Gemini, a New York-based digital currency exchange, has announced that it is going to launch ether auction on Friday, July 28, 2017.

The announcement follows the launch of bitcoin auction last September. Gemini said that the mechanics of the ether auction will be same as the bitcoin auction.

“Daily auctions…increase price discovery and transparency, and they reduce costs across the board by making sure that buyers and sellers don’t miss each other during the trading day. In addition, we are confident that our Auction will bring you the benefits of over-the-counter (OTC) trading without the overhead, hassle, and lack of transparency,” Gemini said in its blog post.

To that end, Gemini said that its customers will benefit from greater price discovery, deeper liquidity, mark-to-market benchmark price, instant settlement, and no counterparty risk.

According to the website, Gemini currently offers two BTC/USD auctions per day – one at 4:00 p.m. Eastern Time and another at 7:00 p.m. Singapore Time and Hong Kong Time (20:00 JST).

According to the blog post, indicative auction prices are broadcasted via both Gemini’s market data API and website 10 minutes before the auction time. Moreover, new indicative auction prices are calculated every minute until the auction time and refreshed every 15 seconds thereafter.

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