Cryptocurrency exchange Gemini will list Zcash, Bitcoin Cash, and Litecoin after receiving approval from the New York Department of Financial Services.
Gemini, the US-based crypto exchange founded by Tyler and Cameron Winklevoss, is listing Zcash, a cryptocurrency whose market cap stands at $1.2 billion, according to Coinmarketcap data. The exchange got approval from the New York Department of Financial Services (NYDFS), which makes it the world’s first licensed exchange to trade Zcash.
Buying and selling the cryptocurrency will be possible as of next Tuesday (May 22), while Zcash deposits will be accepted from 9:30 EDT on May 19.
Gemini CEO Tyler Winklevoss said:
“We are proud to be the first licensed exchange in the world to offer Zcash trading and custody services and look forward to providing customers with a safe, secure, and regulated place to buy, sell, and store Zcash.”
Besides signing off on Zcash, the NYDFS has authorized Gemini to provide custody services and trading of Bitcoin Cash and Litecoin. Currently, Bitcoin Cash is the fourth largest cryptocurrency, with a $24.6 billion market cap, while Litecoin ranks sixth with $8.4 billion.
NYDFS Superintendent Maria Vullo stated:
“With smart and thorough regulatory oversight, the development and long-term growth of the industry will remain thriving.”
Gemini VP Eric Winer stated in a blog post:
“Our approval makes Gemini the first licensed Zcash exchange in the world. It also makes the NYSDFS the first regulatory agency in the world to supervise Zcash, reaffirming their position as the leading financial regulator in the area of digital assets.”
Gemini president Cameron Winklevoss explained that Zcash was appealing thanks to its privacy-protecting feature that enables users to trade without knowing anything about each other.
Zcash operates with two types of addresses called unshielded addresses (t-address) and shielded addresses (z-address). Initially, the exchange will allow deposits from both but will support withdrawals to t-addresses only. The representatives said that Gemini was working to support withdrawals to shielded addresses as well.
After the announcement, Zcash surged 40%, from about $250 to $349. On Tuesday, the bullish sentiment persists, with Zcash fluctuating around $358.