Jenny Cheng/Business Insider In the world of cryptocurrencies, it can often feel like there is an innumerable amount of coins to invest in. So when major players in the space double down on one coin in particular, it’s worth taking notice.
On Tuesday, the Winklevoss twin’s bitcoin exchange Gemini announced the addition of trading and custody for a coin called zcash, starting May 22. The price of zcash quickly shot up more than 40% on the news, from around $250 a coin to over $360.
The US-based Gemini is small compared to other cryptocurrency exchanges, but it is also fairly selective. The exchange presently only lets users trade the two most popular cryptocurrencies, bitcoin and ethereum, so the addition of a new coin is a sign that it sees a future for zcash.
Zcash is a lot like bitcoin in that it lives on blockchain technology and is designed to be used as digital money.