Gemini, the New York-based cryptocurrency exchange owned by Tyler and Cameron Winklevoss, will become the “world’s first licensed ZCash exchange,” according to an announcement made via the company’s official blog this morning.
Starting on Saturday, May 19th at 9:30am EDT customers will be able to begin depositing ZCash they already own onto the exchange in preparation for when trading begins on Tuesday, May 22nd at 9:30am EDT. At that time, trading goes live with the following trading pairs on Gemini: ZEC/USD, ZEC/BTC, and ZEC/ETH.
The New York Department of Financial Services, who oversees New York’s controversial Bitlicense, approved Gemini adding Litecoin and Bitcoin Cash, in addition to the privacy-focused ZCash. The addition of ZCash is of particular significance due to Gemini being the world’s first licensed exchange to offer the privacy coin, but also because privacy coins have faced scrutiny over criminals potentially abusing the anonymous nature of the coin. Regulators in other countries, most notably Japan, have been targeting privacy coins, even requiring some exchanges in the region to delist privacy coins such as ZCash and Monero.
Along with Gemini’s “first,” the New York Department of Financial Services also becomes the first regulatory agency across the globe to supervise ZCash.
Maria T. Vullo, superintendent of the NYDFS offered the following statement about issuing the approval:
“This action continues New York’s longstanding commitment to innovation and leadership in the global marketplace. With smart and thorough regulatory oversight, the development and long-term growth of the industry will remain thriving,”
In a separate phone interview, Cameron Winkevoss made reference to the growing discomfort regulators feel toward privacy coins:
“Today demonstrates that through education and collaboration and with the right controls in place, regulators can get comfortable with privacy technology.”
ZCash’s price skyrocketed over 25% to a peak of $349 in the wake of the news.