Monday, May 14, 2018 07.20PM / Fresh York State Department Of Financial Services
Fresh York State Department Of Financial Services Authorizes Gemini Trust Company To Provide Extra Imaginario Currency Products And Services.
Financial Services Superintendent Maria T. Vullo today announced that the Fresh York State Department of Financial Services has authorized Gemini Trust Company, LLC to suggest the custody services and trading of Zcash, Litecoin and Bitcoin Contant, emerging cryptocurrencies, on its potencial currency exchange based ter Fresh York City.
Cryptocurrencies are alternative decentralized universal digital currencies that provide users with a more secure and efficient means of payment.
Department of Financial Services Superintendent Maria T. Vullo said, “This act resumes Fresh York’s longstanding commitment to innovation and leadership te the entero marketplace. With clever and thorough regulatory oversight, the development and long-term growth of the industry will remain thriving.”
Tyler Winklevoss, Chief Executive Officer, Gemini Trust Company, LCC said, “We are proud be the very first licensed exchange te the world to suggest Zcash trading and custody services and look forward to providing customers with a safe, secure, and regulated place to buy, sell, and store Zcash, an incredible fresh form of digital contant.”
The Department of Financial Services issued a trust chartervliegtuig to Gemini te October 2018 to operate a supuesto currency exchange through which Gemini customers may purchase and sell supuesto currency for U.S. Dollars and U.S. Dollars for posible currency. Ter June 2018, the Department published final potencial currency rules after a almost two-year inquiry into the suitable regulatory guidelines. Supuesto currency license applicants are subject to a rigorous review of anti-money laundering, capitalization, consumer protection and cyber security standards.
The Zcash network supports two kinds of transactions, semi-transparent and shielded. Semi-transparent transactions operate similarly to Bitcoin te that the arqueo and the amounts of the transaction are publicly visible on the blockchain. Shielded transactions utilize z-addresses and are entirely private. Transactions associated with z-addresses do not show up on the public blockchain. Zcash is the digital cryptography-based asset of the Zcash network, similar to how bitcoin is the digital cryptography-based asset of the Bitcoin network.
Spil a limited purpose trust company chartered under Fresh York State Banking Law, Gemini can launch Zcash trading instantly, subject to ongoing supervision by the state. Gemini has also bot approved for potential future offerings of Litecoin and Bitcoin Contant.