Gemini gets NYDFS approval to add Zcash, Litecoin and Bitcoin Cash support

ZEC Price Chart

Gemini president Cameron Winklevoss said that they have been working closely with the NYSDFS to obtain approval to offer Zcash trading and custody services to their customers as a ny trust company. 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.

"When we began building Gemini over four years ago, we envisioned a platform that would allow customers to trade many virtual commodities". The bullish sentiment can be attributed to a plethora of positive news, related or unrelated, released in the course of the event, which may incite traders, financial institutions, and the general populace to invest in digital assets. Regulators in other countries, most notably Japan, have been targeting privacy coins, even requiring some exchanges in the region to delist privacy coins such as ZCash and Monero.

As the exchange does with its bitcoin (BTC) and Ether (ETH) auctions, Gemini will only support the Dollars trading pair for its 4:00 p.m. ET daily ZEC auction.

Cryptocurrency startup Gemini has received approval from the New York State Department of Financial Services (NYDFS) to offer custody services and trading of Zcash (ZEC), Litecoin (LTC), and Bitcoin Cash (BTC) on its platform. While the price of Bitcoin dipped to $8,500 Tuesday after almost going back to $9,000 on Friday, the price of cryptocurrency Zcash surged. "Bitcoin being digital gold and Zcash being digital cash". At that time, trading goes live with the following trading pairs on Gemini: ZEC/USD, ZEC/BTC, and ZEC/ETH.

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The announcement came as a surprise and had a huge impact on Cash's price. With the latest approval, Gemini has become the first licensed Zcash exchange. The lengthy procedure included a detailed report on Gemini's action plan to deal with risks pertaining to the currency, as well as a brief overview of the Zcash protocol. However, the blog did mention that they may accept withdrawals to shielded addresses at a later date. The strong privacy guarantee of Zcash is derived from the fact that shielded transactions in Zcash can be fully encrypted on the blockchain, yet still be verified as valid under the network's consensus rules by using zk-SNARK proofs.

"Zcash picks up where Bitcoin left off", Tyler Winklevoss, Gemini CEO, said in a statement Monday.

While the price of ZCash has already increased by more than 40 percent, the Relative Strength Index (RSI) of Zcash is still in the neutral zone at 66 and both exponential and simple moving averages are demonstrating a positive short-term trend for Zcash.

"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".

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