Zcash [ZEC] Now Available to Retail Traders on Coinbase Exchange

Coinbase acquires cryptocurrency start-up Earn
  • Trading pairs available on coinbase.com as well as Android and iOS apps.

Following last week’s announcement, Coinbase exchange has now included support for privacy-focused cryptocurrency Zcash [ZEC] on its retail trading platform.

The U.S-based crypto exchange announced Wednesday that users can buy and sell Zcash on Coinbase.com as well through its mobile applications.

The statement read:

“Starting today [Dec 5.], Coinbase supports Zcash (ZEC) at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, send, receive, or store ZEC”

As Smartereum reported, last week Coinbase launched the trading of Zcash for its professional traders on the Coinbase Pro platform, formerly GDAX. The service which was opened to Pro users in U.S., UK, European Union, Canada, Singapore, and Australia came as a bit of a surprise given the anonymity or privacy-centric nature of ZEC.

The statement had outlined four phases of the ZEC launch which included 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.

Wednesday’s announcement mirrored the statement from last week. Customer in New York will not immediately be able to access the service for the time being. The service will also not be available in the United Kingdom and some other jurisdictions according to Coinbase’s statement.

Furthermore, transfers from shielded addresses are currently blocked; Coinbase explained that “customers can send ZEC to Coinbase from both transparent and shielded addresses, but only send off Coinbase to transparent addresses.”

The inclusion of ZEC came with a dedicated page on its website for market information around the token.

Name Price24H (%)
Bitcoin (BTC)
$3,364.05
-2.24%
Zcash (ZEC)
$53.45
-4.77%

Zcash [ZEC] price Watch

Following the announcement last week, the price of ZEC jumped briefly almost reaching $100 but that rise was not sustained—something crypto fans have tagged the Coinbase effect. The news ZEC’s introduction to the retail trading platform has done little to quell the drop as the coin had lost more than 5 percent in the 24 hours following the announcement and over 16 percent since this time last week.

At the time of writing, ZEC trades for $68 to the USD with a total market cap of about $367 million placing it No. 17 just below Ethereum Classic on the CoinMarketCap charts.

Coinbase token Listing Drive

Coinbase has stayed true to its promise of listing more tokens albeit slower than crypto enthusiasts might have expected. Since mid-2018 when it hinted at some new listings, the exchange has added three of them. As Smartereum reported, Coinbase listed its first ethereum-based token, 0x Protocol token and then Brave browser’s Basic Attention Token [BAT] and now Zcash, the first privacy-centered token to be listed on the platform. Crypto faithfuls will keenly watch to see if it lists Cardano [ADA] and Stellar lumens [XLM] in the coming weeks; speculations are rife. A notable absence is Ripple’s XRP token which has now replaced Ethereum as the second most valuable token by total market capitalization.

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