The price of the cryptocurrency Zcash soared by over 43% after Gemini Trust Co., the cryptocurrency exchange of Tyler and Cameron Winklevoss, stated that it had already received approval from New York regulators to permit trading in the privacy-focused coin that allows anonymous trading.
The mandate by the New York Department of Financial Services to make Gemini the first licensed ZCash exchange took the cryptocurrency community by surprise.
After the announcement was made by Gemini, ZCash prices went all the way up from $250 to $350 in an hour’s time, as traders banked on the fame of the Winklevoss brothers – both of whom were early players in Facebook’s launch while at Harvard University and now well-known investors in bitcoin – to urge others to purchase the digital money.
Zcash continues to be on the rise and as of press time, was trading at $357, according to market resource CoinMarketCap.
“Regulatory certainty and oversight are critical for both fostering innovation and protecting consumers — and we’re excited to provide our customers with a safe, secure and regulated platform to buy, sell and store Zcash,” Gemini’s Vice President of Engineering Eric Winer said in a blog.
Gemini customers would be able to put in Zcash into their accounts beginning on May 19, with trading slated to start three days later.
Zcash offers both transparent transactions, which much like bitcoin are visible on a blockchain public ledger, and shielded ones where trades can be done discreetly.
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