The major cryptocurrency exchange owned by the famous twins and Winklevoss brothers, Gemini, just added an off-chain and over the counter trade negotiations on its platform. As the latest cryptocurrency news show, Gemini offers OTC desk trade support among a couple of new features.
“Today, we are thrilled to introduce Gemini Clearing™, a fully-electronic clearing and settlement solution for off-exchange or over-the-counter (OTC) crypto trades. Gemini Clearing™ allows trades that are negotiated off-exchange or OTC to settle between Gemini accounts,” the blog post notes.
According to the firm’s blog post, Gemini Clearing is the new electronic settlement system, described as one that now allows Gemini accounts to negotiate and settle trades between themselves.
“Such trades can either be arranged bilaterally between two parties or brokered via a third party,” the company said when announcing that Gemini offers OTD desk trade support. “Gemini Clearing provides regulated clearing and settlement services for such pre-arranged trades, which helps to ensure timely settlement and mitigate counter party risk.”
In essence, the Gemini Clearing system acts as an escrow service for cryptocurrency traders who are looking to take advantage of the platform and its customer services. Despite the fact that Gemini offers OTC desk trade support, it should be clear that the exchange does not actually have an OTC desk – but rather supports OTC desk trades with the new product.
Furthermore, the news that Gemini offers OTC desk trade support shows its numerous benefits which include:
- Clearing and settlement
- Counterparty risk
For those of you who are not following our altcoin news, Gemini is a popular crypto exchange based out of New York and offering six cryptocurrency products including Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), Ethereum (ETH), Zcash (ZEC) and the exchange’s official stablecoin, the Gemini Dollar (GUSD).
While Gemini offers OTC desk trade support now, the exchange stated that the new product falls under the exchange’s Know Your Customer (KYC) and Anti Money Laundering (AML) policies which it holds as the industry standard.
All users who want to request more information on the Gemini Clearing should contact the exchange directly at [email protected].
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