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Gemini Becomes World's First Licensed Zcash Exchange
16 May 2018, 02:18 | Cesar Cruz
ZEC Price Chart
"Our approval makes Gemini the first licensed Zcashexchange 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.
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".
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