Zcash Skyrockets After Gemini Exchange Listing Confirmation

Gemini crypto exchange is expanding its cryptocurrency portfolio with the addition of support for Zcash (ZEC) before the end of the month. There are also plans to add Bitcoin Cash (BCH), Ethereum Classic (ECH) and Litecoin (LTC) very soon. The exchange currently supports Bitcoin (BTC) and Ethereum (ETH).

The addition of Zcash has received clearance by the New York Department of Financial Services. Upon listing on May 19th, 2018, Gemini will become the first regulated exchange to add trading support to a privacy-focused cryptocurrency.

“Our approval makes Gemini the first licensed Zcash exchange in the world. It also makes the NYDFS the first regulatory agency in the world to supervise Zcash,” said Gemini Exchange co-founder Cameron Winklevoss.

However, users will be unable to withdraw their coins to a shielded address at the start.  It will be interesting if such a move will have any impact on trading volumes going forward.

The listing of Bitcoin Cash, Ethereum Classic and Litecoin should propel Gemini up the chart in the cryptocurrency exchange business.

Zcash Price Spike

Zcash spiked high on the announcement of its addition to Gemini. The exchange ranks 32nd largest among cryptocurrency exchanges in 24-hour trading volume. After starting the day at about $250, the privacy-focused altcoin spiked to the $345 level.

The cryptocurrency has since pulled back to the $320 level. Many await to see if this is a minor correction pending further movement on the upside. A close above the $350 mark could open the door for the virtual currency to make a push for the $400 level.

Litecoin price also edged higher on the announcement that it will be added in Gemini exchange in the near future. The coin has already touched the $150 mark and could climb higher.

The listing of Zcash should create traction with other privacy-focused cryptocurrencies like Monero (XMR). Such coins have come under immense pressure from regulators recently amidst concerns they are being used for illegal activities. Money laundering and the financing of terrorism are impossible to track when people use coins.