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Crypto-exchange Gemini allowed to withdraw ...

Crypto-exchange Gemini allowed to withdraw Zcash to non-transparent addresses
CONTENT

  • Crypto-exchange Gemini now supports Zcash withdrawal to protected addresses.

  • This breakthrough in the segment of anonymous coins created the first such precedent among regulated exchanges..

  • Gemini commented that it is committed to increasing the level of financial freedom of its clients.

International consortium of news organizations developing transparency standards.

Cryptocurrency exchange Gemini announced support for withdrawing funds from Zcash users to secure addresses. This will provide them with a higher level of anonymity..

Crypto-exchange Gemini allowed to withdraw ...

The Winklevoss brothers’ cryptocurrency exchange has taken an important step in increasing the level of privacy for its clients. Recall that many crypto enthusiasts have always highly appreciated the anonymity of transactions as one of the fundamental principles behind the concept of cryptocurrencies..

Gemini as a financial freedom fighter

Gemini continues to be very active. Just a few days ago, the exchange announced large-scale support for DeFi tokens, adding 10 new coins to the listing at once. Now Tyler Winklevoss, one of the Gemini co-founders, announced on Twitter that the exchange is launching support for withdrawing funds in Zcash to secure addresses..

The move is significant, as it sets a similar precedent among regulated exchanges, Winklevoss said. It also demonstrates that with the proper level of oversight and competence, regulators need not worry about anonymous cryptocurrencies..

It’s time to take back control of your money and your privacy. @Gemini is now supports shielded Zcash $ ZEC withdrawals. A world’s first for a regulated exchange. https://t.co/nfxRYi0Mul

– Tyler Winklevoss (@tyler) September 29, 2020

The company has worked hard for this for over two years and finally announced to clients that it gives them new opportunities to regain control over their money and their privacy..

Crypto-exchange Gemini allowed to withdraw ...

In a comment to BeInCrypto’s editors, Winklevoss said:

“We are focused on developing functionality that can provide users with financial freedom. Last week we added support for new DeFi tokens, and now, to achieve this goal, we have started to support withdrawing funds in Zcash to secure addresses “

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Secure transactions

The Electric Coin Company behind the private coin Zcash was also enthusiastic about this breakthrough in financial privacy. As she highlighted in a posted tweet, this innovation proves that confidential transactions with Zcash meet the requirements of the New York State Financial Services Authority (NYDFS).

Today, @Gemini announced support for shielded Zcash withdrawals. This is an important milestone for financial privacy and shows that Zcash’s confidential transactions are compliant with NYDFS regulations. https://t.co/CB1cy4tXxb#Zcash $ ZEC

– Electric Coin Company (@ElectricCoinCo) September 29, 2020

Zk-SNARKs technology allows transactions with Zcash from both transparent and secure addresses, depending on the wallet used. Private addresses start with the letter “z”, and transparent addresses with “t”. When money is transferred to a secure address, the amount received at some stage seems to fall into a “black hole”. Third-party observers can not see either the amount of funds on this wallet, nor the address itself.

Previously, Gemini accepted deposits from both types of addresses, but only allowed withdrawals to transparent ones. Now exchange clients will be able to withdraw money to secure addresses.

Crypto-exchange Gemini allowed to withdraw ...

Source: z.cash

The crypto community is a place where participants have long been accustomed to not being surprised at anything. However, this news still resonated even among industry veterans. For example, Jeff Garzik, one of the first Bitcoin developers and blockchain pioneers, commented that this is a big event for a centralized exchange and that he did not expect such a breakthrough in 2020..

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