Bitcoin Weekly Recap 9-23-2016
Gemini Trading to Offer Daily Auctions
In a first for Bitcoin exchanges, Gemini Trading is reportedly getting ready to host end-of-day Bitcoin auctions on its exchange. Gemini, the Winklevoss twins’ Bitcoin and Ethereum trading exchange will offer the daily auctions using BTC/USD two-sided bids for now, with other trading pairs added at some point in the future. The innovative move is expected to concentrate liquidity during the auction period, help sellers and buyers locate one another with greater ease, and provide a more official closing price for investors, banks, and other interested parties.
Company officials have noted that this feature is something that has become standard with more conventional exchanges like the New York Stock Exchange – where auctions are used to more accurately identify closing prices. By adopting the mechanism for their exchange, the Winklevoss brothers are attempting to provide yet another tool for investors.
AmsterdamGold Now Accepting Bitcoin
Thanks in large part to BitPay’s efforts, there has been a growing connection developing between companies in the precious metals industry and Bitcoin. The latest company to partner with BitPay and accept Bitcoin as payment is Dutch company AmsterdamGold, which will now accept Bitcoin as payment for its gold and silver offerings. AmsterdamGold’s global clientele will be able to use their Bitcoin to purchase the company’s gold and silver coins and bars, which should help to bring new awareness about the digital currency to yet another important segment of the marketplace.
Bitfinex Customer Reimbursement Efforts Adds New Options
Bitfinex recently began its first tentative steps toward reimbursing clients who lost Bitcoin in an earlier hack of the exchange, and now the company has added another option for those customers. Those accountholders will now be able to exchange their BFX tokens for two special purpose vehicles (SPVs) that would provide them with an interest in the exchange’s parent company, iFinex Inc. Each of the two SPVs has different backers, with one created as part of a partnership with the BnkToTheFuture crowdfunding platform and the other put together by Alistair Milne. With these SPVs, customers can exchange their BFX tokens for $1 worth of interest in the company for every BFX they choose to redeem.
NH Bitcoin Regulations Cause Poloniex to Suspend Operations in the State
For users of the Poloniex Bitcoin exchange, new Hampshire’s cryptocurrency regulations have resulted in some bad news: the exchange announced recently that it will be suspending all operations in the state. In a notice published on the exchange website, customers in the state were informed that they have until October 6, 2016 to suspend their exchange accounts. In addition, the company announced that it would no longer be allowing other New Hampshire residents to open new accounts for the time being. Poloniex also announced that existing customers would soon receive more detailed information and instructions via email.
While its operations are suspended, Poloniex plans to work closely with the state’s regulators to ensure that the exchange is meeting all relevant regulatory requirements – with the hope of resolving any existing confusion and returning to full service in the near future.