The Gemini Exchange, owned by Tylor and Cameron Winklevosses, announced the launch of a service that allows investors to make huge deals outside the main order book.

According to the official statement, published in Gemini's blog, the service Gemini Block Trading will help traders buy and sell large volumes of bitcoins and other cryptocurrencies and will allow Gemini to compete with other companies targeting traders of institutional level. Companies that trade in blocks have recently begun to appear in Hong Kong, Australia and other markets in response to demand from hedge funds and other similar structures. One such service, Circle Trade, already serves trades in cryptocurrencies with trading volume more than $2 billion per month.

Gemini Block Trading will be launched on 12 April.

"Any customer can place a block order that specifies: (i) buy or sell, (ii) quantity, (iii) minimum required quantity, (iv) and a price limit (the" Indication of Interest "). receive quantity, minimum quantity, and the collar price. They are not allowed to receive any other information (ie, side, price limit, etc.) related to the block order. of interest, the block order will be filled," the exchange explained the main principles of the new tool in its blog.

Exchanges, that place orders in so-called order books with a central limit are suitable for traders that make deals not exceeding that limit. If the size is bigger, it may allow other traders to understand where the cryptocurrency price may move.

Trading in blocks outside the standard order books helps to avoid this situation. Until recently, block trading of cryptocurrencies was possible only on OTC platforms with the help of market makers or investors content to assume risks of concluding such deals.