The Winklevoss Twins, founders of the Gemini exchange, have chosen to add privacy coin, Zcash, to their exchange, officially making them the only licensed exchange to hold the coin. The decision also makes the New York State Department of Financial Services (NYDFS) the first regulatory body to supervise the currency. In a press release, they stated that trading will open on May 22, 2018, at 9:30 am EDT.
The trading pairs that Gemini will offer are the following: ZEC/USD, ZEC/BTC, and ZEC/ETH— allowing for continuous trading and block trading for each pair. Having a USD pairing for Zcash is a huge positive for the cryptocurrency as it is generally rare for altcoins to receive fiat options. This could solidify Zcash as the number one privacy-based cryptocurrency on the market. Being added to Gemini is an equally momentous and prestigious occasion as Zcash will only be the third cryptocurrency that the exchange houses, sitting alongside Bitcoin and Ethereum.
In a statement released by the co-founders of Zcash, Zooko Wilcox and Josh Swihart expressed that this situation ‘furthers our mission to empower everyone with economic freedom and opportunity,’ additionally outlining how Zcash being added to Gemini shows how seriously government regulations are taken within the industry.
Gemini and the NYDFS adding Zcash to the exchange is in direct opposition to how Japan’s FSA is handling the coin. The FSA is currently considering restricting the availability of all privacy coins within the country, possibly placing sanctions on any exchanges which choose to list them as a trading pair.
News from the NYDFS reveals that there may be two other coins being added to Gemini as well within the coming weeks: Litecoin and Bitcoin Cash. A press release from the organization notes that ‘the New York State Department of Financial Services has authorized Gemini Trust Company, LLC to offer the custody services and trading of Zcash, Litecoin, and Bitcoin Cash.’ Even though the information comes directly from the NYDFS, it should not be taken as a fact until Gemini release a statement confirming it.
Kai is a cryptocurrency copywriter and professional trader. He can often be found investigating various cryptocurrencies, whitepapers, and blockchain technologies. Kai has been a professional writer for 5+ years, and has invested in 50+ different coins and tokens. He also currently studies Law and Philosophy at university.