Gemini Block Trading: New Electronic Block Trading Facility?
Gemini is a licensed digital asset exchange and custodian. They buy, sell, and store Bitcoin and Ether in a regulated, secure, and legally compliant manner. They are constantly finding ways to improve and expand their platform and in an effort to make a better platform, they are launching Gemini Block Trading. The announcement comes through a blog post on their website by their Co-Founder and President Cameron Winklevoss, one of the Winklevoss twins.
Block trading is a fully electronic block trading facility that enables customers to buy and sell large volumes of digital assets outside of Gemini’s continuous order books. This creates an additional mechanism to source liquidity when trading in greater size.
How To Order Gemini Blocks
To place a block order, a customer will have to specify buy or sell, quantity, minimum required fill quantity, and a price limit. However, market makers only receive quantity, minimum quantity, and the collar price. If the market maker agrees to the trade that satisfies the Indication of Interest(Price Limit), the block order will be filled.
To comply with their dedication to being an equitable, transparent, and law-abiding marketplace, the block orders will be broadcasted to all the participating market makers simultaneously. This ensures best execution and price discovery for the participants while not interacting with the continuous or auction order books. Information of a successful trade will be published on their market data feeds 10 minutes after the execution of a block trade.
Gemini Block Trading goes live at 9:30 AM ET on April 12th. You can learn more about the product on their website https://gemini.com/ or contact their business development team at [email protected] .