The Big Whale: Almost a year after getting your PSAN, you're officially launching in France today. Have you been waiting for prices to go back up or is this just a fluke?
Gillian Lynch: That's a good question (laughs, ed.), but the reality is much more trivial! We had been planning for months to launch in France at this time and, yes, the context is particularly favourable, but that wasn't foreseeable. That said, we're not going to complain about this perfect timing.
From today, the French can access a full range of products, including our investment and custody services, our advanced trading platform for experienced traders. Corporates can also benefit from all our services: investment, custody, OTC trading and white label trading desk.
You talk about "perfect timing" because prices are at their highest?
The fact that prices are rising is obviously a good thing, but I think above all we are arriving in France at the best possible time because the French want to invest and we offer a platform that is both highly regulated and secure.
Between national players like Paymium and international players like Binance and Coinbase , there are already a lot of exchange platforms in France. How will you differentiate yourself?
When Cameron and Tyler Winklevoss founded Gemini 10 years ago (in 2014, ed.), they were convinced of two things:
The first is that cryptocurrencies would play an important role in the financial ecosystem, and that's what we're seeing today. Bitcoin and other digital assets have become essential.
The second is that cryptocurrencies would be regulated. We have spent the last 10 years investing to ensure the protection of client funds as well as Gemini's security and regulatory compliance.
This approach resonates well with what French consumers are looking for, according to our research. The French, and Europeans more broadly, are increasingly interested in cryptocurrencies, but put regulation and security first.
With regulations such as MiCA in Europe , Gemini is well positioned to thrive in an environment where only compliant providers will be allowed to operate.
What are your ambitions in France and more widely in Europe?
Europe has been a strategic market for us for several years. We first opened in the UK, then launched our services in various countries. Today, we are present in 20 European markets.
Our European office is in Dublin, Ireland, where we obtained an e-money establishment licence, which has been passed on throughout Europe, particularly in France, which is a key market for us.
In just a few years, Paris has become a real hub for crypto. Successive governments have put in place a clear regulatory framework, which makes this market a no-brainer for us.
Gemini is an American player. What do the French and Europeans have access to?
The same as our American customers. We are convinced that we offer the best services, and we want them to be accessible everywhere in the world. We simply adapt the languages, customise the customer journey and take into account the identification requirements specific to each country.
This allows us to maintain a consistent core product while meeting the specific needs of each market.
With regard to funds and their custody, do you work with partners or do you have your own solutions?
We are our own custodian. Everything is developed in-house, including our technology solutions. This includes our operations in Europe.
Can you tell us more about your licences?
We have an EMI (Electronic Money Institution) licence, which allows us to be autonomous in integrating customers. We have our own Gemini portfolio, which reduces our dependence on third parties. The only area where we work with partners is for the corresponding banking services.
What are your plans for the coming months?
We're focusing on business development. We recently launched a marketing campaign that caused quite a stir in New York and London, highlighting our vision for the future. It emphasises that we now have all the necessary elements in place: regulation, technology and innovation. We see ourselves as being at the start of a 100-year journey.
Will this campaign be rolled out in other European countries?
First we plan to roll out our services in France, make sure everything works perfectly, and then, in 2025, invest in marketing across Europe. We're building on the 'Martian' campaign launched in the US with messages like "Go where your dollars don't go" .
It's an interesting slogan, especially given current market conditions...
The timing is indeed ideal. We hadn't launched an advertising campaign for seven or eight years, so this is a refresh and a reintroduction of the brand.
What is your main objective for Gemini in France and Europe?
We want to become one of the top three players in Europe. With the growth and adoption of cryptocurrencies in France, where over 10% of the population already own them, we see huge potential.
The importance placed by French investors on trust and security aligns perfectly with our values. We believe that achieving a leading position in the French market is achievable within 12 to 18 months, particularly with the arrival of MiCA regulations.
Gemini is one of the historic players in New York. You worked very early on with institutional players such as banks and investment funds. Is this also your objective in Europe?
More than ever! We want to be that trusted partner that puts regulation and security first. With the consolidation of the market thanks to MiCA, Gemini sees a considerable opportunity, particularly as a custodian for banks.
While retail investors prefer all-in-one solutions, institutional clients may wish to separate exchange and custody services. We are already playing a key role in the US in ETFs as a custodian, and we anticipate similar growth in Europe for ETPs as regulations evolve.
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