Gemini Adds 0% Commission Stock Trading to Crypto App

Gemini opened its app to commission-free US stock trading on 7 Jul, adding thousands of exchange-listed securities to a

crypto exchange

that already covers spot, prediction markets and derivatives, according to a company release.

The move by the Winklevoss twins' platform lands as crypto exchanges converge on unified marketplaces spanning digital assets, equities and derivatives. Gemini's bet is on a US licence stack, not user scale.

Two partners, one subsidiary

Running a stock brokerage in the US requires three components: real-time price data; order execution and clearance; and a broker registered with the Financial Industry Regulatory Authority (FINRA) to interact with customers. Gemini has assembled the first two through partnerships. Nasdaq supplies the market data feed. Apex Clearing Corporation, a widely used clearing provider for US consumer investment apps, executes and settles the trades.

Only the customer-facing broker sits inside Gemini, through a subsidiary called Gemini Galactic Markets registered with FINRA. Gemini upgraded that entity's 2022 broker-dealer approval to introducing broker status, a designation that specifically hands execution and clearance to Apex. Its own Commodity Futures Trading Commission (CFTC) clearing licence remains focused on derivatives.

Licence stack builds out

Beyond the equities rollout, Gemini's regulated footprint stretches across a Designated Contract Market (DCM) approval, the Derivatives Clearing Organization (DCO) licence and a New York State Department of Financial Services (NYDFS) trust charter. The company presents this stack, spanning crypto spot, derivatives and now equities under US regulatory oversight, as the anchor of its convergence strategy.

Coinbase, moving towards the same unified-marketplace model, secured UK investment-services authorisation on 7 Jul, extending equities and derivatives to British users.

Subscale users, distressed stock

Gemini's Q1 earnings showed 589,000 monthly transacting users, $11.1bn in platform assets and $50.3mn in revenue, after cutting 30% of staff earlier this year.

Gemini shares traded near $4.19 on 7 Jul, down about 62% over three months and 83% from post-IPO highs, TradingView data show.

Co-founder and CEO Tyler Winklevoss framed the shift as moving “from a crypto company into a markets company.”