Gemini has Partnered with Nasdaq to Monitor Crypto Markets
Gemini exchange which was founded by the Winklevoss brothers announced today that it had partnered with NASDAQ to help monitor the markets. According to a press release from Gemini, this move is the first of its kind for an exchange company in the cryptocurrency market and will enable Gemini to use NASDAQ’s Market Surveillance Technology.
The move means that from today Gemini will get alerts on any unusual trading behavior and will have the ability to mitigate the effects of market manipulation which is the main threat in the exchange industry. According to Tyler Winklevoss who was commenting on the partnership:
“Our current engagement with NASDAQ’s Smart Markets Surveillance will enable Gemini to be a rules-based marketplace for all the market participants.”
Nasdaq’s technology has the power to automatically detect, investigate and analyze potential disorder or abusive trading. This technology is currently used in 45 marketplaces, over 140 market participants, and by 17 regulators.
Gemini has been making massive moves this week. Earlier in the week, they moved into large-scale crypto volume exchange by availing block trading for its users. This would mean that large traders will be deliberately published with a ten-minute delay order to avoid local volatility. This move is not however been looked into by Gemini only, other over the counter exchanges both in the United States and in other countries are also trying to hook wholesale traders.
With the price of Bitcoin rising again more investors are expected to join the market, and therefore this may lead to high volatility like it happened last year. That’s the reason exchanges are trying to come up with methods to reduce the chances of high volatility. However, with the market having certain whales, it might be hard to contain them. Some crypto experts have predicted that Bitcoin price will double before the end of this year.