Coinbase, a major American cryptocurrency exchange, and wallet provider have declared support for Zcash (ZEC) at Coinbase.com and the exchange’s Android and iOS apps, following the launch of Zcash (ZEC) on Coinbase Pro the previous week, a blog post published Dec. 5 reads.
According to the announcement made today, Zec can now buy, sell, send, receive, and store by Coinbase customers. Initially, customers from the United Kingdom and the state of New York will not be able to use the coin, however, the service will be made available for customers in most jurisdictions. Coinbase also states that other jurisdictions may be introduced later.
Due to the fact that Zcash is a digital currency that is dependent on a decentralized blockchain and built with the aim of making transactions more private than they are on the Bitcoin blockchain, it adopts particular features of cryptography to safeguard the privacy of its users. Hence, Coinbase pointed out in the post:
“Initially, customers can send ZEC to Coinbase from both transparent and shielded addresses, but only send off Coinbase to transparent addresses. In the future, we’ll explore support for sending ZEC to shielded addresses in locations where it complies with local laws.”
The measure was taken after the launching of ZEC on the Coinbase Pro platform towards November end. Also, the exchange further stated that the transaction on the ZEC/U.S. dollar order book would start if only enough liquidity is built.
Zcash is yet to provide any response to Coinbase’s announcement and according to CoinMarketCap is demonstrating a slump by about 10 percent on the day. As at the time of the press, the coin is changing hands at around $66.64 indicating that it dropped from yesterday’s high point of $77.73. The market capitalization of the altcoin is approximately $358.9 million, whereas about $155 million in its daily trading volume.
As was reported the previous week, an over-the-counter (OTC) trading was launched by Coinbase for institutional clients, purposely following a rise in demand for OTC crypto trading from industrial players.