Another coin in the market to follow a sudden price surge lane is Zcash, following the trend similar to Bytecoin a few days ago. After the Binance listing, Bytecoin had shot up by more than 166% and now its Zcash’s turn to take the spotlight after being listed on Gemini exchange, owned by the most popular twins in town – The Winklevoss.
Zcash [ZEC] has gone up an extravagant value of almost 48% in the past 24 hours following its listing on the Gemini exchange. It is now summing up to an overall gain of 28.33% for the entire week. ZEC is now trading at $366.01 with a market cap of $1.43 billion placing it in the 23rd position. The landing of the privacy coin on the exchange has surely turned the tables for this currency as Gemini is now termed the World’s first licensed Zcash exchange.
The Vice-President of Engineering at Gemini, Eric Winer mentioned the recently acquired title in his blog post where they announced their support for Zcash trading and custody. 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.
They explained the process stating:
“We have been working closely with the New York State Department of Financial Services (NYSDFS) to obtain approval to offer Zcash trading and custody services to our customers as a New York trust company.”
“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.”
Zcash supports both unshielded addresses – t-address, and shielded addresses – Z-address and the new listing will support deposits from both as well. But, the withdrawals will be supported only for unshielded as they still work on the other type.
Vitalik Buterin, the co-founder of Ethereum [ETH] tweeted replying to zooko’s post regarding the announcement:
“Make Zcash proof of stake!”
William Lehnertz, a Twitterati says:
“It would be great, as you guys investigate future coins, to add #BTCP (Bitcoin Private). The team is hard at work building out a great product in preparation for mass adoption. Expect to see great things. The community is great and needs a US-based exchange.”
Btc_joe, a crypto enthusiast says:
“exactly what I want out of my privacy coin…a professional team that can be worked with.”
The London Block Exchange [LBX] mentioned about this in one of their medium blog posts stating:
“Zcash’s ZEC, a privacy crypto asset touted by Edward Snowden, appreciated over 20% after the Winklevoss brothers disclosed Gemini, the exchange they lead, is listing ZEC.”
They further stated:
“The key point is those who claim to have 0 privacy was deemed compliant for Gemini, an NY-licensed exchange, so other reputable exchanges may consider listing it in the future too.”