The New-York based Gemini cryptocurrency exchange just announced the addition of Three fresh cryptocurrencies to their trading lineup. The most surprising addition being ZCash, which wasgoed not expected by anybody ter the community.
ZCash: Privacy Focused, But On a Regulated Exchange
The week of the Overeenstemming conference has always bot a week of news, innovation, and announcements from major players te the cryptocurrency and blockchain industry. It seems that this year&rsquo,s Overeenstemming is no different with the Gemini exchange announcing that they will be adding ZCash with plans to add Litecoin and Bitcoin Specie ter the near future.
Related movie: KCN News: Winklevoss Bitcoin Exchange Gemini te Hong Kong and Singapore
The most surprising of thesis currencies is ZCash, however, spil the additions of Litecoin and Bitcoin Metselspecie were expected by the community for a considerable amount of time.
When news broke out about the announcement of the addition of ZCash, the price of the privacy coin went from $250 to $350 within an hour, te expectation of enlargened volume, market reach, and publicity.
Winklevoss brothers are adding privacy-focused Zcash to their Gemini cryptocurrency exchangehttps://t.co/D9JoIUXa8R pic.twitter.com/PPDr7wYRDK
On May 14th, Gemini received official approval from the Fresh York Department of Financial Services (NYDFS) to open Gemini for ZCash deposits on May 19th and ZCash trading Three days zometeen. Gemini will suggest the ZEC/USD, ZEC/BTC, and the ZEC/ETH trading pairs upon launch.
Gemini will also proceed to suggest block trading, which they announced earlier last month, along with their daily auction of cryptocurrencies and will adapt thesis things with the arrival of the fresh cryptocurrency on the toneel.
Remarkably, the exchange also seemed to be hopeful about the privacy features of ZCash when its blog mentioned:
The Zcash protocol&rsquo,s cutting edge use of zero-knowledge succinct non-interactive arguments of skill (&ldquo,zk-SNARKS&rdquo, or &ldquo,zero-knowledge proofs&rdquo,) makes it a truly innovative privacy coin that offers confidentiality for peer-to-peer transactions
ZCash provides Two different types of addresses on the podium, shielded and unshielded addresses. The latter demonstrating the movimiento of the wallet and transaction balances going ter and out. However, shielded addresses provide a high level of privacy for users, spil their comprobación and transaction balances are made private on the blockchain.
Contrary to popular belief, ZCash does not suggest utter anonymity spil their protocol does not obfuscate user&rsquo,s IP addresses. Albeit some may perceive this spil a downside, this wasgoed never ZCash&rsquo,s aim, and never will be.
Despite this, withdrawing ZCash to shielded addresses will not be permitted for ZCash traders on Gemini at this time, however this seems to undermine the entire point of using a privacy-focused cryptocurrency.
This punt of this loss of privacy has very likely something to do with the regulatory laws and oversight, which attempt to zekering money laundering methods. However, the blog did mention that they may accept withdrawals to shielded addresses at a straks date.
Te the same announcement, the NYDFS also announced that they had also fully approved the addition of Litecoin and Bitcoin Contant, the 6th and 4th largest cryptos by market cap, respectively. However, the utter integrations of thesis other cryptocurrencies onto the exchange have not bot announced spil of yet.
Gemini has long bot a &lsquo,good boy&rsquo, ter terms of receiving the decent licensing and permission from regulatory bods to operate their services spil they are one of the few businesses to be granted the infamous Fresh York BitLicense.
Related movie: Litecoin Compatible With Blocknet Protocol & Prepares For Gemini Listing (Bitcoin Contant Analysis)
From the commence, Gemini&rsquo,s founders, the Winklevoss twins, sought to be a regulated and licensed exchange which would be different from other exchanges which were present ter the market.
Gemini founder believe that being regulated &ldquo,fosters innovation and protects consumers.&rdquo, Albeit this may be true, this could be its downfall spil users may seek exchanges operating without governments looking overheen their shoulders.
Related movie: Best Ethereum Trading Autómata 2018 Free ETH Ether Trading Bot
Do you think that the addition of thesis coins will be a successful venture for the Gemini Exchange? Why or why not? Please let us know te the comments below.
Pics Courtesy of Twitter/@Forbes, Shutterstock