Gemini crypto exchange is expanding its trading capabilities for institutional clients in Europe by adding US dollar payment support. The exchange, founded by Cameron and Tyler Winklevoss, has partnered with Liechtenstein-based Bank Frick to enable US dollar payment rails for institutional customers in the United Kingdom and Switzerland .

Mark Jennings, Gemini's head of Europe, stated that the company plans to expand US dollar rail support to European Union institutional customers in the coming weeks. The new functionality will also be available to institutional users in Gibraltar, Jersey, Guernsey, and the Isle of Man.

The feature allows institutions to deposit and withdraw US dollars to and from their Gemini accounts without fees. It also enables them to access US dollar-to-crypto trading pairs and directly trade with US dollars on Gemini, rather than converting to British pounds or euros.

For deposits, Gemini will use Bank Frick's instant transfer service called xPulse. This provides a 24/7 fiat on-ramp for institutional customers who have a Bank Frick bank account.

Jennings explained that the new functionality will be available directly on the platform through Gemini's own entities that have received Electronic Money Institution licenses. Unlike most crypto service providers that rely on partnerships for funding rails, Gemini can provide these solutions directly through their licensed entities.

The USD payment rails will be available in:

• United Kingdom and Switzerland (currently)
• European Union countries (coming weeks)
• Gibraltar, Jersey, Guernsey, and the Isle of Man

This announcement follows reports that Gemini recently submitted a confidential filing for an initial public offering in the United States. According to Bloomberg's sources, the IPO could launch this year with companies like Goldman Sachs and Citigroup involved. The exchange has reportedly been working toward going public since at least 2021.

This expansion comes amid broader financial pressures in Europe. Bank of America recently advised clients to sell UK and EU bonds as European nations plan major defense spending increases. German bond yields have hit 15-year highs while UK yields have climbed to 27-year highs, making government borrowing more expensive as countries pursue military modernization.