Gemini Payments, a popular crypto-asset trading platform founded by Cameron and Tyler Winklevoss, officially launched in Ireland on Wednesday after becoming the first company to receive secure registration from the virtual asset service provider of the Central Bank of Ireland during the summer.
Gemini, which also holds a European e-money license, allows customers to buy, sell and hold crypto-assets such as Bitcoin and Ether and non-fungible digital tokens (NFTs)
Accounts filed by the company’s Irish business entity show it employed six people in Ireland last year, with its payroll rising from just €14,000 in 2020, when the Irish company was set up, to almost 1.6 million euros in 2021.
However, Gemini significantly reduced its global workforce earlier this year in response to a sharp drop in crypto-asset prices that began in the first quarter of 2022.
The company, which closed a funding round late last year valuing it at $7.1 billion (€6.4 billion), has ambitious growth plans. In a statement on Wednesday, Gillian Lynch, Irish and European head of Gemini, said Ireland is “a gateway to the wider European financial market”.
She said, “Gemini is committed to providing consumers and institutions with a secure entry point into crypto. We are delighted to be live in Ireland, where there is strong demand among a highly educated and tech savvy consumer base for accessible crypto services in Euros.
Cameron and Tyler Winklevoss are best known for suing Facebook founder Mark Zuckerberg, claiming he stole the idea for the social networking site from them when they were students. The twins eventually received a $65 million (€59 million) settlement in cash and Facebook shares.