A duo of platforms have announced the expansion of their services. Both Circle and the Gemini exchanges have recently released statements on the matter. This comes after both exchanges had announced the launch of their very own ‘stable-coins’ in recent months. These are known as the Gemini Coin, and USDC.
Founded in 2013, Circle is one of the largest companies in the industry. In the short time they have been around, they have attracted big name investors such as Goldman Sachs, Bitmain, IDG Capital, and more. Their platform already offers a variety of services such as an OTC desk, and a centralized exchange (Poloniex).
In their announcement they have indicated that their platform now supports 4 new digital assets.
o Financial network specializing in international payments
o An Ethereum based decentralized exchange (DEX)
o Platform allowing the development of Dapps through use of smart contracts
o Acts as a hybrid between Bitcoin and Ethereum. Allows for deployment of smart contracts
By adding support for these tokens to their platform, Circle now offers a total of 11 assets. Circle notes that these coins, in particular, were selected because they hold the ability to further develop infrastructure in the industry.
Also of note is the recent resurgence of Poloniex. After an acquisition by Circle in early 2018, Poloniex has seen its trading volume surge tremendously. This has helped it leapfrog rival United States based exchange, Bittrex.
Not to be left behind in the news department is Gemini. The work of the Winklevoss twins, Gemini has just announced their plans for expansion into the United Kingdom. This move is no doubt being considered, as United States rival, Coinbase, recently made inroads into the UK market.
Despite not verifying an imminent expansion, it was reported by the financial times that Gemini would soon be filing an application for an approval to launch in the UK. Speaking with an inside source, the Financial Times reported, “Gemini continues to explore potential jurisdictions around the globe to provide a best-in-class digital asset exchange and custodian which will enable growth and infrastructure to the entire digital asset community.”
This news of expansion comes after weeks of headlines regarding the fate of the Winklevoss ETF. Whether the topic is ETFs, stable coins, or expansion, the twins definitely know how to keep themselves, and their product, in the limelight.
One Step at a Time
Although these moves aren’t game-changing like the announcement of an ETF, they are still noteworthy. It shows that even in the midst of this extended bear market, industry incumbents such as Circle and Gemini have not been dissuaded from their goal.
As expansions like this continue to take place, expect these announcements to ramp up as blueprints for success are made, and future exchanges can follow suit.