Friday, September 30, 2022

Gemini Receives Irish E-Money License

Gemini, a cryptocurrency exchange that is owned by the Winklevoss Twins has achieved a remarkable feat in the republic of Ireland as the firm recently received its license to issue electronic money within the republic.

For a firm that has received its Financial Conduct Authority (FCA) license- a license that permits it to operate within the UK, receiving the approval of the Irish’ Central Bank is no doubt a big one.

Expanding its frontiers into the Irish market would therefore allow Gemini the opportunity to provide its services to individuals in Ireland and even beyond.

Although founded in 2014, Gemini which is valued at about $7.1 billion would through this newly acquired fintech license have the chance to play in the same market with heavyweights like Stripe, Meta, and Google which are firms that already hold the same license which it just received.

According to Gillian Lynch who oversees Gemini’s operation in Ireland, the company is excited about the coming days as the firm sees the Republic of Ireland as an international hub that has an affinity for emerging technologies and financial services.

Lynch went on to state that this license by the Central Bank to issue e-money in Ireland is proof that Gemini as a company takes core issues such as customer protection and regulatory compliance as a priority at all times.

Speaking on this development, a former director at Ireland’s Central Bank and the founder of Fintech Ireland, Peter Oakes said that it expects Gemini to further raise the bar by pressing ahead for Ireland’s Virtual Asset registration.

Great Achievement For Gemini

According to Oakes, obtaining this virtual asset registration coupled with the e-money license it already has would give the people of Ireland better and deeper access to Gemini’s wide spectrum of value proposition.

As individuals in Ireland can now begin to enjoy Gemini’s offerings in the Fintech sector, retail investors can also look forward to a time when they can also buy, hold and sell digital assets which are also known as cryptocurrency, and also invest in Non-Fungible Token (NFT) all through Gemini.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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