The New York base crypto exchange Gemini, has become the first in the city to receive a license to trade the privacy-focused digital currency zcash, as it wrote on a blog post.
According to the post, Starting from May 19, Gemini users will be able to start depositing zcash (ZEC) into their accounts, the exchange, while Trading will commence on May 22, and the exchange platform will now offer three new crypto trading pairs : ZEC/USD, ZEC/BTC and ZEC/ETH.
The VP of engineering at Gemini, Eric Winer wrote in the post:
“we have been working closely with the New York State Department of Financial Services (NYSDFS) to obtain approval to offer Zcash trading and custody services to our customers as a New York trust company. ”
Gemini got the authorization on Monday from Maria T.Vullo, a superintendent of DFS, to offer custody services and tradingof zcash, litecoin and bitcoin cash, describing them as “emerging cryptocurrencies,” and according Vullo,;
“This action continues New York’s longstanding commitment to innovation and leadership in the global marketplace.”
She further stated;
“Gemini can launch Zcash trading immediately, subject to ongoing supervision by the state.”
Gemini got its first trust charter from the DFS back in October 2015, allowing it to operate a digital currency exchange in the U.S. state.
Tyler Winklevoss, CEO of Gemini, on getting the news about the authorization said;
“we are proud to be the first licensed exchange in the world to offer Zcash trading and custody services and loom forward to providing customers with safe, secure, and regulated place to buy, sell, and store Zcash, an incredible new form of digital cash.”