Gemini Exchange Introduces Daily Bitcoin Auction Services

Keeping in mind how Bitcoin can be traded at all hours of the day, such an auction makes a lot of sense. However, buying cryptocurrency in a direct peer-to-peer fashion requires sellers to provide liquidity at all times.
Ever since the Gemini Bitcoin exchange launched, people have had high expectations for this platform. So far, trading volume is mediocre at best, which is less than impressive. But the company introduced a daily Bitcoin auction, which facilitates larger trades at lower costs. Whether or not this will help people discover Bitcoin prices, remains to be seen.
Every day of the week – including holidays and weekends – will be subject to a Bitcoin auction on Gemini. In the early stages, only Bitcoin-to-USD trading will be supported. Additional currencies will be added as time progress, depending on how successful this new venture will be. More importantly, all auction trades will be eligible for up to 0.15% rebate on trading fees.

This post was published at NewsBTC on September 22, 2016.