Looking to ride the next big wave of crypto innovation, the crypto exchange powerhouse, Gemini, has found a new home base in Dublin, Ireland, leaving behind the regulatory hurdles in the United States. The Winklevoss twins, Cameron and Tyler, co-founders of Gemini, announced their move yesterday and are betting high on a new era of European innovation, promising a “Cambrian explosion” in the crypto sector.
Choosing the Emerald Isle as their gateway to the European Union, the twins made their move based on the robust regulatory framework, deep talent pool, and a vibrant technology community in Ireland. Even a proposed ban on crypto advertising by the Irish central bank and a slight dip in crypto adoption among Irish adults from 12% to 10% over the past year hasn’t deterred the Winklevoss brothers.
With Gemini already having a foothold in Dublin, they plan to ramp up their operations significantly following the EU’s recent approval of the new Markets in Crypto-Assets regulations (MiCA). “Ireland is our entry point into the EU,” Cameron told reporters.
This move follows their recent overseas expansion in India, marking a strategic shift away from the United States, which has been showing an increased regulatory hostility towards crypto. However, the firm continues to maintain its presence in New York under the Gemini Trust Company, LLC, undeterred by the challenges in its homeland.