Gemini crypto exchange announced its latest offering called Gemini Clearing. It is an electronic settlement system which will allow traders to negotiate off-chain, and settle over the counter crypto trades between Gemini accounts. Gemini launches new product offering off-chain OTC support.

Trades can either be arranged between two parties on a bilateral basis or brokered through a third party.

The company said:

Gemini Clearing provides regulated clearing and settlement services for such pre-arranged trades, which helps to ensure timely settlement and mitigate counterparty risk.

The exchange ensures that no funds between Gemini accounts are transmitted until both parties are fully financed in the trade.

The company further claimed that the trade details are known only to the parties involved. Conversely, it will not publish via Gemini’s market data feed. It also clarified that Gemini does not have an OTC desk.

Recently, Gemini implemented an institutional client sub-account function, allowing them to create an infinite amount of accounts under one master account.

Gemini is based in New York and provides six cryptocurrency products including:

  • Bitcoin
  • Litecoin
  • Bitcoin money
  • Ethereum
  • Zcash
  • The exchange’s stablecoin, the Gemini dollar

Gemini launches new product offering off-chain OTC support. Gemini also claims that each party is subject to the vigorous KYC and BSA / AML programs of Gemini, which it considers to be the industry standard.

The announcement concluded by stating that “for customers looking for an additional layer of service and control, Gemini also offers a white glove solution for off-exchange clearing and settlement.”

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