Gemini becomes the first licensed exchange to add Zcash and provide its customers with a secure marketplace for buying, selling, and storing Zcash

The Gemini community welcomed the news that Zcash, a privacy coin, is getting listed on the trading platform.

The Winklevoss brothers praised their success, stating that Zcash is the coin that answers some of Bitcoin’s weaknesses, including privacy. They added: “Bitcoin and Zcash are two revolutionary technologies vying for different mantles. Bitcoin being digital gold and Zcash being digital cash.”

The listing boosted Zcash’s price by more than 50%, reaching a market cap of $1.41 billion.

Gemini‘s trading pairs are ZEC/USD, ZEC/BTC, and ZEC/ETH and offer Continuous Trading, Block Trading for all, and 4 pm Daily Auction only accessible to ZEC/USD.

The addresses supported on Zcash are both unshielded and shielded. In the beginning, Gemini will sustain deposits made from both shielded and unshielded addresses but won‘t support shielded withdrawals.

Customers raised concerns over the key element of the currency - confidentiality once it enters the exchange. Gemini’s team is working to support withdrawals from shielded addresses in the near future and regulations won‘t hinder or change Zcash‘s purpose.

The revelation has left many people surprised because as a privacy coin supporting anonymous transactions, Zcash was not expected to become regulated, but the NYSDFS is pleased to be the first regulatory agency to administer and control a privacy cryptocurrency.  

The exchange and custodian is one of the few US-based services that are willing to communicate openly with regulatory institutions in the country.  The company believes that regulation and collaboration will build the future of money.

Furthermore, Gemini’s team have revealed their plans to include Litecoin support in the near future.

Currently, Zcash has the opportunity to move forward and become a mainstream currency, and this is a substantial step to prove itself upon the mass media exposure and stand proudly next to the top cryptocurrencies in the world.

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