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.
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.