Coinbase latest token listing drive has seen it add its first ethereum-based token and it first stablecoin in a short space of time. The exchange has now added a privacy-centric coin, Zcash to be traded on its platform.
The U.S.-based crypto exchange announced on Thursday, November 29 that it will begin to accept inbound transfers of Zcash (ZEC) on Coinbase Pro (formerly GDAX).
The statement read:
“We will accept deposits for at least 12 hours prior to enabling trading. Once sufficient liquidity is established, trading on the ZEC/USDC order book will start.”
Limited Zcash Services
Given the anonymous nature of some Zcash transactions, Coinbase will exercise caution when listing the coin as it noted some restrictions. ZEC trading will be open to Coinbase Pro users in U.S., UK, European Union, Canada, Singapore and Australia while residents in New York and other jurisdictions will have to wait for announcement on another date if they are to receive access. Retail traders using Coinbase.com and Coinbase mobile platforms have not been given access to ZEC at this time.
ZEC blockchain allows both transparent and hidden transactions unlike Moreno which uses anonymous transactions by default. Coinbase likened this ZEC system to internet protocols; HTTP for open and HTTPS for encrypted. The exchange explained that it would support withdrawals only to transparent addresses while it considers the legal implications of withdrawals into anonymous addresses.
“Initially, we will support deposits from both transparent and shielded addresses, but only support withdrawals to transparent addresses. In the future, we’ll explore support for withdrawals to shielded addresses in locations where it complies with local laws.”
The exchange outlined four stages of the ZEC launch namely the “transfer-only” stage in which customers will be able to transfer ZEC into their Coinbase Pro account but will be unable to place or fill order books; the “post only” phase where customers can post limit orders but there will be no matches; ‘Limit-only” stage where limit orders will start matching but customers will be unable to submit market orders and the “Full trading” where complete trading services will be available, including limit, market, and stop orders.
The Coinbase Factor
The ZEC market responded positively to the news of Coinbase listing. Following the announcement, the price of Zcash [ZEC] went up to as high as $99 on Binance, its highest point since the crypto market tumble mid-November.
Zcash [ZEC] Price Watch
Though ZEC shed some of the value gained immediately following Coinbase listing, it still boasts a healthy 5.25 percent gain in the last 24 hours and double that percentage in the last 7 days. At the time of trying, ZEC is trading at $86 to the US dollar with a market capitalization of about $456 million according to data from CoinMarketCap.