Winklevosses' Gemini to Offer Cryptocurrency Block Trading
- Off-exchange deals allow big moves without upsetting markets
- Service to vie for business from hedge funds, institutions
Winklevoss Brothers Aren't Worried About Bitcoin's Plunge
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Gemini, the digital-asset exchange run by the Winklevoss twins, is introducing a service that will allow investors to make big trades outside of the firm’s order books.
The service will allow traders to buy or sell large quantities of Bitcoins and other cryptocurrencies and will compete with companies that cater to large institutional traders. Block-trading companies have recently popped up in Hong Kong, Australia and other markets to meet demand from hedge funds and similar institutional buyers. One such service, Circle Trade, is already directly moving more than $2 billion a month in crypto assets.