Gemini Crypto Exchange to Use SMARTS to Surveil Bitcoin Futures

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    US-based cryptocurrency exchange, Gemini enters partnership with Nasdaq to use the SMARTS system to monitor its Bitcoin futures trading contracts Wednesday.

US-based cryptocurrency exchange, Gemini enters a partnership with Nasdaq to use the SMARTS system to monitor its Bitcoin futures trading contracts, Wednesday.

Under the agreement, Gemini will use Nasdaq’s surveillance technology, SMARTS to provide oversight to its block trading feature for BTC/USD, ETH/USD and BTC/ETH, a feature used to determine the price of Bitcoin futures contracts, the company said in a statement released on its website.

Cameron Winklevoss, president and co-founder of Gemini said in a statement:

“SMARTS will surveil our newly launched Gemini Block Trading, as well as Gemini Auctions, which are used to determine the settlement price for the Bitcoin (USD) futures contracts that trade on CBOE’s CFE Exchange under the ticker symbol “XBT.”

The SMARTS system is used by some of largest exchanges in the world, including the Intercontinental Exchange (ICE) and the Hong Kong Exchanges and Clearing Ltd.

Cameron Winklevoss added:

“We’re doing this because we believe in the importance of creating a rules-based marketplace. We believe this is where things are headed.”

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Nasdaq confirmed the agreement in a separate statement on its website calling it a significant milestone and indicator of Nasdaq’s commitment to expand to non-traditional marketplaces.

Valerie Bannert-Thurner, senior vice president and head of risk & surveillance solutions, at Nasdaq said:

"Being regulated by the New York State Department of Financial Services (NYSDFS), Gemini is held to the utmost standards in terms of capital reserve requirements. This is a major milestone in the application of SMARTS- and an important indicator of our commitment to expand the use of our market technology into non-traditional marketplaces, as well as new frontiers beyond the capital markets."

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About the author

Urvashi Verma is a Chicago-based reporter who writes about the convergence of technology and business. She is interested in fintech, digital currencies, blockchain and currency markets. Urvashi formerly worked with the Times of Israel covering Israel's booming tech industry including Start-Up Nation, venture capital investment, and crowd-funding platforms.

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