Tyler and Cameron Winklevoss, the Winklevoss Twins have announced adding support for Zcash, a privacy-focused cryptocurrency with a total market valuation of over $1 billion, on their Gemini Bitcoin Exchange. The Winklevoss twin’s trading platform will begin accepting deposits in Zcash on May 19.
Gemini, a regulated exchange that serves customers in 48 U.S. states, will also receive approvals for Bitcoin Cash and Litecoin, though the exchange has not yet announced plans to do so
At present, only Bitcoin and Ethereum are available on Gemini, therefore these listings will open up both Gemini and the currencies in question to a whole new world of trading potential.
The inclusion of Zcash to the platform has been approved by the New York Department of Financial Services. This makes it the first regulated exchange that will allow the trading of the privacy-focused cryptocurrency. According to a report in Forbes, the first day that Gemini users will be able to buy and sell Zcash will be May 22.
One of the brothers behind the Gemini exchange, Cameron Winklevoss, wrote in a letter that the addition of new digital assets was a close collaboration with the NYDFS, saying:
“Our approval makes Gemini the first licensed Zcash exchange in the world. It also makes the NYDFS the first regulatory agency in the world to supervise Zcash.”
Winklevoss also acknowledged Zcash’s privacy features in the letter. He states that anonymity was one of the reasons for the coin’s appeal. To achieve such levels of privacy, Zcash uses a combination of shielded and unshielded addresses. To begin with, the Gemini exchange will accept deposits from both forms of addresses but only unshielded withdrawals will be allowed. By doing so, the offering will remain compliant with regulations.
Gemini also has customers in Washington, D.C.l Puerto Rico, Canada, Hong Kong, Singapore, South Korea and the U.K.
NYSDFS is the first regulatory agency in the world to supervise Zcash. NYDFS executive Maria Vullo said
“This action continues New York’s longstanding commitment to innovation and leadership in the global marketplace. With smart and thorough regulatory oversight, the development and long-term growth of the industry will remain thriving,”
This will make Gemini the first licensed Zcash exchange in the world and will give the currency a real boost in terms of trading volume. The Zcash price surged following the NYDFS announcement, reaching as high as $345 on cryptocurrency trading platform Bitfinex.
Also read: Winklevoss Brothers Win Patent Claim Which Aims To Settle Exchange Traded Products
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