Gemini, the Winklevoss twins’ crypto exchange, will begin offering high volume trading later this week.
The Winklevoss twins’ crypto exchange Gemini will begin offer cryptocurrency block trading outside of their regular order books starting April 12 at 9:30 a.m. EST, according to Gemini’s April 9 press release.
Investors that want to trade on the Gemini Block Trading marketplace will be able to buy and sell large amounts of cryptocurrencies. The minimum trade at Gemini will be 10 Bitcoin (BTC) and 100 Ethereum (ETH), with the trade information published 10 minutes after the trade’s execution to prevent affecting price and market volatility.
Gemini’s post explains how a customer will place a block order specifying “(i) buy or sell, (ii) quantity, (iii) minimum required fill quantity, (iv) and a price limit (the ‘Indication of Interest’),” while the market makers will only see the “quantity, minimum quantity, and the collar price.” Once a market maker has decided to “make a market” that fits within the Indication of Interest, the block order will be executed.
Gemini has also been involved in bringing traditional market systems into the crypto sphere. In December of last year, the Chicago Board Options Exchange (CBOE) partnered with Gemini to launch their Bitcoin futures.