Winklevoss Twins’ Gemini Exchange Starts Block Trading BTC and ETH | News ICORating
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Winklevoss Twins’ Gemini Exchange Starts Block Trading BTC and ETH

Winklevoss Twins’ Gemini Exchange Starts Block Trading BTC and ETH

Gemini, a cryptocurrency exchange owned by early Bitcoin investors Cameron and Tyler Winklevoss, started block trading Bitcoin and Ethereum outside of their regular books on Thursday, April 12, at 9:30 AM EST.

Investors aiming to buy and sell large amounts of cryptocurrency on the Gemini Block Trading Marketplace started placing their orders on Thursday. According to a press release on the new product, Gemini’s Block Trading Marketplace aims to create “an additional mechanism to source liquidity when trading in greater size.”

Clients looking to buy and sell via the platform can place BTC orders for a minimum of 10 Bitcoin and ETH orders for a minimum of 100 Ethereum. Orders from the platform “do not interact” with Gemini’s “continuous or auction order books” and are “electronically broadcast to participating market makers” via “market data feeds ten minutes following the execution of a block trade.”

Winklevoss IP, a separate company also owned by the Winklevoss twins, was granted a patent by the US Patent and Trademark Office (USPTO) on April 10 for a "system, method, and program product for processing secure transactions within a cloud computing system.” The patented system uses hash function encryptions, digital signatures, and other cryptographic computing techniques to secure digital transactions performed across cloud computing infrastructure.

Although the patent doesn’t mention directly how this new patent will be applied, Gemini may be using the new security system to protect big trades on its new Block Trading Marketplace.

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