“This is a big step for privacy in regulated crypto,” said a blockchain analyst familiar with the move. Gemini has become one of the first regulated exchanges to allow direct withdrawals to Zcash’s new Ironwood shielded pool, just two days after the protocol sealed its previous privacy pool due to a critical vulnerability.
The upgrade, known as NU6.3, activated the Ironwood pool on July 28 at block height 3,428,143. Unlike its predecessor, the Orchard pool, which held nearly $1.7 billion in ZEC but suffered a counterfeiting flaw, Ironwood started with a zero balance to ensure security from day one. Users with funds stuck in Orchard must now migrate those assets through a special mechanism that moves coins from the sealed environment into the fresh Ironwood pool.
On its launch day, over 176,000 ZEC, worth about $80 million, successfully transitioned into Ironwood, signaling strong adoption despite the recent network changes. This pool was developed with help from organizations like Tachyon and the Zcash Foundation, highlighting a collaborative effort to safeguard privacy features.
Gemini’s move isn’t surprising given its privacy track record. The exchange began supporting Orchard shielded withdrawals back in November 2025, standing out among regulated platforms willing to embrace Zcash’s unique privacy tech. Now, with Ironwood live, users can withdraw shielded ZEC directly to compatible wallets such as Zodl, keeping sender, receiver, and transaction amounts hidden from public view. This contrasts with many exchanges that only offer transparent withdrawals, which expose transaction details and undermine the core privacy benefit of Zcash.
This material is for informational purposes only and not financial advice.
