Economy

Winklevoss Brothers Bitcoin Exchange Adds Zcash Bitcoin Cash, and Litecoin

Winklevoss Brothers Bitcoin Exchange Adds Zcash Bitcoin Cash, and Litecoin

He added that an aspect of the Zcash's appeal is a privacy-protecting feature which enables different parties to engage in trade without knowing each other.

The week of the Consensus conference has always been a week of news, innovation, and announcements from major players in the cryptocurrency and blockchain industry. It is subject to rigorous regulatory oversight by the New York State Department of Financial Services (NYDFS), is held to the highest level of fiduciary obligations and banking compliance standards, and must adhere to all anti-money laundering (AML) laws, know your customer (KYC) requirements, and consumer protections set forth by the Bank Secrecy Act (BSA), the New York Banking Law, and the NYDFS. "Bitcoin being digital gold and Zcash being digital cash".

The influential American exchange will allow continuous trading and block trading services for all three of these new trading pairs, while also offering a 4p.m. The pump was initiated around 18 hours ago when news emerged that the Gemini Exchange would become the first fully licensed Zcash trading platform. Following the approval, Gemini Trust Co exchange, which was founded by internet entrepreneurs Cameron and Tyler Winklevoss, will be the first Zcash exchange in the world. The trade volume in ZEC has jumped over 1400% in the past day from around $30 million to over $460 million at the time of writing. The lengthy procedure included a detailed report on Gemini's action plan to deal with risks pertaining to the currency, as well as a brief overview of the Zcash protocol.

Regulators across the world, most chiefly in Japan, have been making crypto exchanges think twice as of late before supporting privacy-centric cryptocurrencies.

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"We at the Zcash Company believe that privacy and confidentiality are part of the foundation of an open and democratic society. These are values that we share with the regulators of countries like U.S. and states like NY".

The current market cap of litecoin is more than $8 billion, while the privacy-centered digital currency Zcash has a market valuation of more than $1 billion. Gemini states, "At launch, Gemini will support deposits from unshielded or shielded addresses, but will only support withdrawals to unshielded addresses". Addresses which start with "z" include the privacy enhancements provided by zero-knowledge proofs (see FAQ: what is a zero-knowledge proof?) and we refer to these as "shielded addresses". Despite this, enhancements such as confidential transactions, the Lightning Network, and MAST will improve the privacy offered by Bitcoin in the near future, while Zcash will tackle the trusted setup it is often criticized for by moving on to zk-STARKs eventually.

NYDFS statement on @GeminiDotCom's authorization to list Zcash.


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