Zcash just became the first privacy coin to earn itself a fiat trading pair on a mainstream American exchange.
On Monday, May 14, 2018, a Gemini blog post[1] announced that the Winklevoss-run exchange would list Zcash after it received the go-ahead from the New York State Department of Financial Services (NYSDFS). Opening deposits for Zcash on May 19, 2018, at 9:30 a.m. EST, the exchange will officially commence trading for the asset at 9:30 a.m. EST on May 22, 2018.
Zcash utilizes two addresses, shielded and unshielded, to offer anonymity options to its users. Gemini will accept deposits from both addresses out of the gate, but, for the time being, withdrawals can only be made to unshielded addresses until the Gemini team implements withdraw support for shielded address.
“Exchanges are the #1 on-ramp from fiat to cryptocurrency so to the extent that someone can use USD to safely purchase zcaxh in an exchange is good for consumer confidence,” Josh Swihart, Marketing Director at Zcash told Bitcoin Magazine.
“Privacy is necessary for transacting online and it’s missing from Bitcoin and Ethereum. Having Gemini as a regulated entity bolters that confidence.”
Once its market on the exchange is live, Zcash will become the third cryptocurrency to trade on Gemini behind its flagships, bitcoin and ether. According the the NYSDFS, Gemini has also received approval to begin trading Litecoin and Bitcoin Cash, but no official dates for their listings has been revealed.
“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,” Eric Winer, Gemini’s VP of engineering writes in the official blog post.
With a $1.2 billion market capitalization, Zcash is one of the most popular privacy coins available, second only
