Zcash Cryptocurrency Appears On Coinbase Exchange
The Coinbase Pro crypto exchange, one of the largest by trading volume in the US, announced support for Zcash, a cryptocurrency aimed at protecting the privacy of its users. The first batch of the coins was received by the trading platform on November 29, 2018, at 18:00 UTC, as stated in the company's blog.
ZEC is launching on Coinbase Pro. Starting at 10am PT, customers can transfer ZEC into their Coinbase Pro account. Traders can deposit ZEC, but cannot place or fill orders. Order books will remain in transfer-only mode for at least 12 hours. https://t.co/5nADybxqKk— Coinbase Pro (@CoinbasePro) November 29, 2018
Users can make deposits to buy new coins during at least 12 hours before the official sales opening. Trading with Zcash will start as soon as the cryptocurrency becomes sufficiently liquid for the operations, which is to be announced later. New coins can be bought for USDC, a stablecoin pegged to the dollar.
Initially, Zcash will be available to residents of the United States and European Union, as well as users from Canada, Singapore, and Australia. Other jurisdictions will join the trade later.
Zcash is focused on preserving privacy in transactions and uses specific encryption methods that can hide metadata. At first, Coinbase will accept deposits from both regular and anonymous addresses, but users will be allowed to withdraw funds only to transparent wallets. In future, the exchange may support withdrawing to encrypted addresses in countries where it is permitted by law.
After the Coinbase announcement on November 29, the Zcash rate surged by 15% to $99. As of November 30, the price of the coin has adjusted and amounts to $83. The cryptocurrency is ranked 19th by capitalization, according to CoinMarketCap.
Previously, Tether reopened the option of converting its stablecoin to US dollars.