Tyler and Cameron Winklevoss’ Gemini crypto exchange just added off-chain and over the counter trade negotiations on its platform.
The features come via Gemini Clearing, an electronic settlement system. According to the firm’s blog posting, Gemini Clearing allows Gemini accounts to negotiate and settle trades between Gemini accounts.
“Such trades can either be arranged bilaterally between two parties or brokered via a third party,” the company said. “Gemini Clearing provides regulated clearing and settlement services for such pre-arranged trades, which helps to ensure timely settlement and mitigate counterparty risk.”
In essence, Gemini Clearing acts as an escrow service for cryptocurrency traders looking to take advantage of Gemini’s customer services.
To be clear, Gemini does not have an OTC desk but rather supports OTC desk trades with the new product.
Based out of New York, Gemini offers six cryptocurrency products including bitcoin, litecoin, bitcoin cash, ethereum, zcash, and the exchange’s stablecoin, the gemini dollar.
Gemini says the new product falls under the exchange’s know your customer/anti-money laundering (KYC/AML) policies, which it holds as the industry standard.
Cryptocurrency exchange Gemini announced Wednesday that it is officially opening its doors to customers in Australia.
The exchange’s fifth international move, the development means that Australian users can buy and sell five cryptocurrencies on Gemini including bitcoin, bitcoin cash, ethereum, litecoin, and zcash. The startup, founded by investors Tyler and Cameron Winklevoss, is also making available its iOS and Android application to this market.
The U.S.-based Gemini also operates internationally in Canada, South Korea, Hong Kong, Singapore, and the UK.
Speaking on the launch, co-founder and CEO Tyler Winklevoss said Gemini is looking forward to building its “Crypto Needs Rules” brand to Australia:
“We are thrilled to continue expanding our global footprint and give Aussies a safe and trustworthy cryptocurrency experience. We founded Gemini to build trust in this nascent technology and we look forward to building that trust in Australia.”
Gemini made news earlier this week by adding cybersecurity expert David Damato to its executive team as chief security officer. Damato joins Gemini with 20 years of experience in cybersecurity.
As CoinDesk reported earlier this year, Gemini is looking to expand beyond the trade of cryptocurrencies as well. At the time, CoinDesk learned that Gemini would apply for a broker-dealer license from the Financial Industry Regulatory Authority, the organization that regulates the industry in the U.S.