A new cryptocurrency exchange platform is entering France. Gemini, an exchange founded by the Winklevoss brothershas in fact announced its arrival on the French market. Ahead of the launch in France, Gemini managed to obtain the precious PSAN status (digital asset service provider) with the Financial Markets Authority (AMF). This license is mandatory for French players, or operating on French territory, who carry out operations in cryptocurrencies for their clients, such as the purchase or sale of digital assets.
With this sesame, Gemini is free to offer and advertise its services on the French market. The arrival in France is a sign “a new stage of development” of the platform, which is determined to conquer Europe. Launched in 2014, Gemini has gradually established itself as a flagship exchange in the cryptocurrency sector by complying with regulatory requirements and working with regulators.
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France, a key market for crypto
According to Gemini, France is a strategic market for crypto players who wish to make a place for themselves in Europe. In its press release, Gemini highlights “France’s proactive commitment to the crypto-currency sector and the support it provides”. In recent years, France has gradually attracted several major players in the crypto ecosystem, starting with Binance. The number one exchange on the market has decided to set up in Paris. Subsequently, Crypto.com, another exchange full of ambitions, took up residence in the capital.
In this context, Gemini believes that a “true hub of European stature” was born in France. Furthermore, the American exchange shares a study which shows that “the adoption of cryptocurrencies has progressed continuously in France over the last two years”or since the market crash and the death of FTX. In fact, 18% of French people hold cryptocurrencies, the study indicates.
For them, it's not just a hobby. The study states that more than 60% of French investors consider their investments to be long-term investments. Half of them started investing “three to five years ago” and plan to continue their purchases in the next twelve months.
More than 70 cryptos on the menu
By going to Gemini, the French will be able to buy, exchange and store more than 70 different cryptocurrencies. As is the case with Binance, Bitpanda, Coinbase or Crypto.Com, the platform offers several payment methods, such as bank transfer or credit card. The exchange also has a section offering “advanced trading tools”.
The arrival of Gemini in France occurs in a particularly favorable context for investments in cryptocurrencies. Electrified by Donald Trump's landslide victory in the US presidential elections, the price of Bitcoin rose above $90,000 for the very first time. King Bitcoin stimulated the entire market and pushed the overall capitalization beyond $3 trillion. As Bitcoin appears to be heading towards $100,000, more and more investors are turning to the world of cryptocurrencies.
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