Gemini, an exchange founded by cryptocurrency entrepreneurs Cameron and Tyler Winklevoss has announced that it was willing to leverage on Nasdaq’s surveillance technology called SMARTS Market Surveillance to allow it to monitor the cryptocurrency trading market by overseeing all its trading pairs.
The SMARTS Market when set up will monitor of Gemini’s all trading activities and auction process which are measures for resolving bitcoin/XBT trades made on the platform.
Gemini said in a statement that the pairs that it will be observing will be BTC/USD, ETH/USD, and BTC/ETH.
The reason behind Nasdaq’s collaboration with Gemini is said to be because the exchange aims to build a marketplace based on guidelines, being part of its goal of establishing the future of money. Gemini wishes to make the trades of its users safe and secure, while also offering them a dependable surveillance system.
“Individuals and institutions need to feel safe and secure when trading. To that end, we are excited to announce that over the coming months we will be implementing Nasdaq’s SMARTS Market Surveillance technology to monitor our marketplace,” the statement affirmed.
The Gemini team also noted that the SMARTS Market Surveillance is believed to be the most extensively used surveillance system in the world. The deployed surveillance will allow Gemini to monitor the activities of the trading pairs.
“SMARTS will surveil our newly launched Gemini Block Trading™, as well as Gemini Auctions™, which are used to determine the settlement price for the Bitcoin (USD) Futures Contracts that trade on Cboe’s CFE Exchange under the ticker symbol “XBT”,” said the statement.
As regards to the partnership between Gemini and Nasdaq, the statement affirmed that, “using Nasdaq’s Alerts Development Environment and Alerts Management System to become a market leader in custom surveillance rule creation and alerting for the crypto-asset market” is what the exchange expected to attain, adhering to “Nasdaq’s proven, rule-based approach to traditional financial market surveillance that will allow for the most thorough monitoring of the evolving crypto-asset marketplace, today and into the future.”
In the meantime, several crypto enthusiasts have analyzed the statement of Nasdaq’s CEO Adena Friedma, who reiterated her confidence in digital currency affirming that it will be a permanent factor in the world’s financial future. Some of these crypto supporters have come to believe that the company is closely examining cryptocurrency so that it will begin trading important cryptos in the near future.