The block trade is coming to the crypto world.

Cryptocurrency trading exchange Gemini, founded by one of the Winklevoss twins, has announced via blog that it has launched a block trading platform – Gemini Block Trading. The block system went live Thursday, April 12^th.

According to Gemini, any customer can place a block order that specifies:

• buy or sell
• quantity
• minimum required fill quantity
• and a price limit (the “Indication of Interest”).

Market makers on Gemini Block Trading only receive quantity, minimum quantity, and the collar price — they do not receive any other information (i.e., side, price limit, etc.) related to the block order. If a market maker agrees to “make a market” that satisfies the Indication of Interest, the block order will be filled.

“Block Trading enables our customers to buy and sell large quantities of digital assets outside of Gemini’s continuous order books, creating an additional mechanism to source liquidity when trading in greater size,” said Cameron Winklevoss, president and co-founder of Gemini.

In accordance with Gemini’s commitment to an equitable, transparent, and rules-based marketplace, block orders will be electronically broadcast to participating market makers simultaneously, ensuring best execution and price discovery for those participating in the program. Block orders do not interact with our continuous or auction order books.

All trade information will be published via Gemini market data feeds ten minutes following the execution of a block trade.