Digital currency exchange Gemini is set to begin hosting daily ether auctions on Friday.
Starting on July 28, the exchange – backed by investors Cameron and Tyler Winklevoss – will host an auction for ether (the cryptocurrency of the ethereum network) each business day at 4pm ET.
The launch comes less than a year after Gemini unveiled a daily bitcoin auction. Last September, the exchange positioned the auction kick-off as a way to mirror the kinds of sales held on traditional bourses like the New York Stock Exchange. In March, Gemini began offering a second daily auction for bitcoin, held during the East Asian Timezone.
“This provides an opportunity for both buyers and sellers to trade in an instant of elevated liquidity and price discovery,” the exchange said in an announcement blog post from last week.
According to Gemini, indicative auction prices will be broadcasted through its market data API and website 10 minutes before the auction time, during which it will be updated every minute until the final 60 seconds, with the price refreshing every 15 seconds after that point.
Auction paddle image via Shutterstock