Gemini Singapore Extends New Token Offerings Including DeFi After Bank of Singapore Backs Crypto Assets

Singapore-based customers of the Gemini crypto exchange have good news as the company is offering its tokens offerings including a wide range of altcoins and some popular DeFi tokens. As per the latest announcement, 20 new tokens will be available for trading on Gemini Singapore including Uniswap (UNI), Sythetix (SNX), Yearn.Finance (YFI), Filecoin (FIL) and others.

In the press release, Gemini said that this new product offering aims to bring a more localized experience for its customers in Singapore. The exchange also brings new features to its trading platforms like quick ways to fund investor accounts and additional local support. Besides, the exchange support Singapore Dollar (SGD) on both – desktop and mobile applications.

Customers can either deposit SGD to their accounts using FAST TRANSFER to directly buy them using the SGD debit card. Speaking about expanding their service, Gemini CEO Tyler Winklevoss said:

“Singapore is a financial epicenter in the heart of Asia and is a fast-growing market for cryptocurrency. Singapore is one of our biggest markets and supporting SGD is another exciting milestone on our mission to empower the individual through crypto.”

Interestingly, Gemini’s announcement comes hours after the Bank of Singapore showered praises for cryptocurrencies saying that they have the potential to replace Gold in long term.

Bank of Singapore: Cryptocurrencies Can Replace Gold

In a recent research note published, the Bank of Singapore noted that cryptocurrencies can replace yellow metal Gold once the market overcomes key hurdles of “trust, volatility, regulatory acceptance and reputational risks”.

Mansoor Mohi-uddin, the chief economist at the Bank of Singapore, said that once we address some of these disadvantages, digital currencies will stay in investors’ portfolios as potential safe-havens. He added:

“First, investors need trustworthy institutions to be able to hold digital currencies securely. Second, liquidity needs to improve significantly to reduce volatility to manageable levels”.

The bank also added that increased institutional participation for a longer time-frame will introduce legitimacy to the marketplace. This is because crypto participation will be more fundamentally-driven rather than speculations. The Bank of Singapore economist also added that cryptocurrencies bring massive convenience in moving money across the globe.

However, he back the existence of strong regulations saying “Government agencies need to curtail criminal activity to reduce the reputational risks for holding digital money”.