Gemini, the cryptocurrency exchange owned by internet entrepreneur twins Cameron and Tyler Winklevoss, partnered with Nasdaq stock exchange to deploy the latter's market surveillance software to monitor the cryptocurrency marketplace.
In a blog post on the crypto exchange website, Co-founder and President Cameron Winklevoss said Gemini will be implementing Nasdaq's SMARTS Market Surveillance technology, which is considered the most widely deployed surveillance system in the world, over the coming months.
The SMARTS Market Surveillance will enable Gemini to monitor across all of its trading pairs, including BTC/USD, ETH/USD and ETH/BTC.
The surveillance software will also be deployed on Gemini's newly launched processes, Gemini Block Trading and Gemini Auctions, for increased oversight. The data gathered during Gemini's auction process is used by Cboe's CFE Exchange to determine the settlement price for Bitcoin futures contracts.
SMARTS Trade Surveillance automates the detection, investigation and analysis of potentially abusive or disorderly trading, to help improve the overall efficiency of the surveillance organization and reduce cost, even as market complexity and new regulations increase, Nasdaq described on its website.
The technology provides organizations with a platform to manage cross-market, cross-asset, multi-venue surveillance.
Gemini's implementation of the surveillance software comes at a time when the U.S. Securities and Exchange Commission have stepped up scrutiny into the operations of cryptocurrency exchanges.
"Building a rules-based marketplace is critical to our mission to build the future of money — individuals and institutions need to feel safe and secure when trading," Cameron wrote.
The trade surveillance technology is the latest in Gemini's efforts to protect the evolving crypto-asset marketplace against potentially abusive trading practices and market manipulation. Gemini already has an Information Sharing Agreement with Cboe Exchange for cross-market surveillance.
As the cryptocurrency industry keeps growing, it is important that crypto exchanges embrace new measures to ensure faster, cheaper and more secure transactions to attract more users.
Meanwhile, the Winklevoss twins recently mooted the idea of launching a self-regulatory organization or SRO, for the U.S. virtual currency industry, which they said is the "next logical step in the maturation of this market."
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