DEFINITION of ‘Gemini Exchange’
Te the crowded field of digital currency exchanges, a service is only likely to succeed if it can set itself bijzonder from the surplus of its competitors. Ter this way, Gemini Trust Company, also known spil the Gemini Exchange, has a distinct advantage. Founded te 2014, Gemini is the brainchild of Cameron and Tyler Winklevoss, the famous investors and early Facebook volgers. Gemini has worked to be at the forefront of the cryptocurrency exchange world, working alongside Nasdaq to revolutionize the way that transactions are monitored and recorded.
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Online Currency Exchange
Cracking DOWN ‘Gemini Exchange’
The Winklevoss brothers announced the launch of Gemini ter early 2014, albeit the exchange did not go live until October 2018. Spil of June 2018, Gemini is ter operation ter the United States, United Kingdom, Canada, Singapore, South Korea and Hong Kong. Ter only a few years of existence, the exchange has made a priority of expanding across the mundial digital currency market. Spil with many other digital currency exchanges, Gemini permits users to buy and sell a multiplicity of digital and fiat currencies on an open market. Users are also able to use Gemini to facilitate transfers of U.S. dollars to and from canap accounts.
The exchange began to set itself exclusief te early May 2018, however, when it became the very first licensed ethereum exchange te the United States. Zometeen, te May 2018, Gemini became the world’s very first exchange to be licensed to suggest zcash trading spil well. This announcement followed a report that Gemini began to suggest block trading te April 2018, permitting users to buy and sell large orders of digital currencies outside of Gemini’s usual order books. Block trading wasgoed implemented ter order to create extra liquidity opportunities.
Ter the past year, Gemini has also worked to expand its partnerships with other organizations and companies. The most importante of thesis is Gemini’s partnership with Nasdaq, announced te April 2018. Through this collaboration, Gemini will utilize Nasdaq’s SMARTS technology te order to weed out fraudulent activity and manipulation of digital currency prices. Besides the Nasdaq partnership, Gemini also partnered with Caspian, the digital currency trading and risk-management service.
Spil with most digital currency exchanges, Gemini has seen its share of issues. Ter late November 2018, for example, Gemini crashed for several hours te the wake of unusually high requests on its webstek. Rival exchange Coinbase also crashed around the same time. Te response, Gemini representatives wrote on the company blog to indicate that “this is not the very first scaling challenge wij’ve encountered, and it won’t be the last,” adding that the exchange is “continuing to improve our vertoning and infrastructure monitoring so wij can anticipate potential problems more quickly ter the future.” Gemini has worked to ensure compliance with federal and state regulations regarding the sale and purchase of digital currencies. Spil such, the company markets itself spil a “Fresh York trust company regulated by the Fresh York State Department of Financial Services.”
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Spil of this writing, Gemini offers transactions te bitcoin, ethereum and zcash only. Te addition to basic trading services, the exchange also permits for custodian services spil well. Te the case of user assets, U.S. dollar deposits are held at FDIC-insured banks, while digital assets are primarily stored offline te Gemini’s cold storage system, according to the exchange’s webstek.
Investing ter cryptocurrencies and Initial Coin Offerings (“ICOs”) is very risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest ter cryptocurrencies or ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties spil to the accuracy or timeliness of the information contained herein. Spil of the date this article wasgoed written, the author possesses bitcoin and ripple.