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NY regulator authorizes Bitcoin Cash, Litecoin, Zcash inclusion on Gemini

16 May 2018

"It also makes the NYSDFS the first regulatory agency in the world to supervise Zcash, reaffirming their position as the leading financial regulator in the area of digital assets". For this reason, Zcash has been linked to trading in oppressed nations, as well as privacy-focused investors and even criminal organizations. Following negative sentiment toward privacy-focused digital currencies in Japan, zcash's addition shows that these coins may not be treated as harshly as many expect. While Bitcoin is often billed as highly private, it still broadcasts from where and to where funds are moving-allowing those with basic computer skills to track it. Zcash, on the other hand, was created as a more private cryptocurrency, encrypting those transactions.

After being approved by the NYDFS (New York Department of Financial Services), Gemini will start to accept deposits of Zcash on the 19th of May at 9:30am EDT. The three new cryptocurrencies have a collective market cap of $34.53 billion: Bitcoin Cash has a market cap of $24.86 billion, Litecoin has $8.27 billion, and Zcash has $1.4 billion. The first day of trading on Gemini for Zcash will be the 22 of May, meaning in theory, the currency still has 7 days of speculation-based climbing to partake in, before the true impact of this listing can be measured.

The Vice-President of Engineering at Gemini, Eric Winer mentioned the recently acquired title in his blog post where they announced their support for Zcash trading and custody.

The announcement came as a surprise and had a huge impact on Cash's price. In that case, the BCH price substantially increased on other exchanges prior to Coinbase's announcement, which led to justifiable concerns that exchange employees were privy to and traded based on information regarding the BCH announcement. Transparent transactions operate similarly to Bitcoin in that the balance and the amounts of the transaction are publicly visible on the blockchain. 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, as it is a privacy-focused cryptocurrency, Gemini says only withdrawals from unshielded addresses will be accepted initially.

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The Zcash network supports two kinds of transactions, transparent and shielded.

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

"Today demonstrates that through education and collaboration and with the right controls in place, regulators can get comfortable with privacy technology".

NY regulator authorizes Bitcoin Cash, Litecoin, Zcash inclusion on Gemini