Crypto exchange Gemini has begun allowing withdrawals for victims in the Voyager bankruptcy case. It is also expanding its services in various ways.
Crypto exchange Gemini has begun allowing withdrawals for victims of the Voyager bankruptcy case, the firm announced on June 25. Victims in the case have been clamoring to see withdrawals reopen, and the announcement brings some relief to them.
Gemini Going Through Its Own Difficulties
Gemini was one of the many crypto firms that were affected by the crypto contagion that spread last year. The crypto exchange experienced the impact of the collapse of FTX, as its key partner, Genesis Global, was also affected. The exchange had to halt redemptions in November. Genesis, meanwhile, reached out to the same restructuring experts that Voyager used.
The collapse of FTX triggered a crypto contagion that significantly impacted Gemini and other crypto exchanges. Explore our deep dive of the collapse to learn more:
In the announcement, Gemini made it clear that it was a full reserve exchange and custodian that had all customer funds backed on a 1:1 basis. It also noted that those Voyager users with crypto assets that Gemini doesn’t support would be unable to send them to the exchange. Gemini also revealed that U.S. Voyager customers who join the exchange would receive $5 in BTC after they sign up and become verified within 30 days of opening their account.
Meanwhile, Voyager Digital is also preparing to reopen its app and begin the withdrawal of assets for customers. This is a big move forward, nearly a year after it filed for bankruptcy.
Voyager Failed To Sign Deals With FTX US and Binance.US
Voyager had been making an effort to see a deal with FTX US and Binance.US. The deal with FTX US failed after the latter imploded spectacularly.
Voyager then attempted to negotiate a deal with Binance.US, with the latter close to buying Voyager’s assets for $1.3 billion. Binance.US explained that it backed out because of a “hostile and uncertain regulatory climate.”
The developments led to Voyager settling on the liquidation of its assets. At the time, it explained that the funds from the liquidation would be used to pay customers back.
Gemini Launches Gemini Staking Pro in the UK
Despite the challenges that Gemini has been facing, including a United States Securities and Exchange Commission (SEC) case, it has been working on expansion. It recently announced the launch of Gemini Staking Pro in the United Kingdom. As such, Gemini users in the U.K. with 32 ETH or more can run dedicated validators on Ethereum.
Despite all of the hubbub with firms like Gemini and Voyager, the exchange has also set its sights on the Asia-Pacific region. It plans to open an engineering center in India and hire more employees in Singapore.
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