Winklevosses' Gemini Exchange Gains NY Approval to Diversify Services

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Winklevosses' Gemini Exchange Gains NY Approval to Diversify Services

Starting on Saturday, May 19th at 9:30am EDT customers will be able to begin depositing ZCash they already own onto the exchange in preparation for when trading begins on Tuesday, May 22nd at 9:30am EDT.

On May 14, privacy-focused cryptocurrency Zcash experienced a 55 percent increase in price after being listed on Gemini, one of the largest cryptocurrency exchanges in the U.S. led by the Winklevoss twins. Regulators in other countries, most notably Japan, have been targeting privacy coins, even requiring some exchanges in the region to delist privacy coins such as ZCash and Monero.

The Gemini exchange has confirmed that is soon to introduce trading for four new cryptocurrencies.

Gemini had to go through an extensive approval process with New York State Department of Financial Services (NYDFS) before deciding to support a privacy focused coin like ZCash. So much so, that most exchanges have completely stopped offering their services to customers based out of NY. Gemini will initially allow deposits from both forms of addresses but only unshielded withdrawals will be permitted.

Just minutes after the DFS and Gemini announcements, the price of Zcash jumped from about $250 per coin to more than $300 per coin. 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. Transparent transactions operate similarly to Bitcoin in that the balance and the amounts of the transaction are publicly visible on the blockchain. During the last week, Zcash has traded up 8.9% against the USA dollar.

"Zcash is built upon and extends the Bitcoin protocol".

Zcash supports two types of addresses: unshielded addresses, which start with "t" (i.e., "t-address"), and shielded addresses, which start with "z" (i.e., "z-address").

The post Bitcoin Cash [BCH], Litecoin [LTC] and Zcash [ZEC] added on Winklevoss Brothers' Bitcoin Exchange appeared first on AMBCrypto. "Bitcoin has many strengths, but privacy is not one of them". Since earlier today, Zcash has fallen back to the 0.041 mark but as the demand for Zcash and privacy-cryptocurrencies rise on Gemini and in the USA market, the price of Zcash is expected to rise even further in the short-term. "Today demonstrates that through education and collaboration and with the right controls in place, regulators can get comfortable with privacy technology", said Winklevoss. According to CoinMarketCap.com, Zcash's market value was roughly US$1.3 billion, while Bitcoin Cash and Litecoin values were US$25 billion and US$8.5 billion respectively.

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