Winklevoss Bitcoin Exchange Wins NY Approval To Expand, Offer Zcash

Andrew Cummings
May 16, 2018

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.

Gemini is a licensed digital asset exchange and custodian. Gemini, now the first licensed Zcash exchange, plans to allow Zcash trading starting Tuesday, May 22 at 9:30 a.m. ET. The Zcash protocol's cutting edge use of zero-knowledge succinct non-interactive arguments of knowledge ("zk-SNARKS" or "zero-knowledge proofs") makes it a truly innovative privacy coin that offers confidentiality for peer-to-peer transactions similar to those afforded to fiat currency transfers (e.g., ACH, FedWire, SWIFT, etc.). 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.

Alongside the news, Gemini announced support for trading zcash on Monday.

Apart from being approved to trade and hold Zcash, the New York Department of Financial Services has approved Gemini for trading in Bitcoin Cash and Litecoin.

Also of great significance is the fact that Gemini gained formal approval for the ZEC listing from the New York State Department of Financial Services (NYSDFS).

In October 2015, the NYDFS issued a charter to Gemini to operate a crypto exchange, allowing customers to buy and sell cryptocurrencies for Dollars and vice-versa. In addition to Zcash, Litecoin was also listed on the exchange however price action for LTC has been lackluster.

Snubbing that trend, Zcash founding member and CEO Bryce "Zooko" Wilcox posted a photo of Zcash's price as it surged on the Gemini announcement. What was your experience like in comparison to other exchanges you've used? Transparent transactions operate similarly to Bitcoin in that the balance and the amounts of the transaction are publicly visible on the blockchain.

To achieve such levels of privacy, Zcash uses a combination of shielded and unshielded addresses. However, the blog did mention that they may accept withdrawals to shielded addresses at a later date.

While the price of ZCash has already increased by more than 40 percent, the Relative Strength Index (RSI) of Zcash is still in the neutral zone at 66 and both exponential and simple moving averages are demonstrating a positive short-term trend for Zcash. "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", he told Bloomberg.

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