Currency exchange to auction bitcoins

Gemini Trust Co., the U.S.-based digital-currency exchange founded by entrepreneurs Cameron and Tyler Winklevoss, is introducing a daily bitcoin auction to facilitate price discovery and larger trades at lower costs.

The auctions, to be held at 3 p.m. every day including holidays and weekends, at first will support just bitcointo-U.S. dollar trading, and will eventually expand to more currencies. Auction trades will be eligible for as much as a 0.15 percent rebate on trading fees, Gemini said.

By adding daily auctions, Gemini is bringing to bitcoin a feature that’s long been available on exchanges such as the New York Stock Exchange, Nasdaq and Bats Global Markets for other asset classes. It’s a step toward making the digital currency more attractive and easier to use by institutional as well as retail investors, Gemini Chief Executive Officer Tyler Winklevoss said in an interview.

— Bloomberg News