A famous U.S. based cryptocurrency exchange platform Coinbase has announced that Zcash, the cryptocurrency will be introduced on the exchange platform Coinbase Pro.
The declaration by coinbase reveals that it will begin to accept inbound (deposit) transfers of ZEC tokens. Starting 10 am PST on Thursday, customers can transfer ZEC into their coinbase pro account. ZCash Deposits will be enabled for a minimum of 12 hours before ZEC trading goes live. Though early deposits have already started. Reportedly, Coinbase will launch ZEC trading for its USDC pair once “sufficient liquidity is established.”
Zcash is a cryptocurrency built on a decentralized blockchain, aimed to make transactions more private than they are in the Bitcoin (BTC) blockchain. It comes in two forms: shielded and transparent. Zcash’s “view key” option is used to enable some users to see private information about users’ transactions. View keys can be used for an audit or for sharing information without disclosing it publically.
The exchange also states that ZEC trading will initially be available for Coinbase Pro users located in the U.S. (with the exception of New York), U.K., E.U., Canada, Singapore, and Australia. Eventually, the exchange will add more jurisdictions, depending on the regulatory green lights and other support statements.
As Coinbase’ blog affirms, “In the future, we’ll explore support for withdrawals to shielded addresses in locations where it complies with local laws.”
Coinbase also emphasizes that ZEC trading is not yet enabled on Coinbase.com or their mobile apps. The company will make a separate announcement later, regarding that.
Reportedly, the ZEC trading is set to have four stages, including “transfer-only,” “post-only,” “limit-only,” and “full trading. The initial two stages will allow users to transfer ZEC to their Coinbase Pro accounts. The rest of the stages will allow customers to match limit orders and finally fully trade.
Notably, ZEC has spiked high, posting a 15% increase despite a mixed bag market, which hints towards a “Coinbase Effect.”