Cryptocurrency startup Circle which is backed by investment bank Goldman Sachs has yesterday announced that it will be incorporating Zcash to its investment platform. This announcement came after Circle did a beta test last month and aims to compete with cryptocurrency exchange Coinbase in providing users with instant, commission-free crypto asset trading.
Zcash is a simple service that enables users to purchase cryptocurrencies with ease. The users of Circle Invest will now be able to buy and invest as little as $1, with the service not commanding any transaction fees even though it says the spread between buying and sell orders is approximately one percent.
When the app was launched, it supported Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and Ethereum Classic (ETC), with Circle Invest promising its users that it will add more altcoins as time goes on. They have done that by confirming the addition of Zcash.
Zcash is known as a decentralized and open-source digital currency that gives users strong privacy and allows them to shield their transaction in order to keep the identity of the receiver and the sender and also keep the value on the blockchain. Circle Invest tweeted yesterday welcoming Zcash to the ‘Circle Invest family’ and stated it is available to buy right now.
They tweeted that “Hello, Zcash 👋. A new coin just joined the Circle Invest family, and it’s available for you to buy right now. Learn more here: https://t.co/pR0y6T1H2K”
Rachel Mayer, senior product manager at Circle, in a blog post stated that “Our mission for Circle Invest is to democratize access to investing in crypto assets for every consumer. Making the wider breadth of assets available on Circle Invest will continue to be a part of this mission, and of course doing our best to ensure that we bring the crypto without the cryptic to everyone, anywhere.”
Meyer further added that the company will be making more announcements in the coming weeks.
According to NSA whistleblower, Edward Snowdon, Zcash is a very interesting alternative to Bitcoin. In a Twitter post last year, he stated that “Zcash’s privacy tech makes it the most interesting Bitcoin alternative. Bitcoin is great, but “if it’s not private, it’s not safe.”
Zcash has also been viewed with optimism by industry experts with Grayscale investments earlier this year published an investment thesis predicting that the price of Zcash could hit $60,000 by 2025 if investors decided to use it instead of traditional offshore banking services. An analyst at Grayscale Matthew Beck commented that Grayscale believe that the currency has the potential to be the “first globally accessible ‘offshore’ investment opportunity.”