Gemini is the first licensed trading platform for Zcash

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Winklevoss twin's cryptocurrencies exchange, Gemini will be the first exchange to trade and deposit Zcash under supervision of NYSDFS

Eric Winer, VP of Engineering at Gemini, recently has announced that Gemini has become the first licensed Zcash (ZEC) trading platform. Gemini has worked with the New York State Department of Financial Services (NYSDFS) to obtain Zcash trading authorization and custody for customers’ funds as a trust company.

That also helped NYSDFS position itself as the leading financial regulator in the cryptocurrency field, as the first organization to supervise Zcash.

gemini, winklevoss, zcash, nysdfs, coinmarketcap, segwit, bitcoin, lightning networkStarting on Sunday, May 19th ,2018 at 6.30pm (GMT+7), customers can begin to deposit ZEC into their account on Gemini. The trading will start from 6.30pm, Tuesday, May 22nd ,2018.

Zcash supports two types of addresses, including the unshielded addresses - beginning with the letter 't' (i.e., 't-address'), and the shielded addresses with the letter 'z' (i.e., 'z-address'). Currently, Gemini will support depositing funds from both addresses, but it  will only allow withdrawals from unshielded addresses.

Zcash is currently ranked 23rd on the CoinMarketCap with the total market capitalization of $1,297,555,222. Zcash uses the zk-SNARKS protocol to create innovations for secure and private coins among peer-to-peer (P2P) transactions.

gemini, winklevoss, zcash, nysdfs, coinmarketcap, segwit, bitcoin, lightning network

However, after making the announcement, Gemini was confronted by the Twitter user @CryptoGamerClub who complained that Gemini has yet to integrate with SegWit, while it claimed to be ready to use SegWit almost a year ago. Many of Gemini’s competitors have adopted SegWit and Lightning Network, which benefit both consumers and the company network. Gemini responded that the platform does not support any of the SegWit features but it allows withdrawals to Bitcoin wallets that are integrated with SegWit.

If Gemini wants to stay in the lead in the digital world, the Winklevoss twin should quickly adopt Bitcoin's new technology to reduce transaction costs and avoid system congestion. Many exchanges constantly construct and update new features to attract more customers and meet the needs of their users.

Written by nami.today

 

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