Zcash's value soars after being picked up by Gemini exchange
Japan's Coincheck recently removed Zcash - as well as three other cryptocurrencies - from its exchange over new privacy regulations in the country. It quickly found a new supporter, as the Gemini exchange, founded by the Winklevoss brothers, has included it in its offerings. The news has been welcomed by investors, and the coin's value has climbed from $247 to $364 as a result.
On May 15, Gemini announced that it would be listing Zcash's digital currency, ZEC, for trading on the exchange. The result was a 47% jump in the coin's value, while other coins, like Bitcoin, witnessed declines in theirs. BTC was down 3%, falling from $8854 to $8530. Trading in ZEC is available as of today, May 22.
Gemini will be the first licensed exchange to offer trading pairs with ZEC. The altcoin currently sits in the 22nd position among cryptocurrencies, and has a market capitalization of about $1.31 billion. It is an impressive rise for the currency, spawned from a hard fork of the Bitcoin blockchain in October 2016.
Zcash's popularity is drawn from the same reason it was de-listed from Coincheck - its privacy. Zcash offers a "selective disclosure" feature that employs special encryptions to avoid having senders and recipients tracked. The feature is an option, and is not provided on all transactions unless chosen.
VP of Engineering at Gemini, Eric Winer, described Zcash as offering a higher level of confidentiality for peer-to-peer transactions through zero-knowledge proofs. He equates this to the same protections offered by fiat currency transactions. Cameron Winklevoss, president of Gemini, said, “Bitcoin and Zcash are two revolutionary technologies vying for different mantles, Bitcoin being digital gold and Zcash being digital cash.”
Zcash is currently trading at $335.80, up 0.14% in the past 24 hours.