Venture capitalists Tyler and Cameron Winklevoss have been big names in the cryptocurrency world for some time. Often referred to as the Winklevoss Twins, the brothers founded Gemini in 2015, launching it in October of that year after receiving approval from New York State Department of Financial Services. Since its inception, the platform has strictly traded Bitcoin and Ethereum, but that will all change this weekend when the platform begins accepting deposits of Zcash.
Out of the three new currencies the exchange will be hosting, Zcash is the most surprising. It is a privacy-driven cryptocurrency with a current market value of around $1 billion. When using Zcash, the parties involved can make trades without knowing anything about the other party, thanks to the use of zk-snarks technology. Not even public addresses are given to the parties in the transaction.
Cameron Winklevoss elaborated on the move in a letter released to the public, focusing on how its addition of Zcash is a historic moment. He wrote, “Our approval makes Gemini the first licensed Zcash exchange in the world. It also makes the NYSDFS the first regulatory agency in the world to supervise Zcash.”
However, part of the reason other licensed exchanges have not picked up Zcash is its defining feature: the anonymity it offers. While this feature does make it ideal for those in oppressed nationals or who have specific privacy concerns, it also makes it ideal for criminal use.
Zcash currently has a daily trading volume of $32.4 million.
While the New York State Department of Financial Services gave Gemini approval to trade Litecoin and Bitcoin Cash as well, so far, there are no details on when either will go live on the platform.
Gemini serves customers in 48 of 50 states, Washington D.C., Puerto Rico, Canada, Hong Kong, Singapore, South Korea, and the U.K.