Winklevoss Twins’ Gemini Exchange to Offer New Service for Large Traders
Cryptovest
Published Apr 10, 2018 02:41PM ET
Updated Apr 10, 2018 03:31PM ET
Winklevoss Twins’ Gemini Exchange to Offer New Service for Large Traders
Gemini, the exchange that was founded by the Winklevoss twins, just announced a new service that would allow so-called “crypto whales” to make transactions in a faster-paced environment without clogging up the normal transaction traffic offered to regular traders on the platform.
The twins’ exchange isn’t the first to ever offer block trading services, as similar options have already been available via exchanges in Hong Kong and Australia because of the increased interest from large-scale investors in Bitcoin and a number of other cryptocurrencies.
“As part of our mission to continue to improve and expand our platform, we are excited to launch Gemini Block Trading, a fully electronic block trading facility. Block Trading enables our customers to buy and sell large quantities of digital assets outside of Gemini’s continuous order books, creating an additional mechanism to source liquidity when trading in greater size,” the exchange said in a blog post .
The service will be available to traders starting at 9:30 AM EST on Thursday.
Traders wishing to participate will have to either sell or buy a minimum of 10 BTC (over $67,000 today) or 100 ETH (just under $40,000 today).
Any information about a block trade will be published ten minutes after it is complete.
The only times these trades are not permitted is within 25 minutes of an auction on the platform.
Gemini’s block trading platform will help tamper some of the volatility of Bitcoin that is often caused by large haulers trading enormous sums, which sometimes destabilize the asset’s price.
There’s no word so far on whether the Winklevoss twins plan on expanding past Bitcoin and Ethereum.
They might do this, however, as Gemini recently announced that it is planning to This article appeared first on Cryptovest
Get The News You Want
Written By: Cryptovest
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.