traders, but it also has a clean, easy-to-use interface that even a beginner can quickly grasp.

Founded by the Winklevoss twins, the New York trust company has embraced the one thing that the crypto community hates the most: regulation. With strict regulations from the State of New York, financial transparency, and FDIC insurance, it is one of the safest exchanges in an otherwise volatile market.

Given the rise in cryptocurrency adoption rate over the past year or so, Gemini exchange hosts numerous features and products that drive crypto adoption. Here are but a few that are worth noting:

TaxBit Tax Technology

TaxBit recently partnered with Gemini. Its leading tax technology automatically calculates taxes in real-time and saves time for investors and traders.

TaxBit software is available with a tax dashboard that makes it easy for users to see their crypto transactions’ tax implications. The Tax Center Suite instantly shows the exact amount of trading taxes and fees that must be paid when a user opens and closes a position at Gemini.

Once the Gemini exchange has fully integrated TaxBit’s tax technology, consumers will be able to perform automated crypto tax audits that will fix a variety of manual reporting issues, which are often prone to human error. Also, TaxBit technology introduces tax form automation, making it easier to align crypto taxes with the IRS format.

In early January 2020, Winklevoss Capital invested in a $ 5 million round to fund seeds for TaxBit.

Gemini Earn

Gemini Earn was launched as a savings product to pay interest on cryptocurrency. The product does not require a minimum balance or fee to add or remove funds from the account. It is only available to US customers and is currently available in all 50 states.

The annual return (APY) depends on the type of cryptocurrency on the account. For example, the APY for a cryptocurrency called Filecoin is 7.4%, but for Bitcoin, it is only 3.05%. However, this is a considerable increase when compared to the average national saving of 0.05%.

The twins stated that they could offer attractive interest rates by lending crypto to institutional borrowers who pay interest on the loan.

Gemini Credit Card

Gemini has also integrated Gemini Credit Card‘s, a credit card with cryptocurrency rewards. The acquisition of Blockrize has accelerated this effort. 

Blockrize is a fintech startup that has been building a credit card with cryptocurrency rewards. Gemini opened the Gemini Credit Card waitlist in preparation for launch, providing Gemini customers, and those already on the Blockrize waitlist, with early access.

By combining Gemini’s simple, reliable, and safe platform with Blockrize’s rewards program, cardholders can earn up to 3 percent back in bitcoin seamlessly, or other cryptos, on every purchase they make with the Gemini Credit Card.

Tyler Winklevoss said that the Gemini Credit Card would make it easier for any consumer to invest in bitcoin and other cryptos without changing their existing behaviour. Rather than deciding how and when to purchase crypto, customers can do so when making their everyday purchases. 

Samsung Blockchain Integration

Samsung launched the Samsung Blockchain to power the Samsung Blockchain Wallet. The wallet is integrated with the Gemini Exchange, so new Samsung Galaxy smartphone owners can use their device as a wallet for cold storage and easily buy and sell crypto.

Samsung Blockchain Wallet users could only store, send and receive crypto. With the update, users can now buy and sell new asset classes through the Gemini Exchange.

It’s no secret that Samsung is one of the leading companies in the global smartphone market, selling more than 250 million devices in 2019. With Gemini’s support, this will make it easier for millions of people to access the crypto space and encourage many users to start buying and using crypto.

Samsung and Gemini are essentially bringing crypto to the masses. Many exchanges are too complicated for most people to navigate, preventing crypto’s early adoption. This integration with the Gemini Exchange makes it easier for crypto buyers to enter the market for the first time.

Gemini-Caspian Partnership

Caspian is a cryptocurrency trading and risk management platform that partnered with Gemini back in 2018. It aimed to connect institutional investors with active traders to multiple exchanges in a single interface.

This partnership came when Caspian broke the implementation of its strategy of adding 40 platforms for commerce and an existing exchange connection at the end of June.

Caspian offers professional ordering, execution, compliance, and risk management functions to meet investors’ regulatory and operational needs. It is currently connected to more than ten major crypto exchanges, including Gemini (FIX), BitMEX, GDAX (FIX), Bitfinex, Poloniex, BitFlyer, and Binance.

Gemini Integrates Genesis

Gemini has also teamed up with Genesis to offer its users an annual return of 7.4% (APY) on their digital holdings.

This partnership is part of Gemini’s commitment to encouraging customers to store their cryptocurrency on the exchange. This offer is now available for active Gemini users and will be available to all Gemini users later in February. 7.4% APY is in line with what many centralized cryptocurrency lenders offer, according to CoinDesk.

Noah Perlman, chief operating officer of Gemini, said they have many clients dealing with traditional financial interest rates, which are quite sluggish.

Conclusion

Crypto was once considered the exclusive environment for tech-savvy investors, but it has become very popular today. 

The future of crypto looks promising as it is no longer seen as a particular concern. Both Bitcoin and Ethereum have recently hit record highs. Simultaneously, Google’s search for Ethereum has also increased, and it is clear that discourse about mainstream cryptocurrencies has shifted to the mainstream media.

Gemini is one of the few exchanges allowed to operate in New York State, which, given the local market’s size, provides them with an extraordinary advantage that their competitors cannot access. The exchange has been routing for crypto adoption, and this does not seem to stop any time soon.

What do you think?

0 points
Upvote Downvote

Cardano Addresses Native Tokens That Bring New Utility To Life | CryptoGazette

Over $550 Million of Bitcoin Flows Out of Coinbase Pro