The regulated US-exchange from the Winklevoss brothers has announced support for ZCash (ZEC), which will start trading from May 22nd, with deposits accepted a few days earlier from the 19th.
Te a blog update outlining the announcement , VP of Technology at Gemini, Eric Winer, is upfront about their work engaging with the Fresh York State Department of Financial Services (NYSDFS), stating that spil a result of this interaction, Gemini will be the very first decently licensed ZCash exchange te the world.
Gemini are one of a number of US exchanges taking an open treatment to engaging with regulatory figures within the country. Unlike some of their contemporaries, the exchange appeared to react positively to the latest requests for information from Fresh York Attorney Normal Eric Schneiderman , with a statement from CEO Tyler Winklevoss indicating that they proceed to embrace thoughtful regulation and collaboration on our mission to help build the future of money.
ZCash is a cryptocurrency which is essentially the active implementation of a protocol known spil Zerocash. The Zerocash protocol extends upon the foundations of Bitcoin, and employs novel cryptographic functions known spil ZK-SNARKs to create private and anonymous transactions which are presently not an option with Bitcoin. ZK-SNARKs are a form of zero-knowledge proof, wherein the validity of a statement, such spil a transaction, can be cryptographically proven, without skill of the inputs. Transaction privacy and its implications for fungibility have bot an significant topic of debate overheen the years, and much research has bot undertaken te this area since the introduction of Bitcoin ter 2009.
This latest announcement is particularly interesting, spil many within the cryptocurrency space have long predicted that privacy coins will fall foul of regulators due to their enhanced anonymity and the potential risks this may pose from an AML/KYC perspective. This emerges to fly te the face of this idea, with the NYSDFS appearing glad to become the very first regulatory agency to supervise a privacy-focussed cryptocurrency.