Gemini
Gemini is a digital currency exchange and custodian that allows customers to buy, sell, and store digital assets. Gemini is a New York trust company that is regulated by the New York State Department of Financial Services (NYDFS). It was founded in 2014 by Cameron and Tyler Winklevoss. [19]
Overview
In June 2016, according to CNBC report, Gemini became the world's first licensed Ether exchange. In May 2018, it was announced that Gemini had become the world’s first licensed Zcash exchange. Currently, it operates in the United States, Canada, the United Kingdom, South Korea, Hong Kong, and Singapore. In 2025, the exchange expanded its services for institutional clients in several European jurisdictions, including Switzerland and the UK, through a partnership with Bank Frick.[13]
Primary competitors include Coinbase, Binance, Bitstamp, and Kraken. All users are able to trade cryptocurrency and fiat currency on an open market. Users are able to transfer USD to and from their bank accounts. In August 2025, Gemini filed a registration statement with the U.S. Securities and Exchange Commission for an initial public offering (IPO), with plans to list on the Nasdaq under the ticker symbol "GEMI".[14]
Gemini began in order to facilitate the purchase and storage of Bitcoin through a complex system of private keys and password protected environments. Only a small percentage of the total bitcoin on the exchange is held online to minimize the risk of loss from hacking. As pointed out by the site Profit Confidential regarding compromised exchanges:[2]
To be perfectly honest, there is no yes or no answer to the “Are Ethereum exchanges safe” question. Going purely on past records, they are safe though exchanges like Poloniex have been hacked. This does not make Poloniex any less safe than the others. People who hack exchanges are constantly upgrading their methods, and likewise, the exchanges are trying to stay a step ahead. The best bet is to use offline storage of ETHs once the transaction is complete.[5]
The New York Times has reported that Gemini is trusted by Ari Paul, of the hedge fund BlockTower Capital, who deals in virtual currency. According to reports by both Bloomberg News and Fortune magazine, Gemini was the first exchange to launch bitcoin futures contracts in December 2017. Fortune reported that Chicago Board Options Exchange (CBOE) uses Gemini "as the basis for the daily settlement for the bitcoin futures".[2]
History
Tyler and Cameron Winklevoss announced Gemini in June 2013 and the company went live on October 25, 2015. Gemini began adding to the financial services it offers thereafter, some of which include FIX and API support. On May 5, 2016 Governor Andrew Cuomo of New York State announced the approval of Gemini as the first licensed Ethereum exchange based in the United States. Additionally, in 2016, Gemini announced it would allow users to withdraw Ethereum Classic (ETC) from the exchange, following a hard fork in Ethereum's code.[3][4]
In October 2017, Gemini announced that it was allowing registered users to withdraw Bitcoin Cash from the exchange provided they had a balance available on the exchange prior to the Bitcoin hard fork in August 2017.[5]
Fortune reported that Cboe uses Gemini to settle its Bitcoin futures contracts, "XBT", in December 2017. Cboe partnered with Gemini so as to use Gemini's dollar denominated auction price for these contracts.[11]
According to Bloomberg News, Gemini began offering "Block Trading" in April 2018. Block Trading enables Gemini users to buy and sell large quantities of digital assets outside of Gemini's continuous order books, creating an additional liquidity mechanism when trading in greater size.[15]
The Winklevoss twins said that their main goal in 2018 was to add Bitcoin Cash and Litecoin.[9]
In March 2018, Gemini added a number of partnerships and products to its portfolio and network. It announced a partnership with Caspian, the full-stack cryptocurrency trading and risk management platform for institutional and complex investors.[6][7]
In April 2018, it was reported by Reuters that Gemini would be utilizing NASDAQ's SMARTS technology to monitor trades and combat fraudulent activity and price manipulation on its exchange.[12]
On May 14, 2018, the New York Department of Financial Services announced it had approved Gemini to offer Zcash (ZEC) on their platform. The NYDFS commented that its decision was a "continuation of New York's longstanding commitment to innovation and leadership in the marketplace." Gemini's CEO, Tyler Winklevoss, was quoted in the same press-release saying that Gemini "is proud to be the first licensed exchange in the world to offer Zcash trading and custody services."[1]
On September 10th, 2018, Bloomberg News reported that Gemini had received regulatory approval for a new product, the Gemini dollar (GUSD) from the NYDFS and would launch trading of the coin that same day. Gemini described the product as a stablecoin which maintains a 1-to-1 peg with the American dollar.[12]
In March 2025, Gemini expanded its services in Europe, enabling institutional clients in the UK, Switzerland, and other jurisdictions to make US dollar deposits and withdrawals without conversion fees through a partnership with Liechtenstein-based Bank Frick.[13]
On August 18, 2025, the company filed for an IPO in the United States, signaling its intent to become a publicly traded company.[14]
Products and Services
Nifty Gateway Acquisition
In November 2019, Gemini acquired Nifty Gateway, a platform for buying and selling non-fungible tokens (NFTs). The acquisition marked Gemini's entry into the growing digital collectibles market and allowed Nifty Gateway to leverage Gemini's custody and security infrastructure.
Gemini Credit Card
In August 2025, Gemini announced a partnership with Ripple to launch an XRP-rewards version of its credit card. The limited-edition metal card, issued by WebBank, allows users to earn cryptocurrency rewards on purchases, which are deposited into their Gemini account instantly. Cardholders can earn up to 4% back in XRP on fuel and EV charging, 3% on dining, 2% on groceries, and 1% on all other transactions. The partnership also included expanding the use of Ripple's stablecoin, RLUSD, on the Gemini platform.[16] [17]
Gemini Earn
Gemini launched its Gemini Earn program to allow customers to lend their crypto assets and earn interest. The program involved lending customer assets to a third-party borrower, Genesis Global Capital. In November 2022, following the collapse of FTX, Genesis halted withdrawals, which in turn forced Gemini to pause redemptions from the Earn program, affecting approximately 340,000 customers.
Gemini Wallet
In August 2025, Gemini launched the Gemini Wallet, a self-custody crypto wallet. The wallet was designed with a simplified onboarding process using passkey technology instead of traditional seed phrases, aiming to make it more accessible for beginners in the DeFi space. The wallet integrates with a web-based dashboard called "Onchain" and initially supported Ethereum and several Layer 2 networks.[18]
Regulatory Scrutiny and Lawsuits
The failure of the Gemini Earn program led to significant legal and regulatory challenges. In January 2023, the U.S. Securities and Exchange Commission (SEC) charged both Gemini and Genesis for the unregistered offer and sale of securities through the Earn program. In October 2023, New York Attorney General Letitia James filed a lawsuit against Gemini, Genesis, and its parent company Digital Currency Group (DCG), alleging that the companies defrauded more than 230,000 investors of over $1 billion.
Security Incidents
In December 2022, Gemini notified customers of a data breach that occurred at a third-party vendor. The incident resulted in the leak of 5.7 million customer email addresses and partial phone numbers, which were later posted on a dark web forum. Gemini stated that customer accounts and funds were not affected as the breach did not compromise its own systems.
Gemini Foundation
In April 2023, Gemini announced the formation of the Gemini Foundation, a non-U.S. entity created to offer crypto derivatives trading to customers in select jurisdictions. The platform launched with a BTC/GUSD perpetual contract and is available to customers in countries across South America, Asia, and Africa, but not in the United States, United Kingdom, or the European Union.