The Winklevoss Brothers bitcoin exchange, Gemini, has added support for Zcash, a privacy-focused altcoin valued at over $1 billion.
Following approval from the New York Department of Financial Services (NYDFS), from Saturday, 19 May at 9:30 EDT customers will be able to start depositing Zcash into their Gemini accounts. This approval makes Gemini the first licenced Zcash exchange in the world. It also marks the first time that a regulatory agency will supervise Zcash.
Gemini, the exchange that serves customers in 48 US States, Puerto Rico, Canada, Hong Kong, Singapore, South Korea and the UK, will begin its first day of trading Zcash on 22 May at 9:30am EDT.
In addition to Zcash support, Gemini has confirmed that it will also receive approvals for Bitcoin Cash, valued at $25 billion, and Litecoin, with a total market value of $8.2 billion, though there is no news yet on when these will go live.
In a letter from Cameron Winklevoss, president of Gemini, he explained that part of the reason for the appeal for Zcash is the privacy-protecting feature that allows two parties to trade without any knowledge of one another. The technology, called zk-snarks, can be added to any number of blockchains provides the same certainty as the bitcoin blockchain but without the individuals needing the other’s public addresses. The “zk” stands for “zero knowledge”
At launch, Gemini will only support withdrawals from unshielded addresses, with support for shielded addresses coming in the future.