Gemini, the cryptocurrency exchange operated by the Winklevoss twins, will soon allow professional traders and investors to purchase large quantities of digital currencies. The Geminin Block Trading Service is slated to go live at the open of U.S markets on April 12th.
“Any customer can place a block order that specifies: (i) buy or sell, (ii) quantity, (iii) minimum required fill quantity, (iv) and a price limit (the “Indication of Interest”). Market makers only receive quantity, minimum quantity, and the collar price — they do not receive any other information (i.e., side, price limit, etc.) related to the block order,” according to a post on the Gemini blog.
Cameron and Tyler Winklevoss, the brothers that pushed to introduce the first U.S. bitcoin exchange traded fund, the Winklevoss Bitcoin Trust, are looking to expand their Gemini Exchange to include more digital currencies.
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After bitcoin, the largest cryptocurrencies are Ethereum, Ripple, Bitcoin Cash and Litecoin. Bitcoin futures debuted on the Cboe in December, followed by a launch on the CME. Nasdaq Inc. is still considering entering the bitcoin futures competition. Currently, Gemini offers trading in bitcoin and ethereum.
Gemini & Large Bitcoin Trade Quantities
The new service from Gemini “will allow traders to buy or sell large quantities of Bitcoins and other cryptocurrencies and will compete with companies that cater to large institutional traders,” reports Bloomberg. “Block-trading companies have recently popped up in Hong Kong, Australia and other markets to meet demand from hedge funds and similar institutional buyers. One such service, Circle Trade, is already directly moving more than $2 billion a month in crypto assets.”
Gemini clients can currently trade bitcoin and ethereum, though there is some speculation the exchange will expand to include other cryptocurrencies. The exchange is open 24 hours a day, seven days a week.
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Bitcoin is a decentralized digital currency, or cryptocurrency, based on a peer-to-peer network and can be exchanged through computers internationally without a financial intermediary. The system was first introduced by an unidentified programmer or group under the name of Satoshi Nakamoto in 2009.
For more information on the cryptocurrency, visit our Bitcoin category.