Cameron Winklevoss announced that Daily Auctions will be launched in Singapore and China as the part of the Gemini trading platform.
Considering the difference in the vision of Gemini and other exchanges in the Asian market, users will be allowed to choose more suitable Bitcoin exchanges and trading platforms that best fit their interests and level of trades.
On September 21, Gemini introduced the industry’s first daily Bitcoin auction to provide higher liquidity, transparency and simplicity for high profile traders.
The Gemini team believes that its Bitcoin Auctions feature will attract mainstream investors in securing substantially large investments in Bitcoin without dealing with the boundaries and friction present at most digital asset exchanges.
The auction, which initiates at a fixed schedule on a daily basis, enables traders to purchase larger amounts of Bitcoins with greater price discovery, lower fees, and instant settlement. Essentially, Gemini’s daily Bitcoin auction is a digital alternative to OTC trading.
“Auctions present an excellent opportunity for customers who want to execute large trades with over-the-counter (OTC) trading quantities on-exchange without having to worry about price slippage, exorbitant fees, and complicated settlement,” Winklevoss explained.
“As of today, registered customers in both the Lion City and the Pearl of the Orient can trade Bitcoin and Ether using the Gemini exchange.”
“We’ll be opening HKD and SGD order books and expanding to additional areas of operation soon,” he added.
Although the Gemini trading platform in both countries only support US Dollars at the moment, Cameron announced that the company is working on adding HKD and SGD as it continues to expand to additional areas in Singapore and Hong Kong.
Cameron Winklevoss announced:
The launch of Gemini also provides competition amongst Bitcoin exchanges in Hong Kong and Singapore, which are dominated by major trading platforms like Bitfinex. Users in both regions will benefit from a wider range of services and a variety of Bitcoin trading platforms to select from.
With support for both regular Bitcoin traders and high profile OTC traders that often initiate in 7 to 8 figures buy orders of Bitcoins, Gemini has established a necessary infrastructure for the Bitcoin market in two of the most innovative leaders in the Asian Fintech market today.
Registered users based in Hong Kong and Singapore can already begin trading USD with Bitcoin and Ethereum on Gemini’s advanced digital asset exchange.
Gemini, a regulated Bitcoin exchange founded by the Winklevoss Twins, is officially expanding its services to Hong Kong and Singapore.
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