Cryptocurrency startup Gemini has received approval from the New York State Department of Financial Services (NYDFS) to offer custody services and trading of Zcash (ZEC), Litecoin (LTC), and Bitcoin Cash (BTC) on its platform.
In May 2016, the NYDFS authorized Gemini to offer Ether trading. With the latest approval, Gemini has become the first licensed Zcash exchange. In an online post, Gemini said that customers would be able to start depositing Zcash into their Gemini accounts from Saturday, May 19th at 9:30am EDT, and trading would begin on Tuesday, May 22nd at 9:30am EDT.
“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,” Tyler Winklevoss, Chief Executive Officer, Gemini Trust Company, said.
In June 2015, the DFS published final virtual currency rules after a nearly two-year inquiry into the appropriate regulatory guidelines. Later in October, it issued a charter to Gemini to operate a cryptocurrency exchange allowing customers to purchase and sell cryptocurrencies for the USD and vice-versa.
“This action continues New York’s longstanding commitment to innovation and leadership in the global marketplace. With smart and thorough regulatory oversight, the development and long-term growth of the industry will remain thriving,” Department of Financial Services Superintendent Maria T. Vullo said.
ZEC/USD soared to 354 levels on the announcement and is currently trading at 323 levels at the time of writing (Bittrex).