Facilitating mainstream appeal for Bitcoin is not an easy task. The Gemini exchange, operated by the Winklevoss brothers, wants to do things a bit differently. Starting last week, the platform introduced the first-ever daily Bitcoin auction. This effort facilitates Bitcoin price discovery, as well as accommodating high-volume trading at lower costs.
Daily Bitcoin Auctions On Gemini At 4 p.m.
Every day, a Bitcoin auction will take place on the Gemini exchange platform. Once the clock hits 4 p.m New York Time, all eligible orders will be filled at that day’s auction price. Participants can start bidding at 5 p.m. New York time the preceding day. For the time being, Bitcoin to US Dollar trading is supported. However, the team will expand this functionality to other currencies in the coming months.
Daily auctions are not new in the world