The cryptocurrency trading platform led by Winklevoss brothers is set to collaborate with Nasdaq to control transactions made on the Gemini platform, according to the announcement made on Wednesday.
Thus, Nasdaq will provide to its partner SMARTS Market Surveillance, which will monitor the activities occurred on the Gemini crypto exchange, detecting any deviation of prices or other unlawful measures.
Currently, Nasdaq uses the technology proposed to Gemini to keep the company’s system steady. In order to detect unusual trading activities that could damage the network, Nasdaq’s system compares past records with the real-time ones.
Nasdaq’s SMARTS Market Surveillance will be used to control the most controversial pairs, Bitcoin and Ethereum, mainly, exchanges between crypto-and-crypto, as Gemini specifies, but also those involving fiat currency USD.
Gemini’s Chief Executive Tyler Winklevoss explained the decision:
“Since launch, Gemini has aggressively pursued comprehensive compliance and surveillance programs, which we believe betters our exchange and the cryptocurrency industry as a whole … Our deployment of Nasdaq’s SMARTS Market Surveillance will help ensure that Gemini is a rules-based marketplace for all market participants.”
If we go back in the past, we notice that Gemini is making an enormous effort to adapt its platform to user requirements. As previously reported by Coindoo, Gemini announced in March that it could support this year new cryptocurrencies, mainly Bitcoin Cash and Litecoin.