Advancement is the driving force that keeps an entity survive in the fast-evolving technological world. Every passing moment sets a new benchmark for the firms to compete for.
The world of cryptocurrencies is no different; instead, it shines in the limelight more than often in comparison to other areas of finance. The lucrative profits clubbed with potential security risk hindrances make it a hot topic of concern for the blockchain enthusiasts.
Recently, Gemini crypto exchange, the New York domiciled crypto assets exchange platform, grabbed the eyeballs of masses with the announcement of its advanced clearing and settlement framework named, Gemini Clearing.
Gemini Clearing is one of the most anticipated projects of the crypto exchange as it fosters the users to indulge in off-exchange or over-the-counter (OTC) transactions through their Gemini wallets. The thoroughly digital framework promises to render regulated clearing and settlement facilities for predetermined off-exchange or OTC transactions. This module aims to lower the counterparty risks along with a boost to the settlement procedure.
Gemini through its post, clarified that it does not have an OTC trading desk.
Gemini Gives Permission to Brokers for Operation
The OTC transactions carried on Gemini Clearing platform can be managed by the involvement of two parties as well as through third-party brokers, states the announcement post made by Gemini. Based on the news, the funds shall not be transferred between Gemini accounts unless both the parties involved in the transaction are fully funded.
Earlier in September, the exchange launched a sub-accounts attribute on its platform facilitating institutional users to create an array of accounts under one master account owned by them. This makes Gemini shine as the first crypto exchange to offer such a unique facility.
OTC trades have gained a substantial amount of attention from the world. Kraken, popular cryptocurrency exchange, recently announced that the trade volume on its OTC desk had shown an increase by a factor of 20 since the start of 2019.