The Gemini one of the best Bitcoin exchanges started by the Winklevoss twins just announcing a new feature called Gemini Clearing, according to an official blog post from the New York-based company.
Gemini’s post defines Clearing as “a fully-electronic clearing and settlement solution for off-exchange or over-the-counter (OTC)” cryptocurrency trading.
Essentially, trades that occur off of the exchange or over the counter can now be settled between accounts on the platform. Participants can choose for the settlement to occur between the two parties themselves or via a third party watching over them.
Regardless, the platform will provide “regulated clearing and settlement services for such pre-arranged trades, which helps to ensure timely settlement and mitigate counterparty risk.”
The post then breaks down the benefits a little more:
Clearing & Settlement — a trade settles immediately or inside an approved settlement window.
Counterparty Risk — no funds are transferred between Gemini accounts until both parties of the trade are fully funded.
Regulatory/Compliance — each party is subject to Gemini’s robust KYC and BSA/AML program.
Privacy — trade details are known only to the parties involved and are not published via Gemini’s market data feed.
Non-Circumvention — Gemini does not have an OTC desk.
The plan here is to offer its customers more control over their trades and how they interact with the platform in general.