Gemini has opened direct XRP deposits and withdrawals on the XRP Ledger in Singapore, according to an announcement on X by Tyler Winklevoss on August 24. The move eliminates intermediary settlement steps for users in the region.
XRP transactions on the ledger settle in 3 to 5 seconds, compared to traditional banking channels that can take hours or days. Gemini did not announce new XRP trading pairs or fee adjustments alongside the XRPL integration.
Singapore has become a hub for crypto exchanges and custodians seeking regulatory clarity under the Monetary Authority of Singapore's framework. The city-state's Payment Systems Act, which took effect in 2020, requires operators handling digital payment tokens to hold a license and maintain specific capital and operational standards. Gemini holds a Capital Markets Services license from the authority.
Direct blockchain settlement reduces counterparty risk and operational overhead for exchanges managing regional flows. The XRP Ledger, which Ripple created and maintains, processes payments without a central intermediary; validators maintain the ledger and confirm transactions through consensus. Settlement finality is immediate once consensus is reached.
Winklevoss launched Gemini in 2014 and has positioned it as a regulated exchange for institutional and retail users. The platform operates in multiple jurisdictions and has emphasized compliance infrastructure as a differentiator from unregulated competitors. Gemini holds licenses in New York, Singapore, Hong Kong, and other markets.
Singapore's crypto exchange ecosystem includes Bybit, which relocated its headquarters there in 2023, and Crypto.com, which secured a Major Payment Institution license in 2024. The addition of direct XRPL settlement in Gemini may lower barriers for users moving XRP in and out of regional trading venues without wrapping or bridging.
Geography and finality speed both matter for exchanges competing for trader volume in Asia-Pacific. Gemini's move brings settlement velocity closer to domestic banking in the region while keeping custody and transactions on-chain rather than in proprietary channels. The company is one of the largest licensed exchanges in Singapore by asset custodial oversight.
