Zcash, the world’s most private cryptocurrency, is set to trade on New York’s Gemini Exchange, after receiving approval from the city’s Department of Financial Services.
The Gemini Trust Co Exchange, founded by the Winklevoss brothers who are known as the world’s first cryptocurrency billionaires, claims to be the most regulated and secure cryptocurrency exchange in the world.
Currencies looking to trade on the exchange must be granted approval by the New York State Department of Financial Services (NYDFS).
The NYDFS approval for Zcash to be traded on the Gemini exchange is expected to significantly boost the volume of Zcash-based transactions.
Once Zcash begins trading on the Gemini exchange, it will be only the third currency to be granted approval to trade on the exchange, with Bitcoin and Ether being the two other approved currencies.
For Gemini, the approval makes it the world’s first licensed Zcash exchange. It comes a month after Gemini and 12 other cryptocurrency trading platforms were asked to provide details about their operations and safety measures.
The endorsement is also a boost to the broader cryptocurrency world, as it indicates that US regulators are not necessarily hostile to cryptocurrencies and are seeking to actively develop New York as a hub for the trade in well-regulated and legitimate cryptocurrencies.
Zcash incorporates the technology “zk-snark,” short for zero-knowledge succinct non-interactive argument of knowledge, which lets people trade with each other in anonymity.
Zcash currently sits at number 23 in CoinMarketCap.com’s list of top 100 cryptocurrencies by market capitalization, with a market cap of just over $1.3 billion. Topping the list is Bitcoin with a market value of more than $144 billion, followed by Ethereum, valued at $70 billion.