We are talking about the establishment of the Association of virtual commodities, which — crypto currency exchange Gemini, Bittrex, Bitstamp and BitFlyer will begin to fight manipulation in the industry of digital currencies.
It is curious that the organization is not planning to be famous in the US cryptopleura Cоinbase, and its representatives have decided not to comment on it.
Members of the Association will develop standards for work in the stock market. In addition, in cooperation with the financial regulators: they will monitor how transparent the activities of players in the field of virtual assets.
According to the Commissioner of the Commission on trade in commodity futures USA Brian Quintana, independent Association could affect the integrity and credibility of the still young industry.
Twins Tyler and Cameron Winklevoss, the founders of crypto currency exchange Gemini — one of the most active players of the stock market. For example, they first received a patent for the system maintenance of cryptocurrency derivatives.
They have developed a new method of calculation for exchange traded products (ETP) that contains cryptocurrencies.
For ETP include, for example, exchange traded funds (ETF). ETP is a type of securities whose price is determined by other investment instruments to which it is bound, in the case of the project of the Winklevoss brothers — cryptocurrencies.
The system will allow to process transactions with ETP containing these cryptocurrencies, like “Bitcoin, Ripple, Dogecoin, Ethereum”, as well as a number of less popular altcoins, for example, BBQCoin.
For example, in April the same company, Winklevoss IP, patented solution for improving the security infrastructure of crypto currency exchange. In the same month, the brothers Cameron and Tyler announced the launch of the service Gemini Block Trading. It will give investors the opportunity to enter into a major transaction without the participation in the main order book.
Also earlier it became known that the bitcoin exchange Gemini, founded by entrepreneurs, announced a partnership with Nasdaq.