Published: Tue, May 15, 2018
Business | By Kate Woods

Winklevoss-Owned Gemini Exchange Announces Addition of Zcash to its Trading Platform

Winklevoss-Owned Gemini Exchange Announces Addition of Zcash to its Trading Platform

Today, Gemini Trust Company, LLC (Gemini) announced support for Zcash trading and custody.

The hype leading up to cryptocurrency-focused conference Consensus is second to none, with crypto markets historically experiencing bull runs in the days after, and during, the event.

Gemini Trust Co exchange has received the approval from the State of ny to start trading privacy-focused cryptocurrency Zcash.

"Zcash is built upon and extends the Bitcoin protocol". The bullish sentiment can be attributed to a plethora of positive news, related or unrelated, released in the course of the event, which may incite traders, financial institutions, and the general populace to invest in digital assets.

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The Gemini bitcoin exchange platform which was found by Cameron and Tyler Winklevoss is adding Zcash - a digital currency that is focused on privacy with a market cap of more than $1 billion - to their platform.

Starting on Saturday, May 19th at 9:30am EDT customers will be able to begin depositing ZCash they already own onto the exchange in preparation for when trading begins on Tuesday, May 22nd at 9:30am EDT. It offers its services to a broad jurisdiction as well, including 48 USA states, and crypto-friendly such as South Korea, Singapore, and Hong Kong. With the latest approval, Gemini has become the first licensed Zcash exchange. 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.

The exchange plans to support continuous trading between the ZEC/USD, ZEC/BTC, and ZEC/ETH trading pairs (this is the 24/7 order book trading familiar to most cryptocurrency users). Since earlier today, Zcash has fallen back to the 0.041 mark but as the demand for Zcash and privacy-cryptocurrencies rise on Gemini and in the United States market, the price of Zcash is expected to rise even further in the short-term.

NY state has been described by many as one of the most advanced states in the union when it comes to cryptocurrency regulations, mostly due to the state's BitLicense program.

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The twins also acknowledged some of the privacy coin's features such as the use of a combination of unshielded and shielded addresses.

To begin with, the Gemini exchange will accept deposits from both forms of addresses but only unshielded withdrawals will be allowed. The price went from $250 to $350 immediately after the announcement and is trading at $360 at the time of writing this article.

A copy of the NYDFS-issued statement on Gemini's ZEC support is accessible here.

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