Even though the Gemini exchange platform is operated by the Winklevoss twins, it has not been a great success so far. The company recently added daily Bitcoin auctions to spark an interest in the platform. While these daily sales have been somewhat of a success, the regular trading volume is astonishingly low, particularly this weekend, as under 100 Bitcoin was traded in this 48-hour period.
Gemini Continues To Struggle With Regular Trading
It is not uncommon for Bitcoin exchanges to go through some dry spell. However, if that dry spell continues for an extended period, things will need to be addressed sooner or later. In the case of Gemini, the Winklevii addressed the lacklustre success by introducing daily Bitcoin auctions a few weeks ago.
It has to be said, the daily Bitcoin auctions at Gemini have been through their own ups and downs as well. So far, there have been more ups than downs, even though the overall volume is still fairly small. Then again, hardly anyone can compete with the Chinese bitcoin trading frenzy that continues to dominate the Bitcoin market on a global scale.
Unfortunately, the daily Bitcoin auctions are not what will keep Gemini afloat as an exchange platform. Daily trading volume has to pick up, as last weekend was just appalling. Saturday saw a total of 24 Bitcoin change hands, whereas 70 BTC was traded on Sunday–not the kind of numbers the Winklevii are looking for.
The bigger question is what is holding back their exchange during the weekends. One would expect Saturday and Sunday to be great days for this regulated exchange platform, but that does not seem to be the case right now. One Reddit user pointed out that Gemini may be used by professional traders, who only work from Monday to Friday.
Many people assume that the lack of regulation is holding Bitcoin adoption back, but that is not necessarily the case. Gemini is a fully regulated and licensed exchange platform, yet they fail to attract customers over the weekend. Granted, there is a lot of competition in the Bitcoin exchange market, but one would expect better results from a company run by two prominent industry members.
It is unclear what can be done about this situation. It takes time to build a reputation as a viable bitcoin exchange, and Gemini seems to struggle a bit in this regard. Having the Winklevoss twins at the helm is great for PR, but unless they spread the word about Gemini in a productive manner, these disappointing numbers will remain a critical issue.
If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.