In an announcement this morning, the Winklevoss owned Gemini exchange is starting its bitcoin auction service today at 4:00 PM EST (8:00 PM [UTC]).
The auctions will continue every day at the same time including weekends and holidays and they plan to begin offering other digital assets soon as well.
Auctions are nothing new to the world of bitcoin (contrary to the announcement), in fact some of the original bitcoin sales years ago were conducted on eBay. Since then other initiatives like Cherry Pop http://www.cherryrace.com and have come and gone failing to gain enough momentum to stick around.
[the] Auction aims to facilitate high volumes of trading by finding the price at which the greatest aggregate buy demand and aggregate sell demand can be fulfilled. Because this occurs at a single final auction price, neither party has to pay to cross the bid–ask spread.
States the announcement and all trades are covered by pre-funded accounts. The goal appears to be to overcome price slippage.
The service kind of sounds like a Localbitcoins/eBay type mix for high volume.
Who's Invited?
All verified Gemini customers can enter Auction-Only Market and Auction-Only Limit Orders to buy or to sell beginning at 5:00 p.m. ET the prior day until 4:00 p.m ET for that day’s Auction. (E.g., for Wednesday’s Auction, you can place orders between Tuesday at 5:00 p.m. ET and Wednesday at 4:00 p.m. ET).
There you have it.
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