Gemini Becomes First Crypto Exchange to Offer Sub-Accounts for Institutional Customers

Siamak Masnavi

Digital asset exchange Gemini has introduced sub-accounts for its institutional customers.

Gemini is a "a licensed digital asset exchange and custodian built for both individuals and institutions." It is also "a New York trust company regulated by the New York State Department of Financial Services (NYSDFS)." It was founded in 2014 by Cameron and Tyler Winklevoss, the famous identical twin brothers who in 2008 "settled for $65 million in a case where they sued Facebook founder Mark Zuckerberg for stealing their ConnectU idea to create Facebook back in 2004."

In a Medium blog post published on Tuesday (September 3), the Gemini team explained that this new feature "allows our institutional customers to create and manage multiple accounts under a single master account," and that it makes it possible for institutions to "segregate trading strategies, funds, end customers, and more across multiple sub-accounts under the same master account."

Gemini says that sub-accounts "also make it easier for institutions to earn volume-based trading fee discounts because volume for an institution is aggregated across all of its sub-accounts."

Late last month, Gemini announced that it had joined the Silvergate Exchange Network (SEN) in order to allow its institutional clients to" deposit and withdraw U.S. dollars to and from their Gemini account in real-time; 24 hours a day, 7 days a week, and 365 days a year."

Binance Launching Latin American Fiat Gateway in Brazil and Argentina

Siamak Masnavi

Binance announced on Thursday (December 12), via a press release shared with CryptoGlobe, the launch of "Latamex", its new fiat gateway for Latin America. 

Binance revealed its plans for the Latamex platform at the 7th LABITCONF (the Latin American Bitcoin and Blockchain Conference 2019), which is held 12–13 December 2019 in Montevideo, Uruguay.

Until today, the Binance Fiat Gateway had four partners: Simplex; Koinal; TrustToken; and Paxos.

Well, from today, as a result of a new partnership with the Settle Network ("the largest digital assets settlement network in Latin America"), Binance's Latamex platform will allow users in Latin America (starting with Brazil and Argentina) to buy/sell crypto using fiat currency. 

Here is how the Settle Network describes itself:

We provide programmatic interoperability between traditional and digital assets, by leveraging our financial infrastructure in every country we operate. Covering the most relevant markets, including the largest banks and +100.000 retail locations. This enables unlimited and compliant interoperability between digital assets and the most important local currencies.

Binance Co-Founder and CEO Changpeng Zhao (aka "CZ") had this to say:

"There is a strong need for cryptocurrency in Latin America, especially for financial access. Roughly 50 percent of the Latin American population is unbanked, and Latamex is a response to our users’ demands and the current market climate. Working with Settle Network allows us to instantly bridge the gap between fiat and crypto for Latin American traders. We are continuing to build with our key partner, Settle Network, to bring wider accessibility of cryptocurrency in Latin America and will support additional local fiat currencies in the region in the future."

He then added:

“The crypto industry is still in its early stages and most of the world’s money is still in fiat. Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users.”

As for Pablo Orlando, Founder and CEO of Settle Network, he stated:

"Latin America has illustrated one of the largest needs and use cases for blockchain and cryptocurrency adoption. Partnering with Binance has allowed us to further open fiat gateways for Latin American users together and bring larger adoption forward to provide financial freedom in the region.”

In the future, Binance plans to launch Latamex in 13 other Central and South American countries: Chile; Colombia; Costa Rica; Dominican Republic; Guatemala; Honduras, Mexico; Nicaragua; Panama; Paraguay; Peru; Salvador; and Uruguay.

Featured Image Courtesy of Binance