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Winklevoss Crypto Exchange Wins Approval to Trade Zcash

16 May 2018

Over the past 24 hours, the valuation of the cryptocurrency market has increased from $387 billion to $408 billion, by more than $21 billion. For this reason, Zcash has been linked to trading in oppressed nations, as well as privacy-focused investors and even criminal organizations. The first day of trading on Gemini for Zcash will be the 22 of May, meaning in theory, the currency still has 7 days of speculation-based climbing to partake in, before the true impact of this listing can be measured.

The platform, owned by the Winklevoss Twins, announced it will begin taking deposits in Zcash from May 19.

In addition to being approved to custody and trade Zcash, the NYDFS has confirmed to Forbes that Gemini will also receive approvals for Bitcoin Cash, with a total market value of $25 billion and Litecoin, valued at $8.2 billion, though details about when these currencies might go live remain sparse.

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"Zcash is a cryptocurrency that has branded itself as "[setting] a new standard for privacy through the use of groundbreaking cryptography".

The price of cryptocurrency Zcash surged more than 43 percent after Gemini Trust Co., the bitcoin and other cryptocurrency exchange backed by Tyler and Cameron Winklevoss, announced it received approval from NY regulators to allow trading in the so-called "privacy coin" that enables anonymous trading. It also has customers in the U.K, South Korea, Singapore, Hong Kong, Canada and Puerto Rico. In fact, New York State Senator David Carlucci said in February that reformative measures could be introduced "very soon". In addition to this, the exchange adheres to fiduciary obligations equivalent to traditional financial institutions and follows Bank Secrecy Act (BSA) enacted customer protection guidelines. In addition to Zcash having a $32.4 million daily trading volume, the zk-snark technology has been integrated into a number of open-source projects, most notably Quorum, originally developed by JPMorgan Chase & Co.

"Zcash is built upon and extends the Bitcoin protocol". Privacy supports societal values such as human rights, political freedom, financial inclusion, and economic opportunity.

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Gemini is a regulated exchange and serves customers in several U.S. states. 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 operates out of NY which has one of the strictest policies for Cryptocurrency exchanges ago follow. Addresses which start with "t" behave exactly like Bitcoin, including their globally public properties and we refer to these as "transparent addresses".

"We are proud to be supporting this new and incredible technology, and contributing to the next generation economy and the future of money". The landing of the privacy coin on the exchange has surely turned the tables for this currency as Gemini is now termed the World's first licensed Zcash exchange.

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Winklevoss Crypto Exchange Wins Approval to Trade Zcash