Background
Zcash will for sure be remembered for decades to come as the first altcoins to successfully get a legal trading pair in an international and mainstream American cryptocurrency exchange. On Monday Gemini announced via a press release quoted on Bitcoin Magazine that the exchange which is currently been run by Winklevoss was considering listing Zcash if they get the necessary documentation and accreditation from New York State Department of Financial Services.
The management team has also revealed that Zcash opening deposits are set to start on May 19th this year but investors will have to wait until May 22 when trading will officially start. It is important to note that Zcash has two unique and different addresses namely: unshielded and shielded. Even though each address works independently and differently, they both provide excellent anonymity to users.
Gemini is set to expect deposits from investors from both addresses but at the money you can only withdraw, using the unshielded addresses since the team is yet to put in place the required infrastructure to facilitate withdraws through the shielded address.
In a statement made to Bitcoin Magazine, the Marketing Director at Zcash stated that exchanges are the corner pillars of any cryptocurrency and the fact that investors will be able to use USD to purchase Zcash from an accredited exchange platform will boost customer confidence as well as value of the currency.
Privacy is also a major concern for the exchange since virtually all the transactions will be done online. Some of the premier digital currencies such as Bitcoin and Ethereum have in the past had to face privacy issues that affected their prices negatively. Luckily, the reliance of Gemini will boost the value of Zcash tremendously and enhance its competitiveness in the current digital currency market.
Once the deal is sealed and the necessary accreditation is acquired, Zcash will become the third cryptocurrency to trade freely on Gemini after Ether and Bitcoin. According to another report from NYSDFS, this exchange platform has already gotten approval to trade in Bitcoin Cash and Litecoin but the specific dates that the two currencies will be listed and made available to traders are yet to revealed.
The approval will also mean that NYSDFS will become the first financial regulatory body in the entire world to supervise Zcash. Gemini will also become the first licensed Zcash exchange platform in the world. This means that the two parties and the investors who have been waiting to invest in Zcash will get an excellent opportunity to do so without worrying about their privacy and confidentiality being infringed.
Zcash is considered world’s most popular digital privacy coin because its market capitalization stands at $1.2 billion. Investors who have yearned to remain anonymous and unseen by the prying eyes of the U.S government will be able to do business using this coin freely. Finally, one of the main reasons why the market capitalization of Zcash is a bit low is because there is the fear among some of the potential investors that regulators may not approve this technology
7,501 total views, 6 views today
