Crypto Exchange Gemini Switches Zcash Software

Cryptocurrency exchange Gemini (NASDAQ: $GEMI) has switched the software running its Zcash (CRYPTO: $ZEC) systems ahead of a planned upgrade.

The upgrade is aimed at making new blocks, the batches of transactions added to the Zcash network, arrive every 25 seconds instead of every 75 seconds.

Gemini's new software uses Zakura, a program that follows Zcash and checks its transaction history. Gemini said the switch will enable safer and more secure transactions.

Specifically, the new software provides a saved copy of recent network data and can bring a replacement computer online without downloading Zcash's history from the beginning.

Gemini is controlled by twin brothers Cameron and Tyler Winklevoss. Their Zcash interests go beyond their crypto exchange.

The Winklevoss brothers led a $59 million U.S. financing round of Cypherpunk Technologies (NASDAQ: $CYPH), a company that mines Zcash.

A Winklevoss affiliate also sold Cypherpunk a Zcash mining fleet for $33 million U.S. in August of this year. Cypherpunk says that Gemini handles trading and custody of its ZEC holdings.

Zcash's upcoming upgrade, called "NU7," aims to shorten the time between blocks from 75 seconds to 25 seconds.

This means that computers following the network will have to receive and check new batches three times as often. Developers are targeting Nov. 5 for the change.

Gemini has not published a test of how its new software performs under NU7's faster block schedule.

GEMI stock has fallen 78% over the last 12 months to trade at $5.29 U.S. per share.