Coinbase has taken the decision to list a new cryptocurrency on its trading platform. ZCash (ZEC) is now available for trading for interested investors. ZCash is one of the largest privacy coins in the market and Coinbase one of the most popular crypto platforms available. The information was released by Coinbase a few days ago.
ZCash Listed in Coinbase Pro
The popular and easy-to-use trading platform Coinbase Pro has a new virtual currency available for trading. Investors will now be able to buy and trade ZCash against the USD Coin (USDC), a stablecoin backed by Circle.
According to the official statement released by Coinbase, at 10am PT on Thursday, November 29, the platform starts accepting inbound transfers of Zcash. The company explained that they will initially be accepting deposits for at least 12 hours prior to enabling trading.
Coinbase informed that once there is sufficient liquidity, trading on the ZEC/USDC order book will start. Users located in the United States (excluding NY), the United Kingdom, the European Union; Canada, Singapore and Australia will be able to access this virtual currency. Additionally, the exchange and platform inform that other jurisdictions could be added at a later date.
ZCash is a cryptocurrency that protects users’ privacy at the time of processing transactions. It works in a similar way as Monero (XRM) and it offers ‘transparent’ and ‘shielded’ transactions.
The official statement reads as follows:
“The distinction between ZCash’s ‘transparent’ and ‘shielded’ transactions is analogous to the distinction between unencrypted HTTP and encrypted HTTPS. In both cases, the unencrypted/transparent version of the protocol allows third parties to see metadata associated with the communication or transaction, while the encrypted/shielded version protects this information.”
Coinbase has been added different virtual currencies to its platform in recent times. Back in July, Coinbase mentioned that it was exploring the addition of several virtual currencies to its platform. These currencies were Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), ZCash (ZEC) and 0x (ZRX). Until now, BAT, ZEC and ZRX were added to the platform.
In the last 24 hours, ZCash has experienced an important price action. The virtual currency grew 6.13% and in just a few days, it registered an increase of 30%. When a virtual currency is added to a new platform such as Coinbase, the market tends to react in a very positive way. Coinbase is one of the favourite platforms used by users that are new in the virtual currency space. Having a wider choice of digital assets for trading at Coinbase is a very positive thing for the whole market.
At the time of writing, Coinbase is listing Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), Ethereum Classic (ETC), ZCash (ZEC), Basic Attention Token (BAT), 0x (ZRX) and USD Coin (USDC). The next additions could be Stellar Lumens and Cardano, which are both in the top 10.
ZCash is currently being traded close to $88 and it has a market cap of $466 million.