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NY Regulator Approves Zcash Trading On Gemini Cryptocurrency Exchange

15 May 2018

Zcash (ZEC) traded up 43.74 percent against American dollar in the last day time period closing 02:00 on May 15th EST.

Over the past month, the Japanese government and the Financial Services Agency (FSA) have continued to restrict cryptocurrency exchanges from dealing with anonymous cryptocurrencies like Zcash and Monero to ensure trading platforms are not used by criminals to launder money.

The announcement came as a surprise and had a huge impact on Cash's price.

The current market cap of litecoin is more than $8 billion, while the privacy-centered digital currency Zcash has a market valuation of more than $1 billion.

The Department of Financial Services issued a trust charter to Gemini in October 2015 to operate a virtual currency exchange through which Gemini customers may purchase and sell virtual currency for U.S. Dollars and U.S. Dollars for virtual currency. Already, the daily trading volume of the cryptocurrency market has increased from $17 billion to $22 billion over the past few days, by almost $5 billion.

The Gemini exchange has won full approval from the New York Department of Financial Services to include Zcash. However, shielded addresses provide a high level of privacy for users, as their balance and transaction balances are made private on the blockchain. In addition to Zcash, Litecoin was also listed on the exchange however price action for LTC has been lackluster. Zcash is the digital cryptography-based asset of the Zcash network, similar to how bitcoin is the digital cryptography-based asset of the Bitcoin network.

Zcash can be purchased on these cryptocurrency exchanges: Gate.io, Crex24, Allcoin, BCEX, Mercatox, Cryptohub, Tux Exchange, Trade Satoshi, HitBTC, YoBit, BX Thailand, Braziliex, OTCBTC, The Rock Trading, LiteBit.eu, Sistemkoin, GOPAX, Binance, C2CX, Huobi, Abucoins, Bitlish, Waves Decentralized Exchange, BTC-Alpha, CoinEx, Upbit, Qryptos, Exmo, Bithumb, Cryptomate, BigONE, Coinrail, Poloniex, CEX.IO, WEX, Lbank, BTC Trade UA, Kraken, CoinExchange, Bittrex, Bit-Z, OKEx, Bitfinex, Ovis, Coinroom and Cryptopia. Addresses which start with "t" behave exactly like Bitcoin, including their globally public properties and we refer to these as "transparent addresses".

"Zcash picks up where Bitcoin left off", said Gemini CEO Tyler Winklevoss in an announcement posted on the Zcash Blog.

Cameron Winklevoss, who serves as the exchange's president said "Bitcoin and Zcash are two revolutionary technologies vying for different mantles". "Today demonstrates that through education and collaboration and with the right controls in place, regulators can get comfortable with privacy technology". At present, there are approximately 3.9 million ZEC in circulation, per ZCHAIN.

NY Regulator Approves Zcash Trading On Gemini Cryptocurrency Exchange