Winklevosses' bitcoin exchange gains approval from New York to roll out services

On Monday, the top regulator of financial services in New York announced that it will allow the Gemini Trust Company bitcoin exchange, established by Tyler and Cameron Winklevoss, to provide trading of Zcash - the privacy centered crypto currency. This makes it the only licensed exchange for Zcash in the world.

The Financial Services State Department said that it will also allow Gemini to provide Bitcoin Cash and Litecoin trading and custody services in the near future.

"With shrewd and comprehensive regulatory supervision, the long term expansion and development of the sector will thrive" Maria Vullo, the Financial Services Superintendent, said in an interview.

According to Gemini, Zcash deposits will start to be accepted on May 19, 2018, and trading will commence a few days later.

According to Gemini, Zcash deposits will start to be accepted on May 19, 2018, and trading will commence a few days later.

"Our company is thrilled to be the world's first licensed Zcash exchange, and looks forward to offering customers a secure, safe and regulated platform to sell, store and purchase Zcash" Tyler Winklevoss, the Chief Executive of Gemini, said recently.

Currently, the market value of Zcash is roughly $1.2 billion, whereas the market value of Litecoin and Bitcoin Cash is roughly $8.3 billion and $24.9 billion respectively, based on figures from CoinMarketCap.com.

A cryptocurrency is a digital token that uses encryption technology to safeguard transactions, with trades performed on a fragmented exchange network.

Industry critics say that the market is too prone to the risk of fraud.

The Winklevoss twins are online entrepreneurs, who represented the United States in rowing at the Beijing Olympics in 2008.

ZCash Skyrockets Gaining Over 44% After Winklevoss' Gemini News - May 15th Cryptocurrency News