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Winklevoss Bitcoin Exchange Wins New York's Approval to Expand, Offer Zcash

Winklevoss Bitcoin Exchange Wins New York's Approval to Expand, Offer Zcash

"Our approval makes Gemini the first licensed Zcash exchange in the world". Cameron notes that following the approval, NYSDFS is now the first exchange in the world to supervise Zcash. In an online post, Gemini said that customers would be able to start depositing Zcash into their Gemini accounts from Saturday, May 19th at 9:30am EDT, and trading would begin on Tuesday, May 22nd at 9:30am EDT.

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. 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 similar to those afforded to fiat currency transfers (e.g., ACH, FedWire, SWIFT, etc.).

Apart from Zcash having a $32.4 million daily trading volume, the zk-snark technology is now being used in several used in several open-source projects like Quorum, which was developed by JPMorgan Chase & Co.

The press release by NYSDFS states, "As a limited objective trust company chartered under New York State Banking Law, Gemini can launch Zcash trading immediately, subject to ongoing supervision by the state".

Owned by bitcoin-billionaire twins Cameron and Tyler Winklevoss, Gemini is a certified New York Trust company, making it the most regulated cryptocurrency exchange platform in the world. Zcash presently has a total market cap of $1,399,138,238 and its 24 hr trading volume is about $424,689,000.

Gemini will be offering three new pairs for trading the cryptocurrency: ZEC/USD, ZEC/BTC and ZEC/ETH. In that case, the BCH price substantially increased on other exchanges prior to Coinbase's announcement, which led to justifiable concerns that exchange employees were privy to and traded based on information regarding the BCH announcement. Major cryptocurrencies like bitcoin and Ethereum have risen in the 3 to 6 percent range while smaller assets such as Zcash (ZEC), Aelf (ELF), Kyber Network (KNC), and Enigma rose in the 10 to 50 percent range.

"We are working to support withdrawals to shielded addresses in the future". To achieve such anonymity Zcash uses a combination of unshielded and shielded addresses.

Cameron Winklevoss, who serves as the exchange's president said "Bitcoin and Zcash are two revolutionary technologies vying for different mantles".

"Today demonstrates that through education and collaboration and with the right controls in place, regulators can get comfortable with privacy technology".

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