May 27, 2018

Gemini Becomes World's First Licensed Zcash Exchange

16 May 2018, 02:18 | Cesar Cruz

ZEC Price Chart

ZEC Price Chart

"Our approval makes Gemini the first licensed Zcash exchange in the world. It also makes the NYSDFS the first regulatory agency in the world to supervise Zcash, reaffirming their position as the leading financial regulator in the area of digital assets".

"When we began building Gemini over four years ago, we envisioned a platform that would allow customers to trade many virtual commodities".

Gemini CEO Cameron Winklevoss told Bloomberg in an interview said that privacy-focused cryptocurrencies like Zcash have struggled to gain large market valuations in the past due to concerns from investors towards potential crackdown by authorities, as seen in the Japanese cryptocurrency market as of recent.

"Zcash is a cryptocurrency that has branded itself as "[setting] a new standard for privacy through the use of groundbreaking cryptography". In addition to Zcash, Litecoin was also listed on the exchange however price action for LTC has been lackluster. 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.

Following approval from the New York Department of Financial Services [NYDFS], Gemini will begin accepting deposits of the privacy-focused cryptocurrency on Saturday, May 19th at 1:30 pm UTC.

ESPN Films, Netflix Announce 10-Hour Michael Jordan Docuseries for 2019
Sports Illustrated's Richard Deitsch reports that the series will arrive in 2019 and will have Jordan's involvement. But Michael Jordan's name still rings loud and clear as one of the most acclaimed of all time.

Alongside the news, Gemini announced support for trading zcash on Monday. Initially, the exchange will "only support withdrawals to unshielded addresses", but the company is "working to support withdrawals to shielded addresses in the future". Gemini will offer the ZEC/USD, ZEC/BTC, and the ZEC/ETH trading pairs upon launch.

The announcement came as a surprise and had a huge impact on Cash's price. 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. However, the full integrations of these other cryptocurrencies onto the exchange have not been announced as of yet. However, shielded addresses provide a high level of privacy for users, as their balance and transaction balances are made private on the blockchain.

"Zcash is built upon and extends the Bitcoin protocol".

Despite this, withdrawing ZCash to shielded addresses will not be allowed for ZCash traders on Gemini at this time, though this seems to undermine the entire point of using a privacy-focused cryptocurrency.

Cameron Winklevoss, who serves as the exchange's president said "Bitcoin and Zcash are two revolutionary technologies vying for different mantles".

Other News

Trending Now

Jamaal Lascelles: Newcastle must do everything to keep Rafa Benitez
At the same time, it would not have been good to see his parent club, and the team with whom he sees his future, be outclassed. The hard work starts for them this summer; keeping and therefore backing Benitez must be high on the agenda.

President says first lady is doing 'really well'
She says going through a blood vessel the radiologist can "inject different substances to cut off the blood supply to an area". Trump to seek treatment or whether the " benign kidney condition " meant she had a benign tumor or something else.

Iraq Election's results tests Iran influence in Baghdad
Sadr fled to Iran before a government crackdown on the Mehdi Army, but has since moved to distance himself from Iran. Prime Minister Haider al Abadi has called on all political parties to respect the results of Saturday's poll.

5-year-old hospitalized after bear attack outside Colorado home
The little girl needed more than 70 stitches but doctors expect her to "mend very well", hospital spokeswoman Teri Cavanagh said. Colorado Parks and Wildlife officers are trying to find the bear with the help of federal wildlife services personnel.

Joe Hart Dropped from England World Cup
Southgate will confirm his 23-man selection for the competition at a press conference tomorrow. Hart has endured a miserable campaign in the Premier League .

Plane makes emergency landing in China
The airline added that it has switched the flight's passengers to another aircraft to carry on their journey to Lhasa. One other crew member was injured, but all passengers on the plane emerged unscathed, according to local reports.

Koreas in close consultations ahead of N. Korea-US summit
South Koreans can not visit North Korea without an invitation from the North and approval from their government. Kim will agree to a freeze on the North's nuclear programme is, however, still in the realm of speculation.

"Mile 22" Trailer Sees Ronda Rousey & Mark Wahlberg Play Elite CIA Agents
Producers are Peter Berg , Mark Wahlberg , and Stephen Levinson. Mile 22 features a script by Graham Roland and Lea Carpenter .

Arsene Wenger's top 10 Arsenal signings - #4
He's given a lot to Arsenal and to English football, so it's only right that his career is marked in this way. Former midfielder Arteta made 150 appearances for Arsenal under Wenger from 2011 to 2016.

Twitter has a new method for identifying, punishing trolls
Twitter's troll problem has not improved, despite various measures taken by the company. The changes are a part of Twitter's efforts to increase the "health" of its platform.