Gemini picks Ireland as European headquarters, DCG shutters TradeBlock as bankruptcy woes linger

Gemini picks Ireland as European headquarters, DCG shutters TradeBlock as bankruptcy woes linger
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Ireland's Prime Minister Leo Varadkar welcomed Gemini's new European HQ on Thursday. Credit: Alexandros Michailidis/Shutterstock.

Gemini picks Ireland as European headquarters

US crypto exchange Gemini will set up a new European headquarters in Ireland after becoming the first firm to be registered as a virtual asset service provider by the Central Bank of Ireland.

Gemini co-founder Cameron Winklevoss announced the news on Twitter, saying he and his brother Tyler had met Leo Varadkar, the Taoiseach of Ireland, on Thursday.

“We talked about the profound promise of crypto and the importance of common sense regulation to realise that promise,” Cameron Winklevoss said. “We believe MiCA is that common sense regulation.”

Varadka congratulated the firm on Twitter. The prime minister said the decision highlighted the government’s focus “on innovation as a driver of growth.”

“Gemini’s decision to locate in Ireland highlights our competitive offering for the international financial services sector,” he said. “We take pride in how it has grown from 60 staff in Dublin 30 years ago, to approximately 56,000 people around the country working in finance today.”

The news comes after the Winklevoss twins visited London earlier in the week and expressed concerns about UK lawmakers’ inconsistent attitude towards crypto.

NOW READ: MiCA is here. There are nine other EU crypto laws you should know about

Digital Currency Group to close subsidiary TradeBlock

Digital asset conglomerate Digital Currency Group will close down its subsidiary TradeBlock, as it negotiates with creditors for its bankrupt lending wing Genesis, Bloomberg reported.

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TradeBlock provided institutional investors with trade execution and prime brokerage services.

The company will cease operations on May 31. Subsidiaries of Digital Currency Group have faced a multitude of problems since last years collapse of exchange FTX, with frozen withdrawals and bankruptcies across several platforms.

NOW READ: Bitcoiner Jimmy Song just won a $1.9m bet on Ethereum — or did he?

AI-themed tokens rally amid positive Nvidia sales reports

AI-based cryptocurrencies rallied on news that graphics card giant Nvidia reported booming demand for its chips that power AI applications, CNBC reported.

Tokens like SingularityNET, Cortex, and Measurable Data Token all jumped on the news that Nvidia projected sales 50% above analyst expectations.

NOW READ: Crypto bridge Multichain in turmoil after ‘force majeure’ leads to stuck funds and token sell-off

Brazil’s central bank designates 14 institutions for new CBDC test pilot

Brazil’s central bank has picked 14 institutions to take part in its central bank digital currency project, CoinDesk reported.

Among the banks chosen to participate was Banco do Brasil, Visa, and Microsoft, as well as several major local banks.

The project will test pilot the proposed currency in a trial period slated to begin in June 2023.

NOW READ: Lawyer for Tornado Cash dev Alexey Pertsev sees hope in Chainalysis data at heart of Dutch case

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Correction: A previous version of this article summarised a CoinDesk story that has since been retracted.