Tyler and Cameron Winklevoss’ Gemini crypto exchange just included off-chain and over the counter trade support on its platform.
The features come through Gemini Clearing, an electronic settlement framework. As per the company’s blog posting, Gemini Clearing permits 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 firm stated. “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 seeking to take advantage of Gemini’s client services.
To make it clear, Gemini does not have an OTC desk but instead supports OTC desk trades with the new offering.
Based out of New York, Gemini provides six cryptocurrency products such as bitcoin, litecoin, bitcoin cash, ethereum, zcash, and the exchange’s native token, the gemini dollar.
Gemini states the new offering complies with the exchange’s know your customer/anti-money washing (KYC/AML) approaches, which it holds as the industry standard.