Coinbase Adds Privacy-Focused Zcash to its Pro Trading Exchange
Leading U.S. cryptocurrency exchange Coinbase announced it is launching Zcash (ZEC) trading on its professional trading platform Coinbase Pro.
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
“ZEC is launching on Coinbase Pro. Starting at 10 am 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 a transfer-only mode for at least 12 hours,” Coinbase announced in its blog post on Thursday.
As per the the press release, Coinbase Pro users can already deposit Zcash on their accounts, though ZEC/USDC trading functionality will be unlocked once the cryptocurrency gains sufficient liquidity.
The procedure of new coin listing consists of four stages: at first, users can deposit coins, then the exchange starts to accept limit orders, match orders and finally unlock the full functionality.
Initially, Zcash trading will be available for Coinbase Pro users in the USA, EU, Canada, Singapore, and Australia. Other jurisdictions will be added at later stages.
Zcash is a privacy-focused coin, which means that users can opt to hide their addresses and thus send and receive funds anonymously. Coinbase will accept deposits both from open and private (anonymous) addresses, however, withdrawals will be made only to open addresses. The company said it may consider allowing withdrawals to private addresses in certain jurisdictions.
After the announcement about the listing from Coinbase Pro, the price of Zcash had jumped 15 percent to reach a 9-day high of $99.13, according to data from the Binance exchange. At the time of writing on Friday, is changing hands at around $83.
Last month, developers behind Zcash blockchain announced successful Sapling hard fork, which introduces new shielded addresses with significantly improved performance.
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