Zcash rises from the ashes by over 45% as it gets listed on Gemini Exchange
Shrikar Parashar Posted On May 15, 2018 Zcash moved by more than 45 % after Gemini Exchange owned by the Winklevoss twins announced support for the coin.
Gemini Exchange announced that Zcash will get listed next week which will be followed by Litecoin and Bitcoin Cash. Trading will start on Saturday, May 22nd at 9:30 AM EDT and customers can start depositing from May 19th.
Gemini exchange has been closely working with the New York State Department Of Financial Services (NYSDFS) to obtain their approval to offer Zcash to their customers. This approval makes Gemini the first licensed Zcash exchange in the world and makes NYSDFS the first regulatory agency in the world to supervise Zcash.
This anonymous coin did not see that much movement since last week and had also hit as low as $230. But minutes after the announcement the price shot up from around $250 directly to $300.
It is currently is priced at $357.88 at a market cap of $1.4 Billion. The volume in 24 hours is upwards of $485 Million major volumes coming from Binance and Bitfinex.
Image Source: Coinmarketcap
Cameron Winklevoss told Bloomberg. :
“Part of the reason a coin like Zcash has a smaller market cap is because people are not sure if regulators will ever get comfortable with this type of technology, Today demonstrates that through education and collaboration and with the right controls in place, regulators can get comfortable with privacy technology.”
The listing in Gemini might be a milestone for Zcash as it opens up doors to get listed in other exchanges like Coinbase, Although rigorous KYC procedures will be added to these exchanges rendering the coin not so anonymous.
Zooko Wilcox – Founder of Zcash Tweeted about the integrity of their team saying that there was no insider trading and information about the listing was kept confidential:
Proud of my team for once again publicly demonstrating that we don't leak information and we don't take advantage of our privileged access to information by trading on it. pic.twitter.com/HfUnRBqzx4
— zooko (@zooko) May 14, 2018
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