KEY FACTS: On March 12, 2025, Gemini cryptocurrency exchange launched USD payment rails for institutional clients in the UK and Switzerland, partnering with Liechtenstein’s Bank Frick to offer fee-free deposits and withdrawals. This move aims to streamline crypto trading for institutions, with plans to expand across the EU and EEA in the coming weeks, building on Gemini’s European strategy following its Malta-based MiCA compliance hub established in January 2025. The initiative reflects the growing institutional demand for efficient fiat-to-crypto solutions.
Source: Gemini Blog
Gemini Unveils USD Payment Rails for European Institutions
Gemini, the cryptocurrency exchange spearheaded by Cameron and Tyler Winklevoss, has launched an initiative to bring USD payment rails to institutional clients in Europe, starting with the United Kingdom and Switzerland. Announced on March 12, 2025, this development, facilitated through a strategic partnership with Liechtenstein’s Bank Frick, promises to enhance the efficiency of cryptocurrency trading for institutional investors. With plans to extend the service across the European Union (EU) and European Economic Area (EEA) shortly, Gemini is positioning itself as a key player in the continent’s crypto adoption scheme.
Today, we’re excited to share that USD payment rails are now available for institutional customers in the UK and Switzerland through our banking partner, Bank Frick. In addition, this functionality will be available to institutional users in Gibraltar, Jersey, Guernsey and the Isle of Man.
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At the heart of this expansion lies Gemini’s alliance with Bank Frick, a Liechtenstein-based institution renowned for its innovative approach to blockchain and digital asset services. This partnership enables Gemini to offer institutional clients in the UK and Switzerland the ability to deposit and withdraw US dollars directly into their Gemini accounts—crucially, without incurring any fees. This fee-free model, a standout feature in an industry often burdened by transaction costs, is poised to attract a wide range of institutional players, from hedge funds to corporate treasuries.
In a statement, Gemini emphasized that the collaboration with Bank Frick is a foundational step in its mission to bridge traditional finance and the cryptocurrency ecosystem. By leveraging Bank Frick’s banking infrastructure, Gemini ensures that its clients can seamlessly move USD funds, providing a level of convenience and cost-efficiency that could set a new standard for institutional crypto services in Europe.
Bringing this new functionality to our platform in the UK was made possible by teaming up with Bank Frick. Founded in 1998 in Liechtenstein, Bank Frick is a world-famous provider of services such as fund administration, blockchain banking, and fund management.
The decision to debut this feature in the UK and Switzerland is no coincidence. Both regions are global financial powerhouses with well-established reputations as hubs for innovation and investment. The UK, despite its exit from the EU, remains a critical market for financial services, while Switzerland’s long-standing neutrality and banking expertise make it a natural fit for crypto adoption. These countries also boast sophisticated institutional investor bases increasingly eager to explore digital assets, making them ideal testing grounds for Gemini’s latest offering.
Looking ahead, Gemini has confirmed its intention to roll out the USD payment rails across the EU and EEA “in the coming weeks.” This ambitious timeline reflects the exchange’s confidence in its infrastructure and its readiness to meet the demands of a broader European market. The EU, with its 27 member states, and the EEA, encompassing additional nations like Norway and Liechtenstein, represent a diverse and lucrative opportunity for Gemini to cement its influence.
The launch of USD payment rails arrives amid a surge in institutional interest in cryptocurrencies. As Bitcoin and other digital assets gain traction as viable investment vehicles, major financial entities are seeking reliable on-ramps to enter the market. Gemini’s new service addresses a critical pain point for these institutions: the ability to move fiat currency—specifically the globally dominant US dollar—into and out of crypto platforms without friction or excessive costs.
Traditionally, institutional investors have faced challenges such as high fees, slow processing times, and regulatory uncertainty when engaging with cryptocurrency exchanges. By eliminating fees and partnering with a reputable bank, Gemini is tackling these barriers head-on, offering a streamlined experience that could accelerate the mainstream adoption of digital assets among Europe’s financial elite.
This initiative is building on Gemini’s ongoing efforts to establish a robust presence in Europe. Founded in 2014 by the Winklevoss twins, the exchange has consistently prioritized regulatory compliance and user trust, distinguishing itself in a crowded field of competitors. In January 2025, Gemini selected Malta as its base for compliance with the EU’s Markets in Crypto-Assets (MiCA) regulation. The introduction of USD payment rails is a natural progression of this strategy, providing a practical tool for institutions navigating the region’s regulatory and financial complexities.
The broader rollout across the EU and EEA will test Gemini’s ability to scale its operations while maintaining the high standards it has set for itself. Success in this endeavor could position the exchange as a leader in the European crypto market, a region poised for significant growth as MiCA and other regulations bring clarity and legitimacy to the industry.
Cameron and Tyler Winklevoss, the twin entrepreneurs behind Gemini, have long been vocal advocates for cryptocurrency’s transformative potential. From their early days as Bitcoin investors to their current roles as industry trailblazers, the brothers have sought to integrate digital assets into the fabric of global finance. The launch of USD payment rails aligns with this vision, offering a tangible solution for institutions looking to embrace the crypto revolution.
In Europe, the impending full implementation of MiCA promises to standardize crypto regulations across the EU, offering a clearer path for exchanges like Gemini to operate. While compliance with MiCA has demanded significant investment—as acknowledged by Gemini’s head of Europe in January—it also opens doors for growth. The USD payment rails initiative is well-timed to capitalize on this regulatory shift, providing a service tailored to institutions operating in a soon-to-be-harmonized market.
Gemini’s fee-free USD payment rails could give it a competitive advantage over rivals like Coinbase, Kraken, and Binance, all of which cater to institutional clients in Europe. If successful, this feature might pressure other platforms to rethink their fee structures or enhance their own offerings, intensifying competition in the institutional crypto space. For Gemini, the stakes are high: capturing a significant share of Europe’s institutional market could solidify its status as a global leader in cryptocurrency services.
For now, institutional clients in the UK and Switzerland can begin leveraging the new service, while their peers across Europe await its expansion. With Bank Frick as a partner and a clear roadmap ahead, Gemini is laying the groundwork for a new era of institutional crypto adoption in Europe—one USD transaction at a time.
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