The price of privacy cryptocurrency Zcash climbed from $247 to $364 following announcement on Tuesday 15th May that Gemini Exchange will list the coin for trading. In the same period when Zcash made the 47% leap, bitcoin went down by 3% from $8854 to $8530. According to the announcement, Gemini Exchange will start trading Zcash on May 22 at 9:30 am EST.
How Privacy Xcash compares to Zcash
Gemini Exchange, owned by famous Winklevoss twins, will be the first licensed exchange to trade Zcash pairs. Ranked at 22 with a market capitalization of $1.31 billion USD, Zcash has come a long way since it was forked from the bitcoin blockchain in October 2016.
Zcash is popular because of special privacy features like the “selective disclosure” option. It uses special encryptions to avoid tracking sources and recipients of transactions on the blockchain. This makes Zcash transactions much more private than transaction on the parent bitcoin blockchain.
Comparing both cryptocurrencies, President of Gemini Exchange, Cameron Winklevoss said:
“Bitcoin and Zcash are two revolutionary technologies vying for different mantles, Bitcoin being digital gold and Zcash being digital cash.”
Eric Winer, VP of Engineering at Gemini Exchange also described Zcash blockchain as using zero-knowledge proofs that offer confidentiality for peer-to-peer transactions similar to those afforded to fiat currency transfers
Another plus for Gemini Exchange
Gemini was the first to obtain a bitLicense in New York. It now becomes the first to receive approval by the state Department of Financial Services (DFS) to trade Zcash. In a press release, The NYDFS stated that Gemini can start trading Zcash immediately.
In response to the approval, Tyler Winklevoss, Chief Executive Officer of Gemini Trust Company expressed his satisfaction. He said:
“We are proud be the first licensed exchange in the world to offer Zcash trading and custody services and look forward to providing customers with a safe, secure, and regulated place to buy, sell, and store Zcash.”
NYDFS also approved Gemini Exchange for potential future offerings of Litecoin and Bitcoin Cash.