The regulated exchange that serves its existing customers in 48 US states, Washington D.C., Puerto Rico, Canada, Hong Kong, Singapore, South Korea and the United Kingdom will then begin its first day of trading Zcash on May 22nd at 1:30 pm UTC. Gemini will offer the ZEC/USD, ZEC/BTC, and the ZEC/ETH trading pairs upon launch.
While litecoin and bitcoin cash already have substantial followings, Zcash is more of an up-and-coming digital currency. We should note at this point that the listing for Zcash on Gemini hasn't actually gone live yet, therefore this spike is simply in response to the announcement that it will happen. "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".
Vullo today announced 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, emerging cryptocurrencies, on its virtual currency exchange based in New York City.
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Gemini went through an extensive approval process with the NYDFS prior to adding support for Zcash.
The Winklevosses said that Zcash is preferred among investors because it has a privacy-protecting feature which allows counterparties to carry out trade without having to recognize each other or having information about each other.
The announcement saw Zcash spike, moving from a value of $250.77, up to $334.28 in a matter of minutes, with it, Zcash saw a huge spike in its market capitalisation.
"We are proud to be supporting this new and incredible technology, and contributing to the next generation economy and the future of money". However, shielded addresses provide a high level of privacy for users, as their balance and transaction balances are made private on the blockchain.
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While the price of ZCash has already increased by more than 40 percent, the Relative Strength Index (RSI) of Zcash is still in the neutral zone at 66 and both exponential and simple moving averages are demonstrating a positive short-term trend for Zcash.
The post Bitcoin Cash [BCH], Litecoin [LTC] and Zcash [ZEC] added on Winklevoss Brothers' Bitcoin Exchange appeared first on AMBCrypto.
Cameron also remarked on the regulatory approach to Zcash.
"Part of the reason a coin like Zcash has a smaller market cap is because people are not sure if regulators will ever get comfortable with this type of technology". That surge in volume has pushed the total market capitalization up over $1.4 billion which has pushed the altcoin above Lisk, Bitcoin Gold and the recently pumped Zilliqa.
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