Nasdaq, Gemini Begin Cryptocurrency Trading Surveillance
Gemini, an exchange owned and managed by cryptocurrency entrepreneur Cameron and Tyler Winklevoss has stated its readiness to leverage on Nasdaq’s surveillance technology dubbed SMARTS Market Surveillance to enable it observe the cryptocurrency trading market by first monitoring all its trading pairs.
The technology when deployed will see to all trading activities on Gemini auction process which are yardstick for settling bitcoin/XBT activities on the platform.
The pairs to be monitored according to Gemini are bitcoin/U.S. dollar, ether/dollar, and bitcoin/ether, Gemini said in a statement.
The reason for partnering with Nasdaq, according to Gemini is because the exchange values building a rules-based marketplace which is part of its mission to structuring the future of money. Gemini wants its users to be secured and safe when trading, and does want them to have a reliable surveillance system.
“Individuals and institutions need to feel safe and secure when trading. To that end, we are excited to announce that over the coming months we will be implementing Nasdaq’s SMARTS Market Surveillance technology to monitor our marketplace,” the statement averred.
Talking about SMARTS Market Surveillance, Gemini team made known that it is considered the most widely deployed surveillance system in the world. The deployed surveillance will enable Gemini observe happenings in the trading pairs.
“SMARTS will surveil our newly launched Gemini Block Trading™, as well as Gemini Auctions™, which are used to determine the settlement price for the Bitcoin (USD) Futures Contracts that trade on Cboe’s CFE Exchange under the ticker symbol “XBT”,” the statement maintained.
Talking about the collaboration between Gemini and Nasdaq, the statement avowed that, “using Nasdaq’s Alerts Development Environment and Alerts Management System to become a market leader in custom surveillance rule creation and alerting for the crypto-asset market” is what the exchange hoped to achieve, going by “Nasdaq’s proven, rule-based approach to traditional financial market surveillance that will allow for the most thorough monitoring of the evolving crypto-asset marketplace, today and into the future.”
Meanwhile many a number of enthusiasts have dissected the statement of Adena Friedman, CEO of Nasdaq, who restated her belief in digital currency stating that it has come to stay. Among them are those who think the firm is eyeing cryptocurrency and may start trading big coins as soon as possible.