Gemini Trust Co. LLC became the world's first licensed Zcash exchange after gaining regulatory approval from the New York State Department of Financial Services to offer custody and trading services of the privacy-focused cryptocurrency.

The company said customers can begin depositing Zcash into their accounts on May 19, with trading expected to commence May 22.

Zcash uses a technology called zk-SNARKS, short for zero-knowledge succinct noninteractive arguments of knowledge, to offer confidentiality for peer-to-peer transactions.

The exchange also secured regulatory approval to offer custody and trading services for Litecoin and Bitcoin Cash.