Zcash (ZEC), valued for its privacy features has been competing with peer coins like Monero to dominate this grey area in crypto. The altcoin was listed on Gemini exchange and trading commenced on the 22nd of May 2018 marking an important milestone for the project. This is mainly because ZEC had to undergo scrutiny done by the New York State Department of Financial services upon which it was successful hence granted approval to trade on the Gemini exchange.
Crypto markets volatility has become an issue for risk averse investors who would rather have their investment security guaranteed by regulatory bodies. Gemini is among the few coin exchanges that have been in a close work relationship with the New York State Department of Financial Services. Therefore, the company finally managed to bring the Zcash digital currency services onto their platform in addition to other cryptocurrencies like Litecoin (LTC).
The move is a big boost for a coin like Zcash (ZEC) since Gemini is the pioneer exchange with a license to list Zcash while its regulation falls under the NYSDFS hence boosting investor confidence. Now that Zcash, a privacy coin has been listed on Gemini it is more likely that innovations within this project will receive more attention from the crypto community whom value private transactions.
The Zcash technology which offers two options for an address; unshielded (t) & the shielded address (z) has been well integrated into the Gemini exchange. Initially, Gemini will be compatible with deposits from both types of address but withdrawals will only be made to unshielded addresses. However, this is not the final working product hence crypto enthusiasts can expect a fully functioning & scalable privacy coin from Zcash in future. Gemini’s Cameron Winklevoss had some positive sentiments about this new listing,
“Part of the reason a coin like Zcash has a smaller market cap is because people are not sure if regulators will ever get comfortable with this type of technology,” “Today demonstrates that through education and collaboration and with the right controls in place, regulators can get comfortable with privacy technology.”
However, all has not been green for this cryptocurrency. Coincheck, a major coin exchange in Asia announced that it will be delisting privacy coins within the next month. Unfortunately Zcash falls under this category & is among the coins that will be dropped in a bid to improve consumer protection on the exchange.
ZEC holders have been given a month to trade their coins or face liquidation at the prevailing Yen prices once time is up. Gambling related coins like Augur will also face the same fate on Coincheck although this is not to mean their fundamental value is not appreciated in other jurisdictions.
Coincheck’s change in policy has been attributed to the loss of $500 million worth of NEM tokens at the beginning of 2018. Such levels of financial fraud could end up affecting the whole market’s liquidity which justifies the call for better KYC practices
ZEC Price Analysis
Zcash (ZEC) has been performing well earning 21st position in market cap with the figures well over the $1 billion mark. The crypto has been in existence for close to two years now and has managed an all-time high of $955 although it’s now at $317.4 for one ZEC coin. This should not be a surprise given its volatility in the past month was at 40% which is generally the market range. Zcash has lost 10% in its price within the last week however it is expected to surge following the Gemini listing yesterday.