Gemini, the cryptocurrency exchange operated by the Winklevoss twins, said it will soon introduce trading in another alt-coin: Zcash.
At the time of the announcement, Zcash was the number 23 digital currency by market value, but with a gain of 15.67% at this writing Tuesday, Zcash has jumped to the 22nd spot with a market capitalization of $1.43 billion.
“The primary benefit of Zcash is that it protects users’ privacy with a technology known as zk-snarks, this anonymises the information of the two parties involved in the transaction,” according to TheCryptobase.io.
Cameron and Tyler Winklevoss, the brothers that pushed to introduce the first U.S. bitcoin exchange traded fund, the Winklevoss Bitcoin Trust, are looking to expand their Gemini Exchange to include more digital currencies.
Gemini clients can currently trade bitcoin and ethereum, though there is some speculation the exchange will expand to include other cryptocurrencies. The exchange is open 24 hours a day, seven days a week.
More On Zcash Trading
“Starting on Saturday, May 19th at 9:30am EDT customers will be able to start depositing Zcash into their Gemini accounts. Trading will begin on Tuesday, May 22nd at 9:30am EDT,” according to a post on the Gemini blog.
The ticker for Zcash is “ZEC.” Gemini clients will be able to trade ZEC against the U.S. dollar, bitcoin and ethereum. With the announcement, Gemini becomes the world’s first licensed Zcash exchange.
“We have been working closely with the New York State Department of Financial Services (NYSDFS) to obtain approval to offer Zcash trading and custody services to our customers as a New York trust company,” said Gemini.
Bitcoin is a decentralized digital currency, or cryptocurrency, based on a peer-to-peer network and can be exchanged through computers internationally without a financial intermediary. The system was first introduced by an unidentified programmer or group under the name of Satoshi Nakamoto in 2009.
For more information on the cryptocurrency market, visit our Bitcoin category.