Currently, Gemini only has three trading pairs: BTC/USD, ETH/USD and ETH/BTC.
Zcash's market value was roughly $1.3 billion (roughly Rs. 8,800 crores) on Monday, according to CoinMarketCap.com, while Bitcoin Cash and Litecoin's respective values were $25 billion (roughly Rs. 1.7 lakh crores) and $8.3 billion (roughly Rs. 56,300 crores).
Zcash incorporates the technology "zk-snark", short for zero-knowledge succinct non-interactive argument of knowledge, which lets people trade with each other in anonymity.
Gemini CEO Cameron Winklevoss told Bloomberg in an interview said that privacy-focused cryptocurrencies like Zcash have struggled to gain large market valuations in the past due to concerns from investors towards potential crackdown by authorities, as seen in the Japanese cryptocurrency market as of recent.
This will make Gemini the first regulated exchange to offer trading for the anonymous crypto.
NY state on Monday authorised the Gemini Trust Co exchange founded by Internet entrepreneurs Cameron and Tyler Winklevoss to offer trading of the privacy-focused cryptocurrency Zcash, making it the world's first licensed Zcash exchange.
A copy of the NYDFS-issued statement on Gemini's ZEC support is accessible here.
Later in the letter, Winklevoss explained that part of the appeal of Zcash is a privacy-protecting feature that allows counterparties to engage in trade without knowing anything about each other.
Just minutes after the DFS and Gemini announcements, the price of Zcash jumped from about $250 per coin to more than $300 per coin. However, the blog did mention that they may accept withdrawals to shielded addresses at a later date. However, shielded addresses provide a high level of privacy for users, as their balance and transaction balances are made private on the blockchain. Despite this, enhancements such as confidential transactions, the Lightning Network, and MAST will improve the privacy offered by Bitcoin in the near future, while Zcash will tackle the trusted setup it is often criticized for by moving on to zk-STARKs eventually.
Cameron Winklevoss, who serves as the exchange's president said "Bitcoin and Zcash are two revolutionary technologies vying for different mantles. It also makes the NYDFS the first regulatory agency in the world to supervise Zcash". That surge in volume has pushed the total market capitalization up over $1.4 billion which has pushed the altcoin above Lisk, Bitcoin Gold and the recently pumped Zilliqa.