Zcash Cryptocurrency Is Added To Listing Of Winklevoss Crypto Exchange
On May 14, Gemini crypto exchange, founded by Winklevoss brothers, added to its listing Zcash cryptocurrency. The company’s Twitter account states that Gemini is the first licensed exchange to implement support of this privacy-focused coin.
It is reported that Zcash will become available for depositing on May 19, and cryptocurrency trading in BTC, ETH, and USD pairs will start on May 22.
According to Tyler Winklevoss, a Gemini co-founder, Zcash cryptocurrency is ahead of bitcoin by the level of privacy, while the latter still has many other advantages. Previously, the exchange founders reported that they intended to support cryptocurrencies descended from the “Nakamoto Family Tree.”
Cameron Winklevoss, president of the exchange, called Zcash technology revolutionary along with bitcoin technology, but he also noted that these cryptocurrencies are aimed at solving different problems. He added that bitcoin can be considered as “digital gold,” and Zcash can be considered “digital cash.”
It is noteworthy that a new cryptocurrency implementation occurred against the background of the fact that Gemini is under the control of the New York State Department of Financial Services (NYDFS) which had obliged the crypto exchanges to get a license and to meet their strict standards. Gemini representatives stated that the exchange had to negotiate Zcash support with NYDFS over a long period.
It is reported that users will be able to withdraw the cryptocurrency exclusively to unshielded addresses otherwise Zcash might not fall within the relevant anti-fraud regulation. Zcash Company employees confirmed this information in company’s Twitter account; NYDFS carefully verifies all applicants seeking permission to work with cryptocurrencies because they have to conform to the standards of anti-money laundering, customer protection, cybersecurity, and capitalization rules.
Gemini crypto exchange conducts operations only with three cryptocurrencies: BTC, ETH, and ZEC. Zcash’s value rose in a short period of time once the cryptocurrency was added to the exchange.
As previously reported, Winklevoss IP received a patent on the exchange traded products (ETPs) deriving from cryptocurrencies.