Crypto exchange Gemini, founded by brothers Tyler and Cameron Winlquoss, is adding support for Zcash, a cryptocurrency focused on maximum privacy and with a total market value of over a billion dollars.
After approval of this decision by the New York Department of Financial Services (NYDFS) on Saturday, May 19th, the Gemini exchange will begin accepting deposits in Zcash cryptocurrency. The regulated exchange is available in 48 US states, Washington DC, Hong Kong, Singapore, South Korea and the UK. Zcash's first day of trading will begin on May 22nd.
In addition, NYDFS officials told Forbes reporters that Gemini will also be allowed to trade Bitcoin Cash and Litecoin, although details about when users will gain access to these currencies remain unknown. Cameron Winklevoss, Gemini's president, wrote in a public letter: "Our approval means Gemini is the first licensed Zcash exchange in the world. It also means the NYSDFS is the first financial agency to oversee Zcash."
Every new cryptocurrency that Gemini adds is derived from the open source Bitcoin code. The Winklevoss brothers call them the “Nakamoto Family Tree” after the pseudonym of the cryptocurrency creator. In addition to these cryptocurrencies, the exchange also trades Ethereum, which currently has a market capitalization of $74 billion. In total, the exchange is the 13th largest in the world and, according to CryptoCoinCharts, handles approximately 1.65% of the total cryptocurrency market share.
Maria Vullo, NYDFS Superintendent, shared her thoughts on Gemini with Forbes:
“What is happening now only confirms New York's long-standing commitment to innovation and leadership in the global market. regulations, we can influence the continued long-term development of the industry.”
According to https://www.forbes.com
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