The Winklevoss Twins are most notorious for “inventing” the Facebook. These events were made into the popular film, the Social Network. Nowadays, it seems that the Bitcoin community can’t get away from their name. Currently, they are trying to get an ETF approved by the SEC for over a year. In the meantime, they helped establish a new Bitcoin exchange, Gemini.
The Gemini exchange isn’t the Tyler and Cameron Winklevoss’s first endeavour into cryptocurrency. Technically, it would be the WinkDex. A website dedicated to consolidating Bitcoin exchange pricing and volume into one place.
What makes Gemini Different from Other Exchanges?
The Gemini Exchange is the first to hold daily auctions for Bitcoin. Once a day at 4 PM, Gemini hosts an auction that serves to illustrate a daily average price. It’s strange that the price is calculated since Bitcoin trades 24 hours a day, 7 days a week in global market. This auction serves to reduce fluctuation in pricing due to large orders. By setting a time and place to trade Bitcoin, this encourages interested parties to get involved. In a time where many ways to trade bitcoin exist, this provides a “pure” market experience. This professionalism and transparency afford Gemini a novel approach to trading. Additionally adding a reputability that may encourage the SEC to complete their filing.
Revolutionary Features of Gemini
Gemini’s Exclusive Bitcoin Auction
The Bitcoin auction affords many extra benefits to reduce the impact of large trades on pricing. It also serves to reduce the number of over-the-counter (OTC) Bitcoin transactions that are typically neglected from calculating Bitcoin price. By consolidating large Bitcoin purchases to a set time, this affords many who are willing to plunk down gobs of cash a time and place to do so. The Gemini auction seeks to preserve the revolutionary qualities of Bitcoin by infusing commodity auction ideas.
“By facilitating deeper liquidity and incorporating more economic information, we believe our daily auctions will result in better price discovery and allow Gemini participants to trade more with less price impact,” Gemini president, Cameron Winklevoss
Gemini is the first BitLicense Approved Exchange
Gemini is one of the few BitLicense approved exchanges. This means that Bitcoin traders in New York state can utilize the site to its fullest potential, granted they submit the required documentation. Many Bitcoin exchanges have barred customers from New York to prevent conflict with BitLicense’s stringent regulations. Gemini strives to create a reputation above other exchanges by seeking full compliance with governments worldwide. This affords Gemini to earn greater trust with customers and governments.
Gemini Adds to Bitcoin Stability and Reputability
The Winklevoss twins are adding legitimacy to Bitcoin exchanges by creating an fundamental exchange without gimmicks and seeking compliance worldwide. Gemini not only provides an unparalleled customer experience, but a place to. The reduced fees of 0.15% opposed to a typical OTC price of 1-2% over spot also encourage large buyers to make their purchases through Gemini. This in turn reduces the number of Bitcoin transactions that occur off of exchanges, creating a more accurate price. Be sure to follow their twitter to get the daily auction results.
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