Gemini, digital currency exchange based in New York, announced the launching of their daily Ether auctions. The company is hosting the said auction beginning July 28, 2017.
Why Ether?
Following the success of their daily Bitcoin auctions, Cameron and Tyler Winklevoss, investors of Gemini, are ready for another daily cryptocurrency auction. This time, they are doing it with Ether traders. Those who use Ether, the cryptocurrency of the Ethereum Blockchain, are soon to have the opportunity to make their bid and experience what Bitcoin traders have been enjoying.
It was in September last year when the exchange started the daily auction for Bitcoin, while it was in March when they launched the East Asian Timezone auction. Now Gemini will host the auction at 4 p.m. Eastern Time daily.
What’s the catch?
The auction is backed by the Winklevoss investors. They do have the same goals in mind, that is to offer price discovery by matching buyers and sellers at a specific time of the day. Aside from this, they also see that the price discovery and transparency will increase. Meanwhile, the costs across the board will decrease as buyers and sellers continue to take part in the auction.
Easy to participate?
Cameron Winklevoss announces:
"We are confident that our Auction will bring you the benefits of over-the-counter (OTC) trading without the overhead, hassle and lack of transparency."
According to Gemini, participating in the auction is easy. Interested customers should enter before the auction time. They should enter either Auction-Only Market or Auction-Only Limit Orders to buy or to sell. 10 minutes before the actual time, the indicative auction prices are revealed on the market data API or on the frontend of Gemini's website.