The Gemini Exchange in New York – founded by Cameron and Tyler Winklevoss of “The Social Network” fame – has announced that it’s turning to Eventus Validus to monitor all the trades that occur on its crypto platform to ensure safety and security for its customers.
Gemini and Eventus Are Pairing Up
Eventus is a trade-surveillance and market risk solution manager for cryptocurrencies and other assets. Right now, Eventus is utilized by six other crypto exchanges and is also quite popular amongst futures platforms, foreign exchanges and fixed income markets. Right now, the company claims that roughly 60 firms rely on its software to ensure anti-money laundering and other anti-crime measures are in place. Eventus works to keep all companies it works with in compliance and regulated.
Gemini chief operating officer Noah Perlman explained more behind the company’s reasoning for choosing to work with Eventus. He says:
The digital asset space is a constantly changing environment and working with a solution that is tailored for our market needs, including built-in flexibility as the landscape evolves, is critical. Eventus has a great track record, and its solution combines strong machine-learning and automation capabilities alongside a high-touch support model.
Right now, the exchange is utilizing the cloud-based version of Eventus, which potentially deciphers several market manipulation tactics that have grown to become relatively common in recent years. Eventus CEO Travis Schwab explained in a statement:
We are thrilled to provide our trade surveillance platform for one of the most established cryptocurrency exchanges on the market. In the past two years, we have significantly enhanced our capabilities in the digital asset place as more exchanges and market participants turn to us for our expertise in the area. As digital assets grow in popularity, it’s more important than ever that marketplaces like Gemini establish comprehensive trade surveillance programs and procedures to ensure they remain constantly vigilant to address any potential threats of market abuse.
In addition to ensuring that proper security protocols are in place, Gemini is also working to expand its customer base by adding three additional fiat currencies to its platform, thereby allowing more countries to participate in crypto trading through its services. At the time of writing, the trading platform has added support for the Canadian, Australian and Hong Kong dollars.
Over the past year, Gemini has managed to branch out to various Asian regions. Thus, the addition of these currencies – and what will likely be a lot more in the coming future – isn’t coming out of the blue. Furthermore, the company also brought its offerings to Australia and parts of central Europe in the middle of 2019.
Keeping Things Big
In a tweet, the crypto enterprise announced:
Attention customers in Hong Kong, Australia and Canada! You can now seamlessly transfer funds to Gemini to buy and sell #crypto with your native currencies.