One of the biggest crypto exchanges in the US, Coinbase, has announced support for Zcash. The currency can be traded on Coinbase.com, the web platform, and the iOS and Android apps of the exchange. ZEC is the first privacy-focused coin to be added to Coinbase. This follows on from Zcash listing on Coinbase Pro a week ago.
New ZEC Listing Now Live
Coinbase announced in a new blog post that customers can now “buy, sell, send, receive, or store ZEC.” The coin will be supported on Coinbase exchange as well as their wallet. ZEC will be available in most jurisdictions where Coinbase operates. However, users based in the state of New York or the United Kingdom will not be able to trade right away. Coinbase said that it would add additional jurisdictions later.
The exchange noted that its customers often request for more assets to be listed on the platform. It announced a new listing process earlier this year to handle these requirements. The exchange said that it is investing in new tools that could help people understand cryptocurrencies more, so new pages on ZEC information have been added as well.
Could Zcash Capitalize on the Opportunity?
Zcash is a privacy-oriented digital currency that uses advanced cryptography to keep their transactions discreet. The network allows “transparent” and “shielded” transactions to the users. Third parties can see metadata of a transaction in the transparent option but not in the shielded option. Customers can send money to Coinbase from both types of addresses initially, but the withdrawals will only be allowed on transparent addresses for now.
The listing on Coinbase hasn’t helped Zcash’s prices much. On December 5, the coin was trading for $72.94, and within 24 hours, the price has fallen to $67.90. Trading volume for the coin has increased as expected but it was not enough to save ZEC from tumbling 5.59%.
