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Gemini exchange now supports “shielded“ withdrawals for Zcash on its platform

Gemini exchange now supports “shielded“ withdrawals for Zcash on its platform

Quick take

1.5 minute read

  • One of the biggest crypto platforms in the industry is Gemini. 
  • Now, Gemini has made the move to make Zcash withdrawals significantly more private.

One of the biggest crypto platforms in the industry is Gemini. Founded by the Winklevoss twins, Tyler and Cameron, the two have made quite a name for themselves over the past few years with their entanglement with Facebook and how they made their riches through the leading cryptocurrency.

Now, Gemini has made the move to make Zcash withdrawals significantly more private. The platform announced earlier this week that it will now support shielded withdrawals for this kind of cryptocurrency meaning that users will be able to send their coins from the platform without revealing their addresses or the exact amount that was sent.

The news was revealed in an official blog post from the exchange that said this is the first time that Zcash withdrawals are supported by a regulated crypto platform. 

Part of the post read: 

“Gemini’s mission is to empower the individual through crypto. By providing you with this feature — confidential, encrypted withdrawals — we are taking another step toward giving you back control of your privacy and advancing our mission.”

The whole point of Zcash was to be focused on privacy after it was forked from bitcoin a few years ago in 2016. This is an interesting move from Gemini as said cash has had a rough 12 months to say the least. In August last year, Coinbase revealed that it would be ending custody support for the currency on its UK based platform and this happened numerous times on different kinds of crypto services all over the world as they do you listed the coin from their platforms.

You can read the full blog post here.

For more news on this and other crypto updates, keep it with CryptoDaily!

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