The Gemini Bitcoin exchange founded by Tyler and Cameron Winklevoss is adding support for Zcash, a privacy-focused cryptocurrency with a total market valuation of over $1 billion.
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.
The regulated exchange that serves its existing customers in 48 U.S. states, Washington D.C., Puerto Rico, Canada, Hong Kong, Singapore, South Korea and the U.K. will then begin its first day of trading Zcash on May 22nd at 1:30 pm UTC.
In addition to being approved to custody and trade Zcash, the NYDFS has confirmed to Forbes that Gemini will also receive approvals for Bitcoin Cash, with a total market value of $25 billion and Litecoin, valued at $8.2 billion, though details about when these currencies might go live remain sparse.
In a letter marked ‘confidential’ from Cameron Winklevoss, the Gemini President explained that the addition of the new products was the result of working closely with the NYDFS.
“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.”
Later in the letter, Winklevoss explained that part of the appeal of Zcash is a privacy-protecting feature that allows counterparties to engage in trade without knowing anything about each other. Called zk-snarks, the technology that can be added to any number of blockchains provides the same certainty of the Bitcoin blockchain but does not require that individuals using it know one another’s public addresses. The ‘zk’ stands for “zero-knowledge.”
As a result, the cryptocurrency offers privacy to those in oppressed nations, criminals, and privacy-focused individuals, drawing the attention of both supporters and detractors. 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.
Subscribe to AMBCrypto’s Newsletter
Bithumb launches its DEX days after stakes acquired by BK Global Consortium
Bitcoin Cash [BCH] developers close to adding privacy to BCH transactions
Bitcoin [BTC] and other cryptocurrencies discussed by Nouriel Roubini; says I have no position on BTC
Bitcoin [BTC] is nearly ‘mature’ enough to take on Forex markets, finds Poland-based research
Bitcoin Cash [BCH] and Cardano [ADA] prices hike but remain the biggest losers of the week
Ripple partner Santander to adopt SWIFT GPI: What does it mean for XRP-powered xRapid?
Ethereum [ETH]’s Co-Founder Vitalik Buterin: Massive amount has changed in the community over the past 15 months
Tron [TRX] and Binance sailing together; NASDAQ mention indicates adoption
Ripple partner Santander goes live with SWIFT’s Global Payments Innovation
Bitfinex pauses USD deposits after Bitcoin [BTC] drops: $2.3 billion at stake as insolvency rumors threaten USDT legitimacy
Tron [TRX/USD] Technical Analysis: The bulls have charged attack on the bear
Ripple, XRP, and the SWIFT partnership: Will it fit together as a possibility, or is it “idle speculation”?
Bitcoin [BTC] is not going to disappear, but Ethereum [ETH], XRP and others are “going bust”, says Roubini
Bitcoin [BTC] developer says “EOS is a scam” and the platform would not benefit new developers