It has been a rather interesting year for the Gemini cryptocurrency exchange. This platform, operated by the Winklevoss twins, is evolving at an accelerated pace. Earlier this week, the company decided to enable support for additional cryptocurrencies. The newly added coins are Litecoin, Bitcoin Cash, and ZCash. A rather interesting choice, although a positive one for the industry as a whole.
The Gemini exchange is a major player in the world of cryptocurrency. They mainly target institutional investors at this stage. As such, the company also needs to expand its existing offering of different cryptocurrencies. So far, the platform was mainly limited to Bitcoin and Ethereum. That situation has now come to a change, with the addition of three new currencies earlier this week.
A Positive Development for Gemini
The addition of Litecoin and Bitcoin Cash makes a lot of sense. Both currencies are well-respected among the cryptocurrency community as of right now. ZCash will also go live on Gemini, albeit it is a more peculiar choice. Its focus on privacy and anonymity can be considered to be a negative factor for regulators. So far, the US government remains quiet on the regulatory front, but things can always change in the future.
It is interesting to note how Gemini sought approval by the NYDFS prior to enabling ZCash support. The company received the green light and deposits will be enabled come May 19th. Gemini also received approval for the other supported currencies, although they have not received an official launch date as of right now.
Gemini working closely together with the NYDFS is a positive development for the cryptocurrency industry. It shows regulators play an integral role in this industry. Maintaining an open dialog between all parties will eventually make this industry more appealing. Additionally, the government seems rather open-minded when it comes to regulated exchanges these days. That situation was very different not that long ago, for obvious reasons.
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