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The price of cryptocurrency Zcash surged more than 43 percent after Gemini Trust Co., the bitcoin and other cryptocurrency exchange backed by Tyler and Cameron Winklevoss, announced it received approval from New York regulators to allow trading in the so-called “privacy coin” that enables anonymous trading.
Alongside the news, Gemini announced support for trading zcash on Monday. Starting from May 19, Gemini users will be able to start depositing zcash (ZEC) into their accounts, the exchange said in a blog announcement. Trading will commence on May 22.
Gemini will be offering three new pairs for trading the cryptocurrency: ZEC/USD, ZEC/BTC and ZEC/ETH.
Eric Winer, VP of engineering at Gemini, said 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.”
DFS Superintendent Maria T. Vullo authorized Gemini on Monday to offer custody services and trading of zcash, litecoin and bitcoin cash, describing them as “emerging cryptocurrencies.”
“This action continues New York’s longstanding commitment to innovation and leadership in the global marketplace,” Vullo stated in a release.
Gemini first received its trust charter from the DFS back in October 2015, allowing it to operate a digital currency exchange in the U.S. state.
“Gemini can launch Zcash trading immediately, subject to ongoing supervision by the state,” the New York State DFS said.
With the news, Tyler Winklevoss, CEO of Gemini, said in the DFS release:
“We are proud be the first licensed exchange in the world to offer Zcash trading and custody services and look forward to providing customers with a safe, secure, and regulated place to buy, sell, and store Zcash, an incredible new form of digital cash.”
Zcash, which trades under the ticker symbol ZEC, reached as much as $372.12 early today, according to CoinMarketCap.
At this level, the privacy-oriented digital currency was up more than 50% from the price of $247.25 it had 24 hours before, additional CoinMarketCap figures reveal.
This robust increase took place after Zcash’s price movements were relatively mild for much of the last week.