From May 19th, Zcash – the major private cryptocurrency company, announces a trade on New York’s Gemini Exchange.
The New York State Department of Financial Services (NYDFS) approves the currencies that can be traded on the exchange and Zcash is only the third currency to be granted approval – following Bitcoin and Ether.
The exchange will allow Zcash to be traded against other approved cryptocurrencies and fiat currency.
The ability to trade on a major US exchange is expected to significantly boost the volume of Zcash-based transactions.
Zcash is now well placed to emerge as one of the world’s top cryptocurrencies.
“Recognition from Gemini and the NYFDS cements our status as not only the most private cryptocurrency but also one of the most legitimate,” said Zooko WIlcox, founder and CEO of Zcash.
The endorsement is also a boost to the broader cryptocurrency world, as it indicates that US regulators are not necessarily hostile to cryptocurrencies and are seeking to actively develop New York as a hub for the trade in well-regulated and legitimate cryptocurrencies.
Founded by the Winklevoss brothers, priorly an eminent part of Facebook and known for their status as the world’s first cryptocurrency billionaires, the Gemini Trust Company (LLC) is widely regarded as the most regulated and secure cryptocurrency exchange in the world.
Zksnarks, the zero-knowledge proofs that underlie Zcash, allow parties to exchange Zcash without revealing the sender address, receiver address, and volumes transacted offering greater privacy.