Cryptocurrency exchange service Gemini released a statement on Wednesday that it is entering a partnership agreement with Nasdaq to monitor transactions on its platform.
According to a Wednesday’s announcement, Gemini will use Nasdaq’s SMARTS Market Surveillance offering to detect any possible price manipulation or other illicit activities automatically.
Nasdaq currently uses this technology to observe its marketplaces for illicit activity. Part of the system analyzes historical trading data with real-time trades to detect “strange trading patterns that could be possible violations of exchange practices and trading rules.”
The crypto exchange will use it to watch its major trading pairs for ether and bitcoin, mainly the crypto-to-crypto pairings and those that have to do with the U.S. dollar. Also, any suspicious activities related to bitcoin futures contracts will also be checked.
The move, according to Gemini chief executive Tyler Winklevoss is part of the exchange’s aims to preserve a fair market.
Winklevoss explained: “Since launch, Gemini has aggressively sought comprehensive compliance and monitoring programs, which we understand betters our exchange and the whole cryptocurrency industry… Our deployment of Nasdaq’s SMARTS Market Surveillance will help guarantee that Gemini is a rules-based marketplace for all participants.”
In recent weeks, Gemini has been making efforts to develop its exchange. In March, Gemini announced it may list additional digital currencies, naming bitcoin cash and litecoin in particular, to its platform before the end of the year.