The addition follows bitcoin cash and litecoin, on which BTCManager reported in March 2018, and the company claims to be the "first licensed Zcash exchange in the world". Customers can start depositing from May 19th at 9.30 am EDT and the trading will go live from May 22nd at 9.30 am EDT. "The Zcash protocol's cutting edge use of zero-knowledge succinct non-interactive arguments of knowledge ("zk-SNARKS" or "zero-knowledge proofs") makes it a truly innovative privacy coin that offers confidentiality for peer-to-peer transactions similar to those afforded to fiat currency transfers (e.g., ACH, FedWire, SWIFT, etc.)".
Zcash (ZEC) is a proof-of-work (PoW) coin that uses the Equihash hashing algorithm.
Gemini will also continue to offer block trading, which they announced earlier last month, along with their daily auction of cryptocurrencies and will adapt these things with the arrival of the new cryptocurrency on the platform.
Zcash [ZEC] has gone up an extravagant value of nearly 48% in the past 24 hours following its listing on the Gemini exchange. This makes it the first regulated exchange that will allow the trading of the privacy-focused cryptocurrency.
According to a Reuters report, the ny state's Department of Financial Services has also approved Gemini's request to offer crypto custody services as well as Bitcoin Cash and Litecoin trading options in the future.
The Gemini Trust Co. exchange, founded by star internet entrepreneurs Tyler and Cameron Winklevoss, has been authorized by the state of NY to offer Zcash trading options.
The announcement came as a surprise and had a huge impact on Cash's price. What was your experience like in comparison to other exchanges you've used? While Bitcoin is often billed as highly private, it still broadcasts from where and to where funds are moving-allowing those with basic computer skills to track it. Zcash, on the other hand, was created as a more private cryptocurrency, encrypting those transactions. Every transaction on the bitcoin blockchain is visible and broadcasted to the network.
"We are working to support withdrawals to shielded addresses in the future".
Zcash supports both unshielded addresses - t-address, and shielded addresses - Z-address and the new listing will support deposits from both as well.
Cameron Winklevoss, who serves as the exchange's president said "Bitcoin and Zcash are two revolutionary technologies vying for different mantles".
"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".