- Gemini is one of the oldest and most conservative cryptocurrency exchanges, which obtains trading licenses ter the legally-challenging state of Fresh York and only integrates fresh coins after long deliberation and analysis
- Their third coin of choice is the privacy-oriented Zcash, and the unexpected news has already boosted the price by overheen 23 procent ter the last 24 hours.
Say what you will about the Winklevoss twins, but they know a little something about programma and long-term strategies. They might have lost their Facebook project to Mark Zuckerberg, but they wisely invested the settlement money into Bitcoin, and have dedicated much of their business time to the purpose of growing cryptocurrencies and creating a bridge inbetween regulatory frameworks and cryptographic inventions that are meant to dodge them with sheer excellence.
The efforts of Cameron and Tyler have created Gemini, a cryptocurrency exchange which manages to obey with the stringent rules imposed by the state of Fresh York and has a perfectly-clean slate te regards to working with the authorities. Right now, Gemini only permits registered users to trade Bitcoin and Ethereum, but a latest announcement has exposed that the third crypto asset to get added to the verhoging is Zcash!
It might sound a little strange that a company which attempts its best to conform with all the rules takes all the steps towards adopting a privacy coin, but it seems like the Winklevoss twins have undergone all the NYDFS procedures. Correspondingly, on Saturday, May 19th 2018, the Gemini users will be able to make ZEC deposits. It’s worth noting that the Fresh York State Department of Financial Services has also given green light to Gemini to add Litecoin and Bitcoin Metselspecie, but the exchange toneelpodium hasn’t announced any specific dates.
According to Tyler Winklevoss, “Zcash picks up where Bitcoin left off” – a statement which clearly points out the privacy capabilities of the coin. His twin brother Cameron, who acts spil voorzitter of the Gemini exchange, has bot a little more ongezouten and mentioned that “Bitcoin being digital gold, and Zcash being digital contant”. This can be interpreted spil a jab to all the Bitcoin Specie volgers, spil well spil an acknlowledgement of the BTC limitations.
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Both shielded and unshielded ZEC addresses can be used ter order to make deposits to the Gemini exchange, but withdrawals will only be possible via unshielded addresses. Clearly, this is the compromise that’s meant to please Fresh York regulators and a measure which counters money laundering, tax evasion, and potential financing of criminal organizations.
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To some privacy coin ventilatoren and HODLers, not being able to withdraw funds privately is a big drawback and can be interpreted spil a trojan pony: it’s like trading your anonymity for the capability to exchange your coins. To others, it’s a truly quick and convenient way of exchanging the ZEC that they have bot holding ter their portfolio. However, the procedures partly defeat the purpose of privacy coins and basically mitt all the information to the authorities – which very likely is one of the points that Monero ventilatoren will make, spil they always say that optional privacy is not existente privacy.
Ter spite of this drawback, the price of Zcash has surged by overheen 25 procent inthe last 24 hours, reaching a peak of $336. Gemini is one of the thickest cryptocurrency platforms te the world, and they are among the heavyweights ter terms of financial power and influence overheen the market. How will the addition of ZEC influence the trading volumes and long-term show of the coin? That’s still something which remains to be seen.