- Gemini debuts wallet with passkeys, removing recovery phrase requirement.
- Onchain Dashboard offers trading, yield vaults, and dApp access.
- Partnerships and gas fee coverage aim to boost early adoption.
Gemini has launched a self-custody wallet and an onchain trading platform as it prepares for a potential public market debut. The move follows its secretive initial public offering filing in June and comes as centralized exchange volumes are down.
The Gemini Wallet will launch passkey-based onboarding, eliminating the use of conventional recovery phrases. It can be used as a portable wallet on various platforms and embedded in decentralized applications.
Gemini claims that passkeys enhance security and convenience over passwords because cryptographic keys are stored on a device instead of a password. This allows access through fingerprints, facial recognition, or device PIN entry, so complex credentials do not have to be memorized.
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Onchain Dashboard and Expanded Crypto Tools
The company has also rolled out the Gemini Onchain Dashboard, a web interface for token trading and decentralized app access. It allows users to put money in yield-generating vaults where regulation allows and gives them more opportunities to grow crypto assets.
WalletConnect integration supports connections to major platforms, while cross-chain swaps are enabled through Bungee. The yield opportunities will be provided through the Morpho-curated Gauntlet vaults on Arbitrum, and Blockaid will protect against fraud and scams.
Incentives and Partnerships to Drive User Adoption
To attract new users, Gemini is covering initial gas fees and offering free Ethereum Name Service subdomain names. It is collaborating with networks like Arbitrum, Polygon, Optimism, and Base to expand its scope and capabilities.
Gemini will connect the wallet to the exchange accounts later in the year. This would enable seamless custody and trading across centralized and decentralized platforms.
More recently, over the past several months, Gemini has also launched its tokenized stock marketplace to EU clients, allowing equity investments onchain. Also, the Winklevoss brothers took a stake in the American Bitcoin Corp., a mining company that was linked to the sons of Donald Trump, the U.S. President, Eric and Donald Jr.
The wallet and onchain hub mark a strategic step for Gemini as it positions itself for a public listing. These developments highlight its focus on bridging centralized and decentralized finance for a broader user base.
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