Gemini Will Add ZCash To List
The Gemini cryptocurrency exchange just announced that it will be listing 3 new cryptocurrencies on their trading platform. The latest and most unexpected addition is ZCash, which was an unanticipated move by anyone in the community.
Available On a Regulated Exchange
However, the most surprising newcomer is ZCash, as the additions of Litecoin and Bitcoin Cash were anticipated by the community long before the announcement.
When the listing of ZCash became public, its price surged from $250 to $350 within an hour, in anticipation of increased volume, market spread, and exposure.
On May 14th, Gemini was granted official approval from the New York Department of Financial Services (NYDFS) to open ZCash deposits on May 19th and 3 days later ZCash trading. Gemini will make available the following trading pairs the ZEC/USD, ZEC/BTC, and the ZEC/ETH upon launch.
Gemini will also keep on offering block trading, which was announced earlier last month, along with their daily auction of cryptocurrencies and will adapt these features to the platform’s newest cryptocurrency.
The exchange praised the privacy features of ZCash in its blog, mentioning:
“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.”
ZCash offers 2 different kinds of addresses on the platform, shielded and unshielded addresses. The unshielded one shows the balance of the wallet and transaction balances. Shielded addresses, on the other hand, make the user’s balance and transactions balances are made private on the blockchain, providing a high level of security.
But in spite of what many may think, ZCash does not provide complete anonymity as their protocol does not obfuscate user’s IP addresses.
ZCash traders will not be able to withdraw ZCash to shielded addresses on Gemini for the time being, though this seems to lessen the effectiveness of using a privacy-centered cryptocurrency.
However, the blog did state that withdrawals to shielded addresses may be accepted at a later date.
The NYDFS also announced that they had also authorized the inclusion of Litecoin and Bitcoin Cash. But, the full integrations of these other two cryptos has not been announced by the platform as of yet.
Gemini has always operated their services with the proper licensing and permission from regulatory bodies, being one of the few businesses that have been the hard-to-obtain New York BitLicense.
From the beginning, Gemini’s founders, the Winklevoss twins, wanted to have their service regulated and licensed, setting it apart from other all the other existing exchanges on the market.
They believe that being a regulated platform “fosters innovation and protects consumers.” Although this statement is true, their service may also be avoided as many users opt for exchanges that are not scrutinized intensely by governments.