Zcash Soars 44% after Nod to List on Gemini Cryptoexchange

The coin price hit an all-time high at USD 372.

by Marin Marinov
15 May • 3 min
In Markets

The price of privacy-focused cryptocurrency Zcash (ZEC) spiked 44% on Monday less than 24 hours after getting a regulatory nod to debut on Gemini, one of the largest US cryptocurrency exchanges founded by internet entrepreneur brothers Winklevoss.

On Monday, the New York State financial regulator authorized Winklevoss’ exchange for “immediate” Zcash trading and licensed Litecoin (LTC) and Bitcoin Cash (BCH) for “potential future offerings”. The license issued by the New York State Department of Financial Services (DFS) is for custody services and trading of Zcash.

Zcash reached an all-time high level of  USD 372 at 02:38 UTC on Tuesday, according to Coins.online data. At the same time, Litecoin (LTC) and Bitcoin Cash (BCH) were up 3.5% and 8%, respectively.

Zcash listing on Gemini

ZEC will be traded against USD, Bitcoin (BTC) and Ethereum (ETH) on Gemini. Customers will be able to deposit ZEC from Saturday, May 19 while trading will begin on Tuesday, May 22.

 “We are proud be the first licensed exchange in the world to offer Zcash trading and custody services and look forward to providing customers with a safe, secure, and regulated place to buy, sell, and store Zcash,” Tyler Winklevoss, Gemini’s Chief Executive Officer (CEO) said in a press-release.

Gemini is an officially licensed cryptocurrency exchange since October 2015.

one man, holding a phone

“This action continues New York’s longstanding commitment to innovation and leadership in the global marketplace.” Maria T. Vullo, Department of Financial Services Superintendent said after Gemini announcement.

Zcash

Zcash claims that it “is the first open, permissionless cryptocurrency that can fully protect the privacy of transactions”. ZEC has two types of addresses. The so-called “t-addresses” or “unshielded” that are transparent and public. In these protocols balances and transactions can be viewed by everybody, similarly to the blockchain of BTC. The second type are the so-called “z-addresses” or  the “shielded” ones, which allow users to spend coins without revealing the amount and the sender or receiver.

Zcash has several competitors that also aim to secure user anonymity, including Verge (XVG), Monero (XRM) and Dash (DASH). XRM and DASH were mentioned as “highly problematic virtual currencies” by Japan`s financial regulator at a meeting with experts in April this year. The country has banned anonymous cryptocurrency trading on Japanese exchanges because of money-laundering concerns.