NYDFS Grants Approval for Gemini Exchange to Add Zcash Support

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The New York Department of Financial Services has granted approval to the Gemini Trust Co to begin providing support for Zcash trading. The exchange, founded by Cameron and Tyler Winklevoss, will also receive approval to provide custody and trade services for Bitcoin Cash and Litecoin, according to a report from Reuters.

The Gemini exchange will begin to accept deposits of Zcash on May 19. Traders will be able to begin trading the cryptocurrency on May 22.

Gemini President Cameron Winklevoss confirmed that the company had been working with state authorities to obtain the agency’s approval. He also explained the decision’s relevance during an interview with 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 Gemini exchange will begin to accept deposits of Zcash on May 19. Traders will be able to begin trading the cryptocurrency on May 22.

The NYDFS has reportedly offered no additional details about when it will formally approve Gemini’s request to support Bitcoin Cash and Litecoin.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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