Gemini, the cryptocurrency exchange run by the Winklevoss twins, is introducing a service that will allow traders to buy or sell large quantities of Bitcoins (Bitcoin) and other cryptocurrencies, the company said in a blog post.
“Block Trading enables you to buy and sell large block quantities of digital assets outside of our auction and continuous order books, creating an additional mechanism to source liquidity when trading in greater quantity,” team Gemini said.
The service is expected to go live on April 12. It will electronically broadcast orders to participating market makers simultaneously, the company said.
“In accordance with our commitment to an equitable, transparent, and rules-based marketplace, block orders will be electronically broadcast to participating market makers simultaneously, ensuring best execution and price discovery for those participating in the program,” the exchange said.
Trade information will be published on Gemini’s market data feeds 10 minutes after the transactions are executed.
Until recently, block trades have only been possible over the counter, through market makers or investors willing to take the risk of dealing outside an exchange.
By Siranush Ghazanchyan