27 Apr 2018 Arjun Agarwal
Gemini Provides Fair and Secure Trading with Nasdaq Tech
As a result of the alliance with Nasdaq Tech, the exchange will benefit from an increased oversight of its cryptocurrency trading which will detect any attempts for price manipulation and fraudulent activities.
Nasdaq‘s Smart Market Surveillance is one of the most employed surveillance systems in the world operating in over 50 countries with more than 100 market operators.
Tyler Winklevoss, CEO and co-founder of Gemini, trusts that the partnership with Nasdaq will ensure the marketplace‘s transparency and set rules are followed for all participants.
Nasdaq‘s product will start monitoring some of the major trading pairs like BTC/USD, ETH/USD and BTC/ETH for unusual trading patterns. The technology will also supervise the Gemini auction process to regulate the set price. Nasdaq’s solution is expected to accelerate the efficiency and optimize costs through analysis of disorderly and maligning trading.
Valerie Banner-Thurner, Head of Risk & Surveillance department of Nasdaq, expressed her support of the exchange because of its transparency and regulations.
The partnership aims to strengthen Gemini‘s security and prove to be mutually beneficial for both companies.
As Gemini is regulated by the New York State Department of Financial Services (NYSDFS), it is held to the highest standards. The implementation of the Smart Market Surveillance will ensure the exchange meets the requirements.
Furthermore, Nasdaq has chosen three significant cryptocurrencies to surveil. These are Litecoin (LTC), Bitcoin (BTC) and Stellar (XTM). Their potential for growth and dynamic communities are what set them apart from the crowd. Not only that but the company will be involved in determining the Bitcoin Futures Contracts price trading on Cboe‘s CFE exchange.
The platform run by the two Winklevoss twins embodies duality by offering simultaneous services between digital and fiat currencies. Gemini and Nasdaq Tech are both leading powers in the field, and their mutual project is bringing the traditional and digital technology closer together.