Zcash (ZEC) will be the next coin to join the popular cryptocurrency exchange Coinbase’s list of featured virtual assets. It will be the first new asset, since Ethereum Classic (ETC), that doesn’t run-off the Ethereum (ETH) network.
The announcement, made on Thursday afternoon on the official Coinbase blog site, will see Zcash listed as the next cryptocurrency on Coinbase Pro, the exchange’s trading platform for institutitonal and accreditted investors. Coinbase Pro initated Zcash deposits at 10:00 PT, less than one hour ago. Trading will go live in 12 hours, at 22:00 local time this evening.
Its first trading pair will be with USD Coin (USDC), the exchange’s own stablecoin backed on a 1:1 ratio with the US dollar.
Zcash is a peer-to-peer payments protocol which gives users the option to send transactions priavately. Established in the latter part of 2016, it uses the zk-SNARKS algorithm, which effectivelty enables transactions to be verified without the particulars having to be divulged. This used to take a substantial amount of computational power, but the recent Sapling upgrade has made private transactions more efficient.
Coinbase had a reputation for being picky. This changed earlier this year when the exchange began to list more assets. The ultimate aim being to support “hundreds” of digital assets. Until today, these had all been ERC20 tokens, virtual currencies that run off Ethereum. Decentralized exchange token 0x (ZRX) was listed in early October, with the digital advertising coin Basic Attention Token (BAT) being added right at the beginning of November.
Coinbase hasn’t explained the rationale behind the new addition. The move will take some by surprise because it is a privacy coin, a form of digital currency authorities in the US have expressed disapproval about.
The author is invested in ETH, mentioned in this article.
The post Coinbase Pro Lists Zcash Privacy Coin appeared first on Crypto Briefing.
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