Thursday, 24 May, 2018

Gemini Exchange to Add Zcash, Bitcoin Cash, Litecoin, and Ethereum Classic

Entrepeneurs Tyler and Cameron Winklevoss arrive at the Met Gala in New York Winklevosses' Gemini Exchange Gains NY Approval to Diversify Services
Russell Knight | 15 May, 2018, 15:33

Later in October, it issued a charter to Gemini to operate a cryptocurrency exchange allowing customers to purchase and sell cryptocurrencies for the Dollars and vice-versa.

Gemini went through an extensive approval process with the NYDFS prior to adding support for Zcash. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Zcash using one of the exchanges listed above. 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.

It doesn't look like it.

The announcement saw Zcash spike, moving from a value of $250.77, up to $334.28 in a matter of minutes, with it, Zcash saw a huge spike in its market capitalisation.

Gemini and Zcash's careful handling of the ZEC announcement is markedly different from the PR nightmare Coinbase faced when it announced support for BCH. However, the full integrations of these other cryptocurrencies onto the exchange have not been announced as of yet. The team at Coinbase made a decision to conduct an "investigation into the matter", and in March, a related class action lawsuit was filed.

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CEO of Gemini Tyler Winklevoss in an official statement said "Zcash picks up where Bitcoin left off. Bitcoin has many strengths, but privacy is not one of them".

Bitcoin is pseudonymous (making it hard, but not impossible to trace).

Zcash's market value was roughly $1.3 billion (roughly Rs. 8,800 crores) on Monday, according to CoinMarketCap.com, while Bitcoin Cash and Litecoin's respective values were $25 billion (roughly Rs. 1.7 lakh crores) and $8.3 billion (roughly Rs. 56,300 crores).

The Zcash network supports two kinds of transactions, transparent and shielded. However, shielded addresses provide a high level of privacy for users, as their balance and transaction balances are made private on the blockchain. Addresses which start with "t" behave exactly like Bitcoin, including their globally public properties and we refer to these as "transparent addresses". "It also makes the NYDFS the first regulatory agency in the world to supervise Zcash". "Today demonstrates that through education and collaboration and with the right controls in place, regulators can get comfortable with privacy technology", said Winklevoss. That surge in volume has pushed the total market capitalization up over $1.4 billion which has pushed the altcoin above Lisk, Bitcoin Gold and the recently pumped Zilliqa. At present, there are approximately 3.9 million ZEC in circulation, per ZCHAIN.

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