By
Chimamanda U. Martha
April 19th, 2024
eToro, the global multi-asset investment platform, is expanding the list of crypto assets available to its users. ZCash has become the 14th digital asset added.
The crypto sphere is growing and developing but alongside the industry itself, the needs and demands of people are growing as well. To meet this constantly increasing demand, crypto-related companies should do their best to expand their offerings which will give them an opportunity to attract new clients and retain the existing ones.
eToro, an investment platform that is well-known all over the world, definitely feel the needs of its over ten-million user base. After throughout analysis of the demand, the company has added a new crypto asset to its platform. Now ZCash (ZEC) is available to the platform’s user as well as other 13 digital assets the support of which has been added earlier.
Why ZCash
A decentralized payments network called ZCash stands out from the crowd for its enhanced privacy option offered for users. Thanks to this peculiarity the network is often viewed as a real Bitcoin’s rival. Its history began in 2016 and the group of its founders includes Matthew D. Green, a prominent Johns Hopkins University’s cryptographer.
ZCash network attracts the attention of the crypto community due to its potential to process two types of transactions. On one hand, its transactions can be absolutely transparent which means that it such situations the working principle of the network is very similar to the working principle of many other networks including Bitcoin.
On the other hand, transactions on the network can be shielded. In such a case, the information about a recipient, a sender, and payment values is not revealed and can’t be seen by those who have access to a public blockchain.
Such a working principle makes payment audits possible but they can be completed only if users give their consent.
What eToro Offers
Before ZEC was added to the platform, eToro clients had access to13 other digital assets. The list of the available cryptocurrencies included the following assets: Bitcoin, Ethereum, Bitcoin Cash, XRP, Litecoin, Ethereum Classic, Dash, Stellar, NEO, EOS, Cardano, IOTA, and BNB.
But given the current situation on the market, it was quite obvious that users want to diversify their portfolio and the eToro team has taken a decision to provide them with such an opportunity.
Speaking about their new initiative Yoni Assia, co-founder and CEO at eToro said:
“The way in which we transfer money from person to person, or company to company is constantly evolving. It is not surprising that others have taken on some of the core ideas behind Bitcoin and developed new payment networks with additional features – in the case of Zcash – privacy. We are excited to offer ZEC to eToro investors as they seek to diversify their cryptoasset holdings.”
It has also become known that ZEC will be added to eToro’s CryptoPortfolio as well. This move will give investors am possibility to diversify across all available crypto assets.