Tyler and Cameron Winklevoss have all discussed Bitcoin at the famous Fox Studios. The Gemini Bitcoin exchange was founded by the brothers and they have outright stated their support for ZCash. This is very privately focused and it has a market value of over $1 billion. There is a lot of approval needed to make the whole thing happen and this is especially the case when you look at the NYDFS. Gemini are going to be accepting deposits from ZCash on May 19th and the exchange currently serves its existing customers in over 48 states. This includes Puerto Rico, Hong Kong, Singapore, South Korea, the UK and so much more. They are also going to be beginning their first day of trading as well.
In addition to all of this, they have the custody to trade ZCash and NYDFS have also confirmed that Gemini are also going to receive a number of approvals for Bitcoin Cash as well. This has a market value of over $25 billion and when you look at Litecoin you will see that this is valued at $8.2 billion. The details about these currencies are said to go live soon but there is no telling whether or not this will happen.
A letter has been sent to Cameron Winklevoss as he is the president. He has explained that the new products are really the result of those who want to work closely with NYDFS and that exciting times are in fact ahead. He also stated that his approval marks make Gemini the very first exchange to fully license ZCash and it also makes them the first regulatory agency in the world as well. When you look at what he said later on in the letter, it isn’t hard to see that part of the appeal that comes with ZCash is the fact that it has a privacy protecting feature and that this allows counterparts to engage in a trade even if they don’t know anything about each other. This is known as being ZKSnarks and this is the technology that doesn’t require both traders to have the other person’s address. ZK actually stands for zero knowledge and this is one of the many reasons why so many people are so keen on the idea. The cryptocurrency even offers to those who currently live in oppressed nations and even those who are focused on privacy. This draws the attention of those who support the movement and even detractors as well. ZCash has over $32.4 million trading volume every single day. On top of this, the ZKSnark technology has already been integrated into a number of open source projects. This can include Quorum which has been a huge hit.
In order to provide the level of privacy required, however, ZCash needs to use unshielded addresses and they also have to have a much lower degree of protection. This will provide the full control. At the launch, Gemini will also support deposits from a number of addresses but if you were to have a withdrawal then this would only be allowed at the unshielded address. They have stated that they are going to work with those people who need it so that unshielded addresses can be deposited or withdrawn from in the future. Of course, it’s important to know that all of the new cryptocurrencies that are being held by Gemini are actually being derived from the very same open source database. This means that they are also a part of the Nakamoto family tree. Beyond this, the Gemini exchange also trades in Ethereum and this market value is currently at over $74 billion. The exchange is also the 13th biggest in the world and it also controls over 1.65% of the market share as well.
Before Gemini are granted the new license, the NYDFS also granted a lot of other controversial BitLicenses as well. These cost way more in legal fees when compared to what a lot of startups can actually afford and this is not really good news for anyone.