The Exchange of Winklevoss twins on Monday announced the addition of Zcash cryptocurrency. Representatives of the site said that Gemini became the “the world’s first licensed Zcash exchange “, which will conduct trading of this customer-oriented cryptocurrency.
— Gemini (@Gemini) May 14, 2018
The users will be able to deposit via Zcash starting from Saturday, May 19, and the trading in pairs ZEC / USD and ZEC / BTC, ZEC / ETH will start on May 22.
“Zcash continues from the place where bitcoin stopped. Bitcoin has many strengths, but privacy is not one of them, ” Tyler Winklevoss, CEO of Gemini, said.
Winklevoss twins have already announced their readiness to add coins, which belong to the “tribal tree of bitcoin.”
“Bitcoin and Zcash are two revolutionary technologies that solve different problems. Bitcoin is digital gold, and Zcash is digital cash, “said Gemini president Cameron Winklevoss.
Since Gemini is regulated by the Financial Services Authority of New York (NYDFS), the addition of Zcash can be considered quite a curious event in view of the scandalously known BitLicense is considered one of the most stringent regulatory regimes regulated by US trading platforms.
But as representatives of Gemini say, the exchange went through a long and not a simple process of agreeing all the details for adding Zcash, actively cooperating with NYDFS. And it should be noted that users – at least for the time being – will be able to make funds from both protected and unprotected addresses, however, the withdrawal of funds will be possible only to unprotected addresses. The given decision, most likely, is connected with the excitement, that otherwise, the cryptocurrency cannot correspond to positions about the struggle against money-laundering.
This version is also confirmed by representatives of Zcash company, referring to the quote from the NYDFS document that “Virtual currency license applicants are subject to a rigorous review of anti-money laundering, capitalization, consumer protection and cyber security standards.”
NYDFS statement on @GeminiDotCom's authorization to list Zcash. "Virtual currency license applicants are subject to a rigorous review of anti-money laundering, capitalization, consumer protection and cyber security standards." https://t.co/E8JpOT9ReK
— Zcash Company (@zcashco) May 14, 2018
Zcash became only 3rd crypto, added on Gemini. Currently, the platform supports trading pairs in bitcoin and ether.
The news about the addition of Zcash favorably affected the market value of the cryptocurrency. After the statement from Gemini for a short period of time, the price rose from $ 250 to $ 350, a little bit later at it was 320.