Winklevosses' Gemini Exchange Gains NY Approval to Diversify Services

Winklevosses' Gemini Exchange Gains NY Approval to Diversify Services

Following the approval, Gemini Trust Co exchange, which was founded by internet entrepreneurs Cameron and Tyler Winklevoss, will be the first Zcash exchange in the world. Zcash is the digital cryptography-based asset of the Zcash network, similar to how bitcoin is the digital cryptography-based asset of the Bitcoin network.

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.

What makes this unique is the "official approval process" they largely created themselves - by approaching NY's financial services department seeking approval to execute trades of and storage the cryptocurrency - which was successful.

Zcash (ZEC) is a proof-of-work (PoW) coin that uses the Equihash hashing algorithm. As the day continued and as news spread, it seems that this Gemini announcement seems to have allowed for a continuous push within Zcash, the value of the currency hasn't stopped climbing, overall, it doesn't look like it's going to subside anytime soon either.

While litecoin and bitcoin cash already have substantial followings, Zcash is more of an up-and-coming digital currency. At that time, trading goes live with the following trading pairs on Gemini: ZEC/USD, ZEC/BTC, and ZEC/ETH.

The announcement saw Zcash spike, moving from a value of $250.77, up to $334.28 in a matter of minutes, with it, Zcash saw a huge spike in its market capitalisation.

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On May 14, 2018, the start of the fourth-edition of Consensus saw a huge unrelated news development emerge from the stables of Gemini Exchange, which announced their support of privacy-focussed digital currency zcash (ZEC). However, shielded addresses provide a high level of privacy for users, as their balance and transaction balances are made private on the blockchain. What was your experience like in comparison to other exchanges you've used?

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

"We are working to support withdrawals to shielded addresses in the future."

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.

"Zcash picks up where Bitcoin left off", Tyler Winklevoss, Gemini CEO, said in a statement Monday. "Bitcoin has many strengths, but privacy is not one of them".

"Part of the reason a coin like Zcash has a smaller market cap is because people are not sure if regulators will ever get comfortable with this type of technology".

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