By
Temitope Olatunji
April 18th, 2024
Coinbase continues adding new cryptocurrencies to its platform. Now Zcash (ZEC) will be available for Coinbase Pro customers.
This year Coinbase has been active in expanding its offerings. In July, it was announced that the company was working on the regulatory front to make possible it possible to add to its platform five new cryptocurrencies Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX).
We have already reported that 0x token has become the first ERC-20 token added to Coinbase Pro, then it came time for BAT. And now the major U.S.-based cryptocurrency exchange has announced the launch of support for Zcash (ZEC) on its Coinbase Pro platform.
Zcash Support
The company has announced that on November 29 it has started to accept inbound transfers of Zcash (ZEC) on Coinbase Pro. Trading will be fully started as soon as sufficient liquidity is reached.
Coinbase has warned that initially, only Coinbase Pro users from the U.S. (with the exception of New York), U.K., E.U., Canada, Singapore, and Australia will have a possibility to trade ZEC on the platform. Nevertheless, the platform is planning to expand this offer to other jurisdictions in the future.
Also, now ZEC trading will be available only on Coinbase Pro, users of Coinbase.com and mobile apps won’t have an opportunity to deal with this token right now. The company will make an extra announcement of the date when it will become possible.
Following the general Coinbase’s principle of listing tokens, ZEC should pass four stages. These stages include “transfer-only,” “post-only,” “limit-only,” and “full trading”.
At the first stage, customers will be allowed to transfer ZEC into their Coinbase Pro account without placing orders. The second stage presupposes posting limit orders without matches.
At the third stage, customers will be able to match limit orders and finally at the fourth stage full trade will be enabled as it is seen from the name of the stage.
Market Reaction
Zcash is a cryptocurrency built a decentralized blockchain, with a view to increase the level of transactions privacy in comparison with those that are conducted on the Bitcoin (BTC) blockchain.
To examine private information about users’ transactions, it is necessary to utilize view keys. They can be also used for sharing information without making it publically available or for conducting audits.
The asset is presented in two forms: shielded and transparent. According to the information revealed, Coinbase Pro will support deposits from both forms of ZEC, nevertheless, right now it will allow withdrawals only to transparent addresses.
The announcement made by Coinbase resulted in the Zcash price jump. It took its price just five minutes to increase by 15 percent and reach a 9-day high. It grew from $82 to more than $99. Nevertheless, at the moment of writing, the token is traded for $80.12 with the market cap of around $428 million and its daily trading volume is around $170 million.