Gemini Crypto Exchange Adds Shielded Withdrawals For Privacy Coin Zcash

cryptocurrency

Introduction

The marketplace, which is owned by the Winklevoss brothers, will add a 3d crypto currency.

The inception of relief for altcoin Zcash

Cryptocurrency exchange Gemini declared the inception of relief for altcoin Zcash. What will change:

  •  This will be the 3rd coin on the exchanging floor, with bitcoin and etherium currently possible.
  •  Users will be able to get securities in Zcash starting Saturday, on the 19 th of May.
  •  Trading in U.S. dollar, bitcoin and ether sets will start at the same time on May 22.

“We are pleased to present our consumers with a reliable stage to purchase, trade and reserve Zcash. We are gratified to carry this innovative and ridiculous technology and propose to the near age economy and the prospect of currency,” Gemini officials formulated.

The anonymous altcoin holds 2 kinds of addresses:

1) unshielded – open,

2) shielded – hidden.

At launch, Gemini will hold securities from any address, though money can only be removed to unlock addresses.

Price rise of Zcash

Shortly after Gemini delegates published the addition of the cryptocurrency, it skyrocketed in price. It should be noted that:

–  today’s news also had a favorable effect on the market value of Zcash – having traded around $250 before,

– the cryptocurrency rose in price to $350 in a short time after Gemini’s announcement,

– then it started to correct, and at the moment the rate is $318.

The addition of Zcash to Gemini could be considered a rather remarkable development, given the fact that the exchange is controlled by the New York Financial Services Authority (NYDFS), whose scandalous BitLicense is estimated one of the strictest managerial administrations American platforms have to trade with.

Adding of Zcash

However, as Gemini responded in an announcement, the exchange ran through a lengthy process of approving the possibility of adding Zcash, actively cooperating with NYDFS. It is noted that:

·        users – at least at this stage – will be able to cause securities from both secured and unsecured addresses;

·        although withdrawals will only be possible to unsecured addresses;

·        this decision appears to be due to matters that otherwise the cryptocurrency may not comply with anti-money laundering commands.

This version is also confirmed by Zcash Company representatives, who cite a NYDFS document stating that “individuals applying to operate virtual currencies are subject to rigorous anti-money laundering, capitalization, consumer protection, and cybersecurity standards reviews.”

Zcash is just the 3d cryptocurrency attached to Gemini. Currently, the platform supports bitcoin and Ether trading pairs.

What about Zcash to Bitcoin, its price details will give you the exact conversion rate, which is equivalent to 1 ZEC = 0.002329 BTC as of now.

Earlier, Zcash developers announced the introduction of STARK technology from StarkWare Industries, which is designed to increase the privacy and scalability of this cryptocurrency.