The largest exchange in the US, Coinbase has will soon launch trading for privacy coin Zcash (ZEC). The exchange started accepting deposits for the coin on November 29 at 10 am PT. Deposits will be accepted at least 12 hours before trading is enabled on the platform. The platform will start the ZEC/USDC order book once it gains sufficient liquidity in the market. The coin may not be available to all Coinbase Pro users in the beginning.
New York Users Can’t Deposit Zcash
In the beginning, users in the UK, European Union, Australia, Singapore, and Canada will be able to trade in Zcash. US-based users, except those in New York, will also get to trade in ZEC. Coinbase noted that it would be adding support for other jurisdictions later. Trading will also not be available on Coinbase.com or the Coinbase mobile apps.
Trading for the coin will begin in four phases, as is usual in most Coinbase listings. On Thursday, the exchange opened the transfer-only phase where users can deposit ZEC into their Coinbase Pro accounts. This stage can continue for at least 12 hours. After that, the markets will enter the post-only phase where limit orders can be posted, but no matches will be offered. This could take a minimum of one minute.
In the limit-only stage, limit orders will start matching, but market orders will not be allowed. This stage can continue for at least ten minutes before the final phase of full trading begins where the market, limit and stop orders will be allowed.
Understanding Zcash (ZEC)
Zcash is a cryptocurrency designed to provide added privacy to the users. It uses advanced cryptography to ensure that transactions remain discreet. The “shielded” or “transparent” transactions that the currency provides has landed it in some controversies in the past. However, it remains one of the leading crypto projects out in the market.
Coinbase suggests that it will provide deposit support from shielded as well as transparent addresses in the Zcash network. However, withdrawals will only be allowed through transparent addresses.