Gemini, a Cryptocurrency exchange run by the Winklevoss twins will now be adding ZCash trading pairs for users to trade. Gemini is popular for their Cryptocurrency products they offer for CME and CBOE. Winklevoss Twins were also one of the earliest supporters for Cryptocurrencies when they bought $11 Million worth Bitcoins five years ago.
Currently, Gemini only has three trading pairs: BTC/USD, ETH/USD and ETH/BTC. From next week, the exchange will include three more trading pairs and all three would be ZCash based: ZEC/USD, ZEC/BTC and ZEC/ETH.
CEO of Gemini Tyler Winklevoss in an official statement said “Zcash picks up where Bitcoin left off. Bitcoin has many strengths, but privacy is not one of them.”
Gemini operates out of New York which has one of the strictest policies for Cryptocurrency exchanges ago follow. So much so, that most exchanges have completely stopped offering their services to customers based out of New York. Gemini had to go through an extensive approval process with New York State Department of Financial Services(NYDFS) before deciding to support a privacy focused coin like ZCash.
Cameron Winklevoss, who serves as the exchange’s president said “Bitcoin and Zcash are two revolutionary technologies vying for different mantles. Bitcoin being digital gold and Zcash being digital cash.”
ZCash trading on Gemini will be open for trading from Tuesday, May 22nd. But users can start making deposits from Saturday, May 19th to trade on the first day without any delays.
The announcement came as a surprise and had a huge impact on Cash’s price. The price went from $250 to $350 immediately after the announcement and is trading at $360 at the time of writing this article. The market cap also increased from $990 Million to $1.41 Billion in just two days.