New York state’s
Department of Financial Services (NYDFS) has authorized the
Gemini Trust Exchange to offer trading of the privacy-focused cryptocurrency
Zcash, making it the world’s first licensed Zcash exchange.
On Monday, the NYDFS said it also approved Gemini – founded by internet entrepreneurs
Cameron and Tyler Winklevoss – to offer custody services and trading of
Bitcoin Cash and
Litecoin in the future. According to
CoinMarketCap.com, Zcash’s market value was roughly US$1.3 billion, while Bitcoin Cash and Litecoin values were US$25 billion and US$8.5 billion respectively.
Bitcoin’s market cap was about US$150 billion.
“With smart and thorough regulatory oversight, the development and long-term growth of the industry will remain thriving,” Financial Services Superintendent
Maria Vullo said in a statement.
Last month, then-New York Attorney General
Eric Schneiderman asked Gemini and 12 other cryptocurrency trading platforms to provide details about their operations and safety measures. Zcash incorporates the technology ‘
zk-SNARK’ – an acronym for zero-knowledge succinct non-interactive argument of knowledge – enabling people to trade with each other anonymously.
Gemini said it expects to begin accepting Zcash deposits on Saturday, May 19
th, 2018 with trading to begin three days later.
“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,” Gemini CEO Tyler Winklevoss said in a statement provided by Vullo’s office.
The Winklevosses twins reached a $65 million settlement with Facebook Inc and founder
Mark Zuckerberg over who had the idea for the social media website in 2008. They also competed in the men’s rowing competition at the 2008 Summer Olympics in Beijing for the US.