Welcome to our Gemini news page. Here you'll find some of our featured Gemini Exchange content pieces as well as all our latest Gemini Crypto Exchange posts.
Gemini Improves 'Dynamic Trading Fee' Schedule: Improved Maker-Taker Model
Gemini features a fee schedule that gives consumers a low price for their interactions, with some transactions limiting their fees to 0% for liquidity-making trades. However, for transactions that come with a profit, consumers will still only be charged a 0.10% fee. To determine the fee rate for a trading pair, the user has to consider their gross trading volume available over the course of a 30-day trailing window. Since this is based on the most recent 30 days, the rate is recalculated nightly.
Maker vs. Taker
To understand Gemini fee schedule, investors should understand the process that goes into the orders. There are two orders associated with each trade – one that gives liquidity and one that removes liquidity. Buying or selling to add liquidity is considered liquidity-making, and the consumer that is in charge of placing the order is called the maker.
Alternatively, when a buy or sell order trades against what is logged in the order book, it removes liquidity and is considered “liquidity taking.” Whoever places the order is called a taker. There are many incentives to create a liquidity-making order, but the big risk is that they will not be filled on the order immediately.
As these transactions take place, they are subject to fees that are paid out to the taker, the maker, and the auction. The fee goes down as the order is initiated for higher amounts. For instance, a transaction for about $25,000 will come with a 0.75% fee for each of the parties, while a transaction involving over $15 million will only elicit a $0.10% fee.
Winklevoss Twins' Gemini Exchange Announces Secured 'Hot' Crypto Asset Insurance Coverage
Gemini Crypto Assets Are Now Insured
The Cryptocurrency exchange Gemini has recently obtained an insurance coverage for all its digital assets in custody. According to the Gemini Trust Company, the insurance will be provided via a consortium of insurers under a system that is being set up by Aon, a professional services insurance company that provides protection against risks.
According to the press release, the exchange received coverage after it proved that it is a good custodian. This insurance process comes on top of the Federal Deposit Insurance Corporation-insured dollar deposits that the exchange holds.
The Head of Risk at Gemini, Yusuf Hussain, has affirmed that the customers of the company are looking for the same levels of insured protection that they are used to being afforded by traditional institutions and that is what the company is interested in providing to them. He affirms that educating the insurers allows to provide protection for customers and also the expectations higher.
This is an important milestone for the New York company as it is now a safer market to store your tokens. Hussain believes that after so many high-profile hacks, you simply have to be insured in order to avoid having your money stolen and offering the best protection for the clients.
Protection For Hot Wallets
Only a small portion of all the assets that the company has been stored in hot wallets, as they are more prone to be hacked because they are in contact with the internet. The Gemini Hot Wallet is hosted on Amazon Web Services (AWS), which has a proven track for keeping the integrity of its digital assets.
These wallets require multi-factor authentication and they are restricted from the employees of the company, which cannot access them, only some and only in special cases. The key management of the wallets is made by hardware security modules (HSMs) and it uses CloudHSM provided by AWS.
Protection For Cold Wallets
Most of the assets are generally kept in cold wallets, which can be termed cold and “cryo” (short for cryogenic), which is an option for even more security at a higher price. The company uses HSMs and all keys are generated, stored and managed onboard HSMs for the lifetime of the keys.
the company also uses multisignature technology to be protected against attacks and constantly monitor these wallets as well as coordinates the actions of the employees. On top of that, all wallets are insured.
Gemini Crypto Exchange Announces Bitcoin Cash (BCH) Trading and Custody Services
Gemini announced support for Bitcoin Cash trading and custody services earlier today. Bitcoin Cash support will officially begin on Saturday, December 8 at 9:30am ET, which is when users will begin to be able to deposit Bitcoin Cash into their Gemini accounts.
Then, BCH trading will officially begin on Monday, December 10 at 1pm ET.
This is a big deal for Bitcoin Cash and its supporters. Like Coinbase and similar platforms, Gemini is famously selective about which currencies it lists on the platform. Bitcoin Cash is just the fifth cryptocurrency listed on Gemini to date, joining Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Zcash (ZEC).
The following pairs will all be available on Gemini:
All of the above pairs will be available for continuous trading and block trading. Only one pair, however, BCH/USD, will be available for the daily auction at 4pm ET.
The fact that Gemini is listing Bitcoin Cash is a bit surprising, given the cryptocurrency’s turbulent history over the last few months. Bitcoin Cash was recently forked into two distinct networks and blockchains, including Bitcoin ABC and Bitcoin SV. Bitcoin ABC “won” the hashwar, although the two cryptocurrencies remain closely matched in price today. Here’s how Gemini clarified the debate:
“At this time, we will only be providing support for the Bitcoin ABC network and we will be referring to it as Bitcoin Cash with ticker: BCH.”
As we go to press, Bitcoin Cash (BCH) is sitting at a price of $102.56 and a market cap of $1.794 billion while Bitcoin SV has a price of $102.30 and a market cap of $1.788 billion. The two cryptocurrencies couldn’t be closer.
Bitcoin Cash has added replay protection to all BCH withdrawals to ensure transactions are only valid on the Bitcoin ABC blockchain.
In addition, any cryptocurrency sent to Gemini over a blockchain that the company does not support will become invalid and irrecoverable. Do not send your Bitcoin SV to Gemini.
Gemini May Add Bitcoin SV Support in the Future
Interestingly, Gemini doesn’t seem to have anything against Bitcoin SV. In fact, the company claims they may launch Bitcoin SV trading at some point in the future:
“We are continuing to evaluate Bitcoin SV over the coming weeks or months, and we may or may not choose to support withdrawals and/or trading of Bitcoin SV in the future.”
Gemini also enthused about the goals of the Bitcoin Cash project in general, claiming that BCH was seeking to “build on the goal of the original bitcoin and become an electronic cash system, similar to other payment methods such as debit and credit cards.”
Gemini praised BCH for implementing changes to bitcoin like, “adjustable blocksize caps, canonical transaction ordering, and new operating codes, which lay the groundwork for further transaction throughput enhancements.”
Gemini Receives Approval from New York State to Begin Trading Bitcoin Cash
Gemini is regulated by the New York State Department of Financial Services and is one of the few legitimate exchanges operating legally in New York. New York is also one of the few states to adopt clear crypto regulations.
Before launching Bitcoin Cash trading on their platform, Gemini claimed they worked with the New York Department of Financial Services to obtain approval:
“We have worked closely with the New York State Department of Financial Services (NYSDFS) to obtain approval to offer Bitcoin Cash trading and custody services for our customers, and we are excited to add this cryptocurrency to the Gemini platform — the world’s most regulated cryptocurrency exchange and custodian.”
With Gemini, customers can enjoy a safe and compliant way to buy major cryptocurrencies. The New York City-based exchange continues to expand its number of accepted cryptocurrencies and will support BCH deposits on December 8 at 9:30am ET followed by general BCH trading on December 10 at 1pm ET.
New Gemini Exchange Mobile App Launches to Buy and Sell Cryptocurrencies
The Gemini Exchange is known for a lot of changes in the crypto industry. The owners, which are the Winklevoss twins, have applied for a Bitcoin ETF, and have partnered with several efforts to promote cryptocurrency usage. In a recent development, the New York-based exchange will not be available through a mobile app, which was only launched on Tuesday.
Gemini chose to promote their new app through a Twitter post, linking to a more elaborate blog on Medium.
The tweet read, “Introducing the Gemini Mobile App! Crypto on the Go! Download our app here: https://geminiexchange.app.link/download and check out our blog post here”
The blog described how the exchange’s ultimate goal is to “build the future of money” with their exchange. It goes on, talking about the need for mobile progression for the cryptocurrency world as well, which is what led them to create the Gemini Mobile App.
This app, according to the blog, offers the opportunity to:
- Purchase and sell crypto assets
- View updated information about market prices
- View the portfolio value of the user
- Create price alerts
- Establish recurring orders for purchases
- Purchase basket orders
- Send and receive cryptocurrency
The use of the app makes it easier for investors to trade wherever they are, and they can deposit tokens as soon as they sign up. Presently, the app is available from both the Apple App Store or the Google Play Store.
Along with the launch of the app, the Gemini Exchange has also brought in a new basket product called Cryptoverse, as reported by The Block. This market-weighted bundle includes the cryptocurrencies that the Gemini Exchange presently offers – Bitcoin, Ether, Bitcoin Cash, Litecoin, and Zcash. Trading this bundle ensures exposure to all five assets.
To view the Medium blog in its entirety, visit https://medium.com/gemini/introducing-the-gemini-mobile-app-crypto-on-the-go-1448d2ae74fa.