Gemini, on Tuesday, announced that it will support shielded Zcash (ZEC) withdrawals. Shielded ZEC withdrawals give you an added layer of financial privacy within a regulated and compliant framework.
“This is an exciting moment for crypto, marking the first time shielded ZEC withdrawals are available on a regulated exchange. Gemini’s mission is to empower the individual through crypto,” Gemini said in the media release.
“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. It also demonstrates that with the right controls in place and the proper education, regulators can get comfortable with privacy-enabling cryptos,” he added.
Forked from the battle-tested Bitcoin codebase, ZEC goes beyond traditional cryptocurrencies like Bitcoin by providing you with complete control over what information is shared about your transactions on the blockchain. Zcash offers two types of addresses: “shielded” (z-addresses, which start with a ‘z’) and “transparent” (t-addresses, which start with a ‘t’). Using a shielded address allows you to protect your identity as well as the size of your transactions.
“We store the ZEC in your Gemini account in t-addresses. If you’d like to take advantage of a shielded withdrawal, simply withdraw your ZEC to a z-address. We already allow you to deposit ZEC from a z-address into your Gemini account.
We are excited to bring this privacy functionality to you and look forward to continuing to give you greater choice, independence, and opportunity through crypto,” the release added.
