The Winklevoss Twins, the CryptoCurrency stock exchange, announced that they had partnered with Nasdaq to use the latest technology to track all trading pairs on the crypto market.
Gemini will distribute Nasdaq’s surveillance technology SMARTS to provide oversight over all trade pairs including BTC / USD, ETH / USD and BTC / ETH, as well as the block trade feature that has been put on the market in recent days.
In addition, surveillance technology will be used to monitor Gemini’s auction activity. The data collected here is used by Cboe’s CFE Exchange to determine the payment price of Bitcoin futures contracts.
The technology will help you track the real-time trade of Gemini’s marketplace bitcoin and eternity to identify and pinpoint unusual trading patterns. SMARTS, Intercontinental Exchange (ICE), and Hong Kong Stock Exchanges and Clearing Co., Ltd. are used by the world’s largest stock exchanges.
Cameron Winklevoss, chairman and co-founder of Gemini, added that in a statement he made with the Wall Street Journal:
We do this because we believe in the importance of creating a rule-based marketplace. We believe where things go.
Gemini sees Nasdaq’s SMARTS as ‘the most common surveillance system in the world’. He emphasized that the practice will help create a ‘rule-based market’ at the stock exchange, especially at a time when regulators and officials in New York are increasing their scrutiny. crypto currency exchange transactions.
Nasdaq, meanwhile, described the integration of “non-traditional markets” such as the exchange of crypto currency held by regulatory standards that technology requires by Wall Street companies.
Valerie Bannert-Thurner, senior vice president of Nasdaq, said, “Gemini, organized by the New York State Department of Financial Services (NYSDFS), is kept at the highest standard in terms of capital reserve requirements.” “This is an important milestone in SMARTS implementation – and an important indicator of our commitment to expanding the use of our market technology to new borders beyond traditional markets and capital markets.”
Working as a trustworthy company without the mandatory condition of the state’s “BitLicense” in New York state, Gemini was one of 13 crypto-currency trading platforms that took place last week in New York Attorney General Eric Schniederman’s transparency investigation.