- The Gemini bitcoin exchange platform which was found by Cameron and Tyler Winklevoss is adding Zcash – a digital currency that is focused on privacy with a market cap of more than $1 billion – to their platform. After being approved by the NYDFS (New York Department of Financial Services), Gemini will start to accept deposits of Zcash on the 19th of May at 9:30am EDT.
The regulated exchange that serves the present customers of the firm in 48 states in U.S., Washington D.C., Singapore, United Kingdom, Hong Kong, South Korea, Canada, and Puerto Rico will start trading Zcash on the 22nd of May at 9:30 am EDT.
Gemini to Trade Litecoin and Bitcoin Cash
In addition to being approved to trade Zcash, the NYDFS has also told Forbes that the bitcoin exchange will also be approved to trade Litecoin (with a market cap of $8.2 billion), and Bitcoin Cash (with a market valued at $25 billion), though there is no definite time when the exchange will start trading these digital currencies.
Cameron’s Comment on the Approval
President of Gemini – Cameron Winklevoss, explained in a letter that the addition of the new digital currencies was as a result of working closely with the NYDFS. He said that this approval makes Gemini the world’s first licensed Zcash exchange.
He added that an aspect of the Zcash’s appeal is a privacy-protecting feature which enables different parties to engage in trade without knowing each other. This technology is called zk-snarks, where the “zk” means “zero-knowledge”
This digital currency offer privacy to people in oppressed countries, privacy-focused individuals and criminals, drawing the attention of detractors and supporters.
In addition to the digital currency having a daily trading volume of $32.4 million, the zk-snarks technology has been added to a lot of open source projects, including Quorum – originally created by J.P. Morgan Chase and Co.