Gemini Trust Company (Gemini) announced today that account holders now have the ability to withdraw to shielded Zcash addresses. Gemini is the first regulated institution to announce shielded address support and had received previous approval from the New York State Department of Financial Services (NYDFS) to add this capability.
Gemini’s support for shielded withdrawals means Gemini users can protect their personal financial information by taking advantage of Zcash’s shielded transactions while enjoying the peace of mind that comes with being a customer of a well-regulated financial institution.
“This announcement demonstrates that Zcash is compatible with a robust AML/CFT regulatory regime,” said Jack Gavigan, Head of Regulatory Relations at Electric Coin Co. (ECC). “We applaud both Gemini and the New York State Department of Financial Services for taking the time and effort to understand how Zcash’s privacy-preserving features work and how they can be supported while remaining fully compliant.”
Regulators strive to balance consumer protection (privacy) with access to information necessary for compliance. Both goals are enabled by a regulated exchange supporting Zcash’s shielded transactions. Shielded transactions sent or received through a regulated exchange prevent unauthorized third parties from seeing a user’s financial history, while regulators may request more information through legal and auditing procedures.
Privacy is not only a human right, it is also necessary for protecting businesses and governments. Zcash’s confidential transactions allow everyone to transact safely and securely in a way that is compliant with regulations and consumer protections. Financial privacy is good, it’s feasible, and it’s happening now.
Gemini’s support for shielded Zcash withdrawals is consistent with its track record of privacy and innovation. Together, we will work to ensure all people have the ability to participate in economic activity without censorship or surveillance.
ECC founder and CEO Zooko Wilcox will join Gemini founders Cameron and Tyler Winklevoss for a live Twitter Q&A tomorrow, Sept. 30. Stay tuned to @electriccoinco for more details.