New York-based leading cryptocurrency exchange Gemini Exchange has announced that it is now open in Hawaii, completing its presence in all the 50 states of the United States. In an official tweet, Gemini informed that they would be participating in a two-year pilot project, Digital Currency Innovation Lab, to bring crypto to the citizens of Hawaii.
Aloha Hawaii 🌴 Gemini will now be available in all 50 states!
We are excited to announce our participation in the Digital Currency Innovation Lab (DCIL), a two-year pilot program designed to bring #crypto to the people of Hawaii.
Learn more on our blog: https://t.co/FZ92NxoTXG
— Gemini (@Gemini) August 19, 2020
Backed by the billionaire Winklevoss twins, Gemini is one of the biggest crypto exchanges, not in the US but across the globe. In an official blog on its website, the company said that it has partnered with the state-backed Hawaii Technology Development Corporation (HTDC) to create new economic opportunities for the locals through the early adoption of cryptocurrencies backed with consumer protection on its regulated platform.
HTDC is the technological innovation arm of the state’s Division of Financial Institutions (DFI). It functions and aims to provide high-paying and quality jobs to the residents of the state. It also promotes technological advancement in Hawaii by facilitating essential capital, robust infrastructure, and creative talent.
Expanding across the 50 states gives Gemini a great position to tackle the growing competition, especially from their competitors from Asia, including Binance, Huobi, etc. In recent times, despite being the earliest crypto exchanges in the United States, Gemini has faced stiff competition, particularly from Binance US. The Chinese blockchain ecosystem’s US arm moved ahead of Gemini in terms of liquidity, in just nine days of its launch.