Zcash, is set to go live on cryptocurrency exchange Gemini a week tomorrow (22nd May 2018), according to a report from Forbes, with Bitcoin Cash and Litecoin due at a yet unconfirmed date.
At present, only Bitcoin and Ethereum are available on Gemini, therefore these listings will open up both Gemini and the currencies in question to a whole new world of trading potential.
According to Forbes:
“The Gemini bitcoin exchange founded by Tyler and Cameron Winklevoss is adding support for Zcash, a privacy-focused cryptocurrency with a total market valuation of over $1 billion. Following approval from the New York Department of Financial Services (NYDFS), Gemini will begin accepting deposits of the privacy-focused cryptocurrency on Saturday, May 19 at 9:30am EDT. The regulated exchange that serves its existing customers in 48 U.S. states, Washington D.C., Puerto Rico, Canada, Hong Kong, Singapore, South Korea and the U.K. will then begin its first day of trading Zcash on May 22.”
News of this date and this listing has given Zcash a real boost, this is most significant that overall the cryptocurrency markets are still suffering from a drought in the wake of a rather depressive weekend. Many currencies have taken significant hits over the past few days as a result of various controversies that have swept through the crypto-sphere.
At the time of writing, Zcash is valued at $349.56 and is up 39.69%. Prior to the announcement, Zcash was valued at $240.20, therefore it is pretty clear that this announcement has had a big impact in terms of value.
Moreover, the market capitalisation of Zcash has also benefitted from this, sitting at $935,992,737.00 prior to the announcement, shooting up to $1,368363089.00 at the time of writing, placing Zcash at a rank of 23rdglobally.
This will make Gemini the first licensed Zcash exchange in the world and will give the currency a real boost in terms of trading volume. At the moment, the split between Bitcoin and Ethereum trades on Gemini are pretty equal, at around 50% each. The insertion of a new currency here will surely throw that balance off skew, potentially increasing trading volume massively.
Once we see Litecoin and Bitcoin Cash added too, the potential for Gemini to become a very powerful cryptocurrency exchange is indeed amplified.
This overall is great news for cryptocurrencies and really good news for Zcash specifically. Let’s see how the value of the currency balances out over the next few days. Leading up to the launch of the listing, we could see some really big things from Zcash.
With regards to listings for Bitcoin Cash and Litecoin, we will await further news on these before we report any official announcements.