Gemini Adds 14 Stocks, Hits 37 Tokenized Equities in EU

- Gemini expands its tokenized equity offerings to EU investors, reaching a total of 37 stocks. - Gemini mints tokens on the Ethereum blockchain for improved performance and 24/7 trading access. On July 15, 2024, CoinDesk reported that U.S.-based cryptocurrency exchange Gemini has introduced 14 new tokenized stocks for investors in the European Union. This expansion brings the total available equities on the platform to 37, including prominent companies like Nike, Starbucks, and Coca-Cola. The company mints these tokenized stocks on the Ethereum blockchain to leverage its scalability and efficient infrastructure. This initiative is made possible through a partnership with Dinari, which issues dShares™ that establish a direct, one-to-one link with their corresponding U.S. equities. While the tokens offer economic rights similar to traditional shares, they remain compliant with existing legal and regulatory frameworks. Gemini’s tokenized stocks allow for round-the-clock trading on its exchange with a 1.49% transaction fee. The Malta Financial Services Authority provides regulatory oversight to ensure alignment with EU standards. This expansion is part of Gemini’s strategy to bridge the gap between traditional finance and blockchain-based systems. In late June and early July, Gemini added notable U.S.-listed names to its platform, including Apple, Tesla, and Amazon, along with crypto-related firms like Coinbase. Competitors such as Robinhood and Kraken have also entered the tokenized equity space, but Gemini differentiates itself through its diverse offerings and clear regulatory pathways. For example, the Bank of Lithuania investigated Robinhood's efforts, raising doubts about their adherence to EU compliance standards. Elsewhere, Kraken and Bybit expanded their tokenized equity programs using xStocks tokens, which Backed Finance issues and supports across various blockchains. The blockchain Gemini chose for its token issuance is Ethereum (ETH). According to CoinMarketCap, ETH was trading at $3,403 as of 06:19 UTC on July 15, a 4.03% decline in price over the past 24 hours.