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Crypto Exchange Gemini Adds Support For Privacy Coin ZCash
16 May 2018, 02:20 | Kelvin Horton
Winklevoss-Owned Gemini Exchange Becomes First Licensed Exchange to Offer ZCash
"We are proud be the first licensed exchange in the world to offer Zcashtrading and custody services and look forward to providing customers with a safe, secure, and regulated place to buy, sell, and store Zcash", Gemini Chief Executive Tyler Winklevoss said in a statement provided by Vullo's office.
Zcash also expressed gratitude towards Gemini's decision, taking note of the exchange's large client base and believing that the addition "furthers their mission to empower everyone with economic freedom and opportunity".
The Gemini exchange will begin to accept deposits of Zcash on May 19. What this suggests then, once Zcash actually hits Gemini, trading volume will skyrocket and thus will the value of the currency. Regulators in other countries, most notably Japan, have been targeting privacy coins, even requiring some exchanges in the region to delist privacy coins such as ZCash and Monero. Major cryptocurrencies like bitcoin and Ethereum have risen in the 3 to 6 percent range while smaller assets such as Zcash (ZEC), Aelf (ELF), Kyber Network (KNC), and Enigma rose in the 10 to 50 percent range.
Gemini was one of 13 cryptocurrency trading platforms asked to provide in-depth information about their business and security practices to the New York Attorney General's office last month.
According to an official release on the Zcash Foundation's website, ZEC underwent a pervasive vetting process by NYDFS before adding on Gemini.
The announcement saw Zcash spike, moving from a value of $250.77, up to $334.28 in a matter of minutes, with it, Zcash saw a huge spike in its market capitalisation.
"Our approval makes Gemini the first licensed Zcash exchange in the world", Winklevoss said. However, the full integrations of these other cryptocurrencies onto the exchange have not been announced as of yet. The lengthy procedure included a detailed report on Gemini's action plan to deal with risks pertaining to the currency, as well as a brief overview of the Zcash protocol. Addresses which start with "t" behave exactly like Bitcoin, including their globally public properties and we refer to these as "transparent addresses".
To achieve such levels of privacy, Zcash uses a combination of shielded and unshielded addresses.
"Zcash picks up where Bitcoin left off", Tyler Winklevoss, Gemini CEO, said in a statement Monday.
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