Gemini to Introduce Block Trading

Now big traders can trade with blocks of Ethereum or Bitcoin; at least 100 ETH or 10 BTC per block
10 April 2018   761

The Gemini Bitcoin Exchange has announced that starting April 12 it will offer large traders the opportunity to trade with whole blocks of Bitcoin or Ethereum.

As stated at the official blog, the new service will allow to trade large volumes of BTC and ETH, while large transactions will not appear in the main order book. This should avoid excessive influence on the price of assets, while at the same time providing "additional mechanism to source liquidity when trading in greater size." It is noted that the minimum transaction size will be 10 BTC or 100 ETH.

By placing an order, customers will be able to specify the minimum quantity, price limit, and the type of transaction - buying or selling. This information, also called "interest indication", will be sent simultaneously to all market makers.

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. Block orders do not interact with our continuous or auction order books. Trade information will be published via our market data feeds ten minutes following the execution of a block trade.

Cameron Winklevoss

Co-Founder and President, Gemini

Earlier the founders of Gemini called the main goal for 2018 the listing of new cryptocurrencies, such as Bitcoin Cash and Litecoin. 

SEC to Need More Info on BTC ETF

SEC is gathering more input from the public – to date, according to the agency, more than 1,400 comments have been submitted
21 September 2018   145

The US Securities and Exchange Commission (SEC) announced the beginning of a formal process for considering the application for the creation of bitcoin-ETF from the New York companies VanEck and SolidX. Nevertheless, the agency appealed to the community for more information. This is stated in the document published on the SEC website.

Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.

The US Securities and Exchange Commission

At the moment, the SEC received about 1,400 comments.

According to the document, the Chicago Board Options Exchange (CBOE) has signed an agreement on the exchange of data on bitcoin transactions, trading and the state of the market with the cryptocurrency trading platform with Gemini.

The agency asked commentators to clarify the position of Gemini in the digital currency market and assess the likelihood of increased volatility at this site in connection with possible trades of bitcoin-ETF.

So, before September 30, the department had to decide on whether to approve, deny or initiate the proceedings. The SEC chose the latter, which is likely to delay the process until the next year.