Gemini Exchange Adds Bitcoin Cash, Litecoin, Zcash & Ethereum Classic Trading

Gemini Exchange Adds Bitcoin Cash, Litecoin, Zcash & Ethereum Classic Trading

In addition to being approved to custody and trade Zcash, the NYDFS has confirmed to Forbes that Gemini will also receive approvals for Bitcoin Cash, with a total market value of $25 billion and Litecoin, valued at $8.2 billion, though details about when these currencies might go live remain sparse. 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.

Gemini, a Cryptocurrency exchange run by the Winklevoss twins will now be adding ZCash trading pairs for users to trade.

Zcash incorporates the technology "zk-snark", short for zero-knowledge succinct non-interactive argument of knowledge, which lets people trade with each other in anonymity.

The press release by NYSDFS states, "As a limited goal trust company chartered under New York State Banking Law, Gemini can launch Zcash trading immediately, subject to ongoing supervision by the state".

On May 14, 2018, the New York State Department of Financial Services (DFS) announced that it "authorized" Gemini Trust Company LLC, to "offer the custody services and trading of Zcash, Litecoin, and Bitcoin Cash". You should not treat any information on as a call to make any particular decision regarding cryptocurrency usage, legal matters, investments, taxes, cryptocurrency mining, exchange usage, wallet usage, initial coin offerings (ICO), etc.

Zcash has been traded across most major exchanges over the past 24 hours with Binance leading the way with over 20% of the total.

"Our approval makes Gemini the first licensed Zcash exchange in the world".

Just minutes after the DFS and Gemini announcements, the price of Zcash jumped from about $250 per coin to more than $300 per coin. However, the full integrations of these other cryptocurrencies onto the exchange have not been announced as of yet.

"Zcash is built upon and extends the Bitcoin protocol". Addresses which start with "z" include the privacy enhancements provided by zero-knowledge proofs (see FAQ: what is a zero-knowledge proof?) and we refer to these as "shielded addresses". However, the blog did mention that they may accept withdrawals to shielded addresses at a later date.

"Zcash picks up where Bitcoin left off", Tyler Winklevoss, Gemini CEO, said in a statement Monday. Despite this, enhancements such as confidential transactions, the Lightning Network, and MAST will improve the privacy offered by Bitcoin in the near future, while Zcash will tackle the trusted setup it is often criticized for by moving on to zk-STARKs eventually.