Market

Gemini’s APAC Chief Saad Ahmed Talks Global Expansion

Published

2 months ago

September 30, 2024

Coin2049 Newsletter

Gemini, the US-based cryptocurrency exchange founded by Cameron and Tyler Winklevoss, is expanding globally, with a focus on the Asia-Pacific (APAC) region. Leading this effort is Saad Ahmed, Head of APAC, now based in Singapore.

Ahmed, who joined Gemini in November 2023, brings experience from Uber and Grab. In this interview, he discusses crypto investor trends, regulatory challenges, and Gemini’s strategy for Asia. He also shares insights on how global events, like the US elections, may impact the crypto industry and outlines Gemini’s international expansion plans.

How do you think crypto adoption is growing?

As stated in our report published recently, crypto investors are very resilient. Despite price action in 2022 and 2023, most countries showed a marginal fall in crypto ownership, or it relatively stayed the same. Crypto owners are hodlers who continue to hodl, showing a long-term belief that this asset class has a place in a balanced portfolio.

We see stability in hodling, and people who left in 2021 or 2022 are saying they’re going to come back. 7 out of 10 in most markets said they would be allocating to crypto in the next 12 to 18 months. This paints a positive picture of resiliency and that the asset class is here to stay.

People are looking at catalysts like macro factors, US elections, and Fed rate cuts. Crypto investors are resilient and many are likely to come back in the next 12 to 18 months.

What would you say about the lack of regulatory clarity as a barrier to industry growth?

Regulatory clarity is about consistency across different jurisdictions. In the crypto industry, there are differences in how regulators are trying to regulate this asset class. Innovation usually leads to regulation. There’s a need for consistent regulation that applies across jurisdictions, making it easier for global entities to operate.

Singapore has regulatory clarity, with a focus on customer protection, encouraging dialogue between industry, customers, and regulators. They have a clear framework of rules to comply with. Despite this, some respondents still said they’d like to see more regulatory clarity, which is intriguing.

What do you expect from the US election, and how would that affect your business?

7 out of 10 people said the candidate’s stance on digital assets is an important issue in their decision-making. It’s not the only issue they care about, but it is a partisan issue being discussed in national discourse. This is the first time in a US election that this has happened.

Taken in context with everything else happening in the industry, like Bitcoin ETFs giving legitimacy to the asset class, this topic being discussed as part of campaign strategy for both parties is a good thing for the industry. It helps drive forward the dialogue around this industry and its importance. More people are realizing how it fits as part of their portfolio.

Gemini delisted the controversial Terra Luna Classic (LUNC) in September. What was the reason behind this decision?

We go through a process of auditing every asset we list and delist. We have a robust infrastructure and processes for what goes into an asset being on the platform. There’s due diligence on the founders, what the project stands for, token distribution, and what the project does.

The process involves both the compliance and legal teams. Once a project is listed, it is recorded in the system, with an infrastructure cost tied to maintaining the listing.

Various factors are evaluated to determine whether a token should remain listed or be delisted. This is done regularly, taking a holistic approach to better manage the infrastructure. New projects are added, while those no longer driving demand are removed, as many tokens experience a hype cycle of about six months before interest declines.

Do you agree that fees are comparatively higher in Gemini than in other exchanges?

There are broadly three things customers care about liquidity on the platform, product, and fees. Most people have a preference for which they value most. You could have lower fees but wider spreads, or higher fees and tighter spreads.

These are choices exchanges make when building their framework. Our understanding is that our fees are quite competitive. We need to add more liquidity.

We’re working on areas that can drive better liquidity and depth on our platform. Our fees are generally competitive, and we’re working on improving liquidity.

Saad Ahmed, Head of Asia Pacific, Gemini, at TOKEN2049 in Singapore. Source: Courtesy of BeInCrypto

What kind of business scale does Gemini have in APAC?

The US is our largest market, but we’ve been present in APAC for four years. We’ve always had an office in Singapore and a team here. We built for Singapore in 2020, being one of the first exchanges with an SGD onramp. Today, we have about 40 employees in Singapore, our APAC HQ.

Over the last year, we’ve built out a strong leadership team with new heads of compliance, general counsel, strategy, institutional sales, and expansion and growth. We are eager for growth, investing in the market, and continuing to build localized experiences, onboarding flows, and payment rails.

We’re thinking of a feature set that appeals to customers in Asia and building from an Asia-focused perspective. We’re now driving expansion from Singapore to other parts of Asia.

As a global exchange, what do you care the most about?

As a global exchange, we care about building for the customers in the region. It’s how we build the best experience and give them the products and services they really want. We can’t build a global product and expect everyone to use it. We need to localize our product and offering to make it relevant.

That’s why we have a team in the APAC region. We want to drive adoption through localized products. In 2024, we’ve seen the legitimacy of this asset class with ETFs and big traditional finance names joining the industry. We’re playing a part in driving the adoption of this technology.

The legitimacy means more people will find a place for this asset class in their portfolio. We’re building products to help make that transition easier for as many people as possible.

Disclaimer

In compliance with the Trust Project guidelines, this opinion article presents the author’s perspective and may not necessarily reflect the views of BeInCrypto. BeInCrypto remains committed to transparent reporting and upholding the highest standards of journalism. Readers are advised to verify information independently and consult with a professional before making decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Related Topics:Ahmed APAC Chief Expansion Geminis Global Saad Talks

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ADA Sights More Growth After Breaking $0.8119

Published

4 hours ago

November 23, 2024

Coin2049 Newsletter

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people – people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I’m so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone’s life. I don’t chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Market

PNUT Price Nears Oversold Zone After 20% 24-Hour Decline

Published

6 hours ago

November 23, 2024

Coin2049 Newsletter

PNUT price has dropped more than 20% in the last 24 hours, following its recent surge after being listed on major exchanges, where it reached $2.28. This sharp decline highlights weakening momentum, as indicators like ADX and RSI suggest that the uptrend is fading.

Despite this, PNUT still has the potential for a strong recovery if buyers return. However, if bearish pressure continues, PNUT could face a significant correction, testing key support levels and potentially losing more ground.

PNUT Current Uptrend Is Fading Away

PNUT currently has an ADX of 18.76, significantly down from above 50 just a few days ago. This consistent decline in ADX indicates that the strength of PNUT’s uptrend has been steadily weakening.

Despite still being in an uptrend, the sharp drop in price over the last 24 hours highlights the growing vulnerability of maintaining upward momentum. The ADX suggests a potential reversal could be on the horizon.

The ADX measures the strength of a trend, with values above 25 indicating a strong trend and below 20 indicating a weak or nonexistent trend.

PNUT’s ADX dropping below 20 reflects a weakening trend, even though the current directional movement still leans bullish. If this trend strength continues to deteriorate, PNUT may struggle to sustain its uptrend. That would leave PNUT price vulnerable to a more significant reversal in the near term.

PNUT Is Almost Reaching The Oversold Zone

PNUT currently has an RSI of 32.6, marking its lowest level since being listed on Binance.

The Relative Strength Index (RSI) measures the speed and magnitude of price movements, with values above 70 indicating overbought conditions and below 30 signaling oversold levels.

The consistent decline in PNUT’s RSI over the past few days highlights weakening momentum, with the asset now approaching oversold levels.

If the RSI falls below 30, it could signal that PNUT is significantly undervalued in the short term. However, continued bearish sentiment could keep the price under pressure, delaying any recovery.

PNUT Price Prediction: A 72% Correction Ahead?

If PNUT price experiences a reversal and a strong downtrend emerges, it could test the support at $0.749. Should this level fail to hold, the price may drop further to $0.41 and even $0.32, marking a significant potential correction of up to 72%. This would make PNUT be surpassed by other meme coins such as MOG, GOAT, and MEW in terms of market cap.

Such a scenario would indicate increased bearish pressure, with traders potentially continuing to exit positions after the surges following the listing on major exchanges.

PNUT Price Analysis. Source: TradingView

On the other hand, if PNUT uptrend regains strength, the price could rise to test the resistances at $1.87 and $2.21.

Breaking through these levels could allow PNUT to retest its previous all-time high of $2.50. That would offer a potential 111% upside and establish PNUT as a top 10 meme coin in the market.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

How PNUT, GOAT, BONK Fared

Published

7 hours ago

November 23, 2024

Coin2049 Newsletter

In this weekly analysis of meme coins, BeInCrypto observed that these tokens experienced mixed results. While some tokens saw gains, others grappled with significant losses.

Peanut the Squirrel (PNUT) and AI-created Goatseus Maximus (GOAT) were among the week’s underperformers, both experiencing significant price drops. In contrast, Bonk (BONK) defied market trends, securing its place as one of the top-performing cryptocurrencies. Here’s a detailed recap of the week’s developments.

Peanut the Squirrel (PNUT)

At the beginning of the week, PNUT’s price was $1.94. However, the meme coin’s value has since decreased by 33%. This significant decline could be attributed to selling pressure from those who held the token until it reached an all-time high.

PNUT’s price is currently $1.17. However, the one-hour chart shows that the Relative Strength Index (RSI) has dropped to 31.66. When the RSI climbs to 70.00, it means that the asset is overbought.

On the other hand, if it is below 30.00, it means that it is oversold. Therefore, while the RSI reading indicates bearish momentum, it indicates that PNUT is oversold.

As such, the meme coin’s price could be in line for a rebound. If validated, then PNUT’s price could bounce toward $1.40. In a highly bullish scenario, the meme coin could rally toward $1.72. However, if selling pressure increases again, the price could decrease below $1.15 when we publish the next meme coins weekly update.

Goatseus Maximus (GOAT)

Similar to PNUT, GOAT, another meme coin, faced a sharp decline this week, with its price dropping by 22%.

The price of GOAT has fallen to $0.87, possibly due to waning interest in AI-themed meme coins. The shifting narrative in the meme coin market suggests that some traders may be moving on from the AI buzz, seeking opportunities elsewhere.

Adding to the bearish sentiment, GOAT’s 4-hour chart has revealed a head and shoulders pattern, a classic bullish-to-bearish reversal indicator. This formation suggests that the meme coin could face further downside.

GOAT meme coin price analysis — Goatseus Maximus 4-Hour Analysis. Source: TradingView

If the pattern plays out, coupled with the negative Moving Average Convergence Divergence (MACD), GOAT’s price could decrease to $0.66. However, a surge in buying pressure could invalidate this bias. If that happens, the value could jump to $1.37.

Bonk (BONK)

Contrary to GOAT and PNUT’s performance, Bonk’s price experienced a 28% hike. This price increase happened because the project disclosed that it would burn 1 trillion tokens by December 25 at the latest.

As a result, this disclosure sent euphoria around the Solana meme coin’s community, driving demand and a higher value for the token. However, BONK faces resistance at $0.000050, which has made it challenging for the cryptocurrency to rise much higher.

Despite that, the Bull Bear Power (BBP) shows that bears do not still have control. If sustained, then BONK’s price could move toward $0.000060.