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ZCash (ZEC) Now Live on Coinbase and Its Mobile Apps

Six days after listing ZCash (ZEC) on its Pro version, Coinbase has announced via Twitter and Medium that the privacy coin is now available for trading on the regular Coinbase and the corresponding mobile apps on Android and iOS. All Coinbase customers can now log in to buy, sell, send, receive and/or store ZEC.

However, the cryptocurrency will not be available in some jurisdiction as explained by the exchange.

ZEC will be available for customers in most jurisdictions, but will not initially be available for residents of the United Kingdom or the state of New York. Additional jurisdictions may be added at a later date.

Market Reaction to The Listing

Rather than ZEC experiencing gains due to the news of its availability on the regular Coinbase, it has dropped from $71.26 to current levels of $68.91. This is a drop in value of 3.2% in less than an hour indicating that the Coinbase effect might have had the opposite result on ZEC.

Earlier on in the week, Ethereum World News had pointed out that the Coinbase effect did not support the price of ZEC to expected levels when it was listed on the Pro version of the exchange. When ZEC was listed on the 29th of November, it jumped 17% in value but failed to hold its gains longer than 24 hours.

Two reasons might be why ZEC failed to experience a sustained higher value. Firstly, investor fatigue brought about by the bear market evident with Bitcoin being valued at under $4,000. The second being that crypto traders are not that much enthusiastic about ZEC as they are about other prominent cryptocurrencies such as TRX or XRP.

Which Digital Asset Is Next Between Cardano (ADA) and Stellar (XLM)

Earlier on in the week, we had also explored why Coinbase chose to list ZEC before XLM. The speculated reasons were also two: competition with the Gemini exchange by the Winklevoss twins and demand from institutional investors.

This means that Coinbae has listed 3 of the original 5 digital assets it had expressed interest in. They included ZRX, BAT, ZEC, XLM and ADA. Only Stellar and Cardano are yet to be listed.

We had also postulated the loose theory that Cardano (ADA) might be listed on Coinbase before Stellar (XLM) due to two reasons. The first being that XLM is similar to XRP that is yet to be listed. The second being that ADA was more ‘decentralized’ and transparent thus boosting its probability of being listed.

What are your thoughts on the Coinbase effect not having the desired results on the value of ZEC? Please let us know in the comment section below. 

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

The post ZCash (ZEC) Now Live on Coinbase and Its Mobile Apps appeared first on Ethereum World News.

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Nasdaq Holds Confidential Meeting Regarding Crypto Regulation

Cryptocurrencies have long been a part of a regulatory grey zone, with international regulatory bodies holding mixed opinions on the development of this nascent industry and asset class. Whether this is due to worries of fraud, cybercrime or heavy financial risk, regulators have often strayed away from touching on the subject of cryptocurrencies.

Over A Half-Dozen Firms Attend Nasdaq’s Crypto Meeting

However, the individuals behind the second largest stock exchange in the world (by market capitalization) believe that they can help to bring higher levels of regulatory legitimacy to crypto markets.

According to with those familiar with the matter, the Nasdaq held a closed-door event with a multitude of companies earlier this week to discuss methods to improve the public image of this industry, along with finding ways to integrate cryptos into global markets. The companies that were reportedly in attendance include prominent firms from legacy markets, along with cryptocurrency-related firms, like the Winklevoss-owned Gemini Exchange.

To gain further insight into the event, Bloomberg reached out to the Gemini and Nasdaq organizations. However, this was a near-fruitless action, with a Nasdaq representative only confirming that the event occurred, while not giving any insider info regarding the result or conclusions of the meeting. There was also no response from Gemini.

According to the unnamed insider, the topics that were discussed included future cryptocurrency regulation and tools to survey the development of crypto assets. The individual also noted that this will not be the final meeting of this nature, noting that there will be a continual dialogue between those present at this week’s meeting.

It is important to note that Adena Friedman, Nasdaq’s Chief Executive Officer (CEO), has historically been an advocate for cryptocurrency regulation and cryptocurrencies simultaneously. Speaking at a Bloomberg event in June, Friedman stated that she believes that the worldwide markets will eventually find a utility for cryptos. Additionally, in an episode of the CNN podcast, Friedman called the technology behind cryptocurrencies “fascinating.” She stated:

I think the technology is fascinating and it’s a very sound technology. It’s just a matter of making sure that the community is all-embracing it together.

It is likely that Gemini’s appearance on the event was carefully thought out by the organizers, as it has become apparent that the New York-based exchange has been moving to integrate Nasdaq technology into its internal systems. As covered by Ethereum World News on an earlier date, Gemini has recently hired a former Wall Street executive to take the lead of the firm’s technological team, with the individual set to become an integral part of the push to implement Nasdaq’s market monitoring technology.

Oddly enough, The Winklevoss twins’ appearance at the Nasdaq-hosted event came only days before their revised ETF proposal was rejected by the SEC. It has become apparent that the move towards valid and warranted crypto regulation is becoming a common theme in the industry, as widespread retail and institutional adoption will not happen with approval from regulatory bodies from all across the world.

Image Courtesy of Blogtrepreneur

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Winklevoss Twins ‘donated’ $130,000 to New York Governor prior to License Granting

It is no surprise that Gemini, the crypto exchange owned by the twins Cameron and Tyler Winklevoss, was granted a DFS license for trade Zcash. The influence of the twins in the world of cryptos gives a seriousness and credibility to their businesses that make them a challenging competition to beat for other initiatives.

According to leaked media reports, the famous Twins donated 50k each to Gov. Andrew Cuomo on April 24th just because they believe “he’s doing a great job.” A few days later, on May 14, state authorities approved their request to obtain the famous Bitlicense for Gemini.

After this action, the Winklevoss twins deposited 15k each to the renowned New York politician.

Since the advent of BitLicense, New York has been one of the states in which obtaining a license to operate in crypto related businesses is practically impossible.

Gemini Exchange Logo

It is so difficult to get a permit that many fintechs and startups have preferred to move their headquarters rather than dealing with the bureaucracy and extreme complexity of getting approval from state authorities.

However, Gemini obtained the license thanks to the commitment of the State of New York to promote “innovation and leadership in the global marketplace.”

In an official press release, Department of Financial Services Superintendent Maria T. Vullo said:

“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.”

Zchash Licensed Trading: Privacy vs Legal Transparency

After obtaining permission, the Winklevoss twins were extremely enthusiastic about this favorable decision. Especially since Zcash is a privacy-focused cryptocurrency, a feature that many authorities still don’t approve of:

“We are proud to 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.”

Absolutely No Reason To Suspect

Gov. Andrew Cuomo

However, there is nothing to worry about, let alone doubt the goodwill of the Winklevii. They did not make a donation with the intention of influencing the decisions required to obtain such a license.

This was announced by a spokeswoman, who pointed out that the donations had no relation whatsoever with the obtaining of the license:

“They contributed to Gov. Cuomo’s campaign because they believe he’s doing a great job, is a problem-solver, and is definitely the right person to lead New York in the years ahead.”

Likewise, Abbey Fashouer, a spokeswoman for Governor Cuomo, gave her word that the 130k donation had nothing to do with the granting of the license:

“We appreciate their support… No contribution of any size influences any government action.”

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Gemini Exchange Unexpectedly Hires Former NYSE Executive

Gemini – Wall Street employees are migrating en-masse to the cryptocurrency industry, with Gemini recently picking up Robert Cornish, a former Chief Information Officer of the New York Stock Exchange (NYSE).

This news comes after the New York-based exchange issued a press release on July 6th, which gave details regarding the hire. Cornish will be Gemini’s first-ever Chief Technology Officer (CTO) and was hired in a move to help focus Gemini’s technology and strategy teams.

Cornish doesn’t come empty-handed, as he has served as a Wall Street technology expert for the better part of two decades. He has worked with the International Securities Exchange in the past, often working on IT related jobs as an executive.

With this move to Gemini, Cornish leaves his most recent post as the Chief Information Officer at the NYSE. Seeing that he would move away from such a respected role goes to show how much promise he sees in Gemini and the cryptocurrency industry in general.

Tyler Winklevoss, one of the Winklevoss twins and Chief Executive Officer at Gemini, gave a comment regarding Cornish, stating:

Rob will ensure that Gemini continues to deliver the best platform experience to our customers as possible and set the standards of excellence for the cryptocurrency industry as a whole. Rob is globally recognized for his abilities in leading high-performing engineering teams, his expertise in exchange and matching-engine architecture, and running high-throughput platforms that are both secure and resilient.

According to the aforementioned press release, the former CIO at NYSE will be taking the lead of three teams at the exchange and will be working to implement Nasdaq market monitoring technology.

The so-called ‘SMARTS Market Surveillance’ technology will allow Gemini to better manage the multitude of order books on the platform, ensuring that the XBT (Bitcoin) future contract on the CBOE exchange is accurate. 

It has become apparent that Cornish will be an integral aspect of Gemini’s ambitious expansion plans.

Gemini And Institutional Involvement

It has been widely speculated that Cornish was hired to help Gemini secure a foothold in the growing institutional environment around the cryptocurrency industry. With recent news arriving regarding institutional platforms like Coinbase Custody, Circle Trade, and Blockchain Principal Strategies, it would only make sense for Gemini to join this growing sub-industry. 

Many call 2018 ‘the year of institutional investment’, and many hope that Gemini will play an important role in this move towards traditional firms, by helping to bring further legitimacy and interest to the cryptocurrency industry.

‘The Great Migration’: Wall Street Employees Move to Crypto En-Masse

Despite declining prices, the cryptocurrency industry has seen an influx of talent from traditional markets. Kraken, another prominent U.S-based exchange, recently hired Steve Hunt from Jump Trading, despite the firm moving into the cryptocurrency industry recently. Hunt is now the VP of engineering at Kraken, coming with experience as a technology expert in the traditional market space.

Head of the Facebook Messenger application, David Marcus, was appointed to a board position at Coinbase. Coinbase’s CEO, Brian Armstrong, chalked up the hire to Marcus’s experience leading Paypal as its president, leading the payment company’s expansion.

Mike Novogratz mentioned this so-called migration in an interview with Bloomberg, stating:

Young kids often float to the excitement (crypto), but I really see unbelievable talent going into this space. And the best programmers at places like IBM are leaving to go work in more dynamic places like Consensys.

As the cryptocurrency industry continues to expand, it will become even more common that Wall Street executives, or high-profile employees from the traditional markets, will look for entry points into the crypto space.

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Litecoin (LTC) Community Optimistic With New LTC Listings on Exchanges

Not much has seemed to happen with Litecoin (LTC) with respect to news and buzz after the launch of Litepay was cancelled. Many had even stated that this was the beginning of the end for Litecoin as a project and as a coin in the markets. However, good news came with the CEO of Abra, Bill Barhydt, declaring that Litecoin would be its platform of choice for smart contracts moving forward. This announcement was made early in April this year.

To add to the above signs of rejuvenation of LTC, the Litecoin community has not lost faith and hope in the coin. As a matter of fact, the community is emphatic that Litecoin will be back to its winning ways with several new listings. @theliteschool was quick to point this out in a tweet on the 18th of May:

Here’s a recap of $LTC news in this week alone:

@GeminiDotCom to add #litecoin

@AbraGlobal opened LTC deposits

@The_Blocknet & @KomodoPlatform DEX’s add LTC

@openbazaar now allows P2P LTC trading

@toshi will add LTC

-Börse Stuttgart launched LTC trading.

This tweet indicates that Litecoin is expected to be listed on several exchanges. The first one is the Gemini Exchange that is owned by the Winkelvoss twins. The exchange made headlines when it announced that it would be listing ZCash (ZEC) and going ahead in offering trading pairs with the privacy coin.

With respect to Abra Global opening LTC deposits, the announcement was made only yesterday on twitter by the firm:

We now support direct #Litecoin deposits and withdrawals! You can now fund your account with LTC from an external wallet and invest in the 25 cryptocurrencies and 50+ fiat currencies on Abra. Please make sure your app is updated to the latest version!

The decentralized exchanges of The Blocknet and Komodo, can be confirmed by Ethereum World News as having listed LTC. The same applies to Open Bazaar, Toshi and Börse Stuttgart.

With respect to market performance, Litecoin is in the number 6 slot and according to coinmarketcap.com. The coin is currently trading at $134 and down 6.13% in 24 hours. Its marketcap is $9.2 Billion shy of that of EOS which is in the number 5 spot. A lot of work has to be done for LTC to reclaim a top 5 slot.

The news listings mentioned above, are surely to help boost the presence of LTC in the market and possibly increase its value back to the anticipated levels by the LTC community.

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Zcash (ZEC) Leads the Privacy Coin Pack, Surging 45% on the Day

Privacy coin Zcash has surpassed all other altcoins in the top 100 during today’s trading by surging 45% on the day. The pump was initiated around 18 hours ago when news emerged that the Gemini Exchange would become the first fully licensed Zcash trading platform.

Analytics website coinmarketcap.com reports that ZEC has surged 45% over the past 24 hours. It is currently trading at $355 which is up from $248 where it traded the same time yesterday. The exchange owned by the Winklevoss twins is fully approved by the New York Department of Financial Services (NYDFS). In addition to Zcash, Litecoin was also listed on the exchange however price action for LTC has been lackluster.

Zcash has been traded across most major exchanges over the past 24 hours with Binance leading the way with over 20% of the total. The trade volume in ZEC has jumped over 1400% in the past day from around $30 million to over $460 million at the time of writing. That surge in volume has pushed the total market capitalization up over $1.4 billion which has pushed the altcoin above Lisk, Bitcoin Gold and the recently pumped Zilliqa.

Cameron Winklevoss stated;

“Our approval makes Gemini the first licensed Zcash exchange in the world. It also makes the NYSDFS the first regulatory agency in the world to supervise Zcash,”

The twins also acknowledged some of the privacy coin’s features such as the use of a combination of unshielded and shielded addresses. Gemini will initially allow deposits from both forms of addresses but only unshielded withdrawals will be permitted.

Other coins listed by the exchange have had a slow day but Zcash has literally taken off on the news. According to a Forbes report, Gemini users will be able to buy and sell Zcash on May 22.

Zcash is one among a number of privacy based altcoins all vying to be the standard. Among them is the hacker’s favorite, Monero, which has had a slow month rising only 10% while Zcash has jumped almost 60% in the same period. Dash has also had a slow month rising only 14% while Verge has actually lost 33% over the past month. Bitcoin Private has also lost ground in the past month falling over 12% and rival Zcoin has had a slightly better gain of 17% over the past 30 days, similar gains have been posted by PIVX.

Zcash is currently the king of the privacy coins out performing all of its competitors largely by the grace of Gemini Exchange.