Gemini Space Station NASDAQ:GEMI, a crypto platform working to build a financial super app, has launched 0% commission stock trading for U.S. customers, expanding its offering beyond crypto and giving eligible users access to thousands of U.S. exchange-listed securities through the Gemini app.
The move places Gemini in closer competition with Robinhood Markets NASDAQ:HOOD, a trading platform, and Coinbase Global NASDAQ:COIN, a crypto platform that has also expanded into stocks and derivatives. Investors appeared cautious in early Tuehsday trading, with Gemini shares falling 3.9%, Coinbase declining 2.4%, and Robinhood slipping 2.3%.
Nasdaq NASDAQ:NDAQ, a provider of real-time market data for the launch, will support Gemini's stock trading expansion, while Apex Clearing Corp., a subsidiary of Apex Fintech Solutions, will act as custodian and clearing broker. Gemini previously received FINRA approval to operate as a broker-dealer in 2022 and has now updated its registration as an introducing broker, a step that may help the company route customer transactions in all NMS securities through Apex as it pushes to keep more financial activity inside its app.