The Gemini exchange, a creation of Tyler and Cameron Winklevoss, has stated that it is supporting Litecoin (LTC), Zcash (ZEC), and Bitcoin Cash (BCH). The development is an aftermath of the approval given by the New York Department of Financial Services (NYDFS).
Gemini, which have a large user base in 48 U.S states, Washington D.C., Puerto Rico, Canada, Hong Kong, Singapore, South Korea and the United Kingdom will first begin trading Zcash starting from May 22.
In a letter sent to Forbes Magazine, which is marked “confidential”, Cameron Winklevoss, who is the president, stated that the new listing was an outcome of working closely with the NYDFS.
However, Gemini is going to list Zcash first, making it the first licenses Zcash exchange in the world.
“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,” Cameron indicated.
He explained in the letter that part of the appeal of Zcash is a privacy-protecting feature that allows counterparties to engage in trade without knowing anything about each other, Forbes stated.
“Called zk-snarks, the technology that can be added to any number of blockchains provides the same certainty of the bitcoin blockchain but doesn’t require that individuals using it know one another’s public addresses. The ‘zk’ stands for ‘zero-knowledge’.”
“We are working to support withdrawals to shielded addresses in the future,” Winklevoss wrote.
While Gemini is allowed to trade and keep Zcash, NYDFS told Forbes that Gemini will be allowed to trade Bitcoin Cash and Litecoin.
Speaking on the latest development in a separate statement, Gemini maintained that the fact that Zcash is a hard fork of the Bitcoin source code gives it an opportunity to be among the “Nakamoto Family Tree” of virtual commodities.
Meanwhile, there seems to be euphoria among the cryptocurrency lovers owing to the massive development that Gemini will bring to the to-be listed cryptocurrencies.
While there has been no changes in the price of the coins to be added to Gemini, expectation is high among cryptocurrency lover that it will birth something great for the crypto space.