FILE PHOTO: A representation of cryptocurrencies in this illustration taken, January 24, 2022. REUTERS/Dado Ruvic/Illustration//File Photo
SINGAPORE (Reuters) -Cryptocurrency exchange Gemini said on Thursday it has launched an Australian operation as the firm expands into the country, offering its digital currency exchange services to tap into growing demand.
"We think that there's enough market opportunity for us to build a local platform," Saad Ahmed, head of APAC at Gemini, told Reuters on the sidelines of the TOKEN2049 crypto conference in Singapore last week.
"We have some institutional customers from Australia, and I think that is another area where we've seen some growth. So having a team on the ground, building a business which is localised, which is optimised for Australian users... makes sense for us."
The crypto adoption rate in the country rose to 31% as of early this year, up from 28% last year, according to the Australian Independent Reserve Cryptocurrency Index report released in February.
New York City-based Gemini, led by the billionaire twins Tyler and Cameron Winklevoss, made its debut on the Nasdaq last month after raising $425 million in an initial public offering.
The launch of Gemini's Australian operations, named Gemini Intergalactic Australia, will allow the company to offer crypto exchange services in the country after registration with the Australian Transaction Reports and Analysis Centre (AUSTRAC) as a digital currency provider, it said in a statement.
Prior to the move, customers in Australia were able to use Gemini's platform but were serviced through the firm's global arm.
(Reporting by Rae WeeEditing by Shri Navaratnam)
