Gemini Digital Exchange Approved to Trade Zcash Cryptocurrency
The Gemini digital currency exchange in New York has received a licence to trade the privacy-centric cryptocurrency Zcash. The Gemini exchange is the first of its kind to receive the licence, much to the pleasure of the Winklevoss twins who are the owners of the exchange.
The exchange stated that it underwent an extensive approval process with the NYDFS before deciding to support the trade of zcash. During the launch, users will be given to the rights to make deposits from shielded and unshielded addresses, yet withdrawing funds to unshielded addresses will not be possible to due compliance issues with AML regulations.
In addition to the above news, Gemini also announced that it would support trading Zcash earlier this week, and will begin on May 19. The development means that users will be able to start depositing Zcash (ZEC) into their accounts.
In total, there will be three new trading pairs for the cryptocurrency: ZEC/USD, ZEC/BTC and ZEC/ETH.
Maria T. Vullo, DFS Superintendent authorized Gemini on Monday to start trading zcash, Litecoin, and bitcoin cash, with the description that they are “emerging cryptocurrencies.”
The exchange received its first trust charter from the DFS in October last year that allowed it to operate a digital currency exchange in the U.S state.
In wake of the announcement, the price of Zcash increased following the announcement, peaking at $345 on Bitfinex before dropping below $332, an increase of approximately 32 percent.