Zcash Overshadows Bitcoin After Listing on Gemini Exchange
A truly innovative privacy coin, Zcash has announced it will be available to trade on the Gemini Exchange on May 22.
A truly innovative privacy coin, Zcash has announced it will be available to trade on the Gemini Exchange on May 22. The famed Winklevoss twins founded trading platform will be the first licensed Zcash exchange in the world.
Zcash v. Bitcoin
As described by Eric Winer, VP of Engineering at Gemini, the Zcash blockchain uses:
“zero-knowledge succinct non-interactive arguments of knowledge (or “zero-knowledge proofs”)… that offers confidentiality for peer-to-peer transactions similar to those afforded to fiat currency transfers.”
Unlike Bitcoin, the rising privacy-focused cryptocurrency uses cutting-edge encryptions to prevent prying eyes from tracking the source and destination of flowing transactions.
This solution to the lacking privacy of bitcoin serves to create a more user-friendly digital currency for secure daily transactions.
In an interview with Forbes, President of Gemini Exchange, Cameron Winklevoss summarized the two coins’ primary distinctions by stating:
“Bitcoin and Zcash are two revolutionary technologies vying for different mantles, Bitcoin being digital gold and Zcash being digital cash.”
Gemini Finds Peace with Regulation
A rigorous and stringent regulatory body, the New York Department of Financial Services (NYDFS) does not easily allow for licensed cryptocurrency trading or the authorization of virtual currency exchanges.
However, it is becoming evident that institutional and regulatory sentiment are changing tides.
In a recent press release, NYDFS made clear their effort to embrace “emerging cryptocurrencies” when DFS Superintendent Maria T. Vullo stated:
“This action continues New York’s longstanding commitment to innovation and leadership in the global marketplace. With smart and thorough regulatory oversight, the development and long-term growth of the industry will remain thriving.”
Obtaining authorization for the Gemini Trust Company in 2015, bitcoin billionaires Tyler and Cameron Winklevoss have formed a friendly relationship with the NYDFS and expressed excitement over their newly granted licenses:
“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.”
In addition, the press release revealed that Gemini Exchange “has also been approved for potential future offerings of Litecoin and Bitcoin Cash.”
Zcash Prices Rise
Following the announcement to list on the Gemini Exchange, Zcash saw a strong uptrend in prices from $247 to $364 USD – a 47% increase in value. Although a much larger coin by market cap, bitcoin saw a 3.6% dip from $8854 to $8530 USD at the same time of Zcash’s Gemini listing announcement on Tuesday.
Starting on May 22 at 9:30 am EST, Gemini Exchange will unveil Zcash trading to the public as the first licensed exchange to do so.
Zcash is currently ranked 21 in the world’s top cryptocurrencies and has a market capitalization of $1.41 billion USD.