Coinbase Adds Zcash to Retail Crypto Trading Service

Coinbase Adds Zcash

The crypto-space is always filled with news of cryptocurrency listings on exchanges around the world, even though the cryptomarket as a whole is in a bit of a decline. This most recent news involves Coinbase, one of the most reputed and largest cryptocurrency companies around. The news of Zcash’s inclusion bolstered their reputation, as well as their value rising as far as 15% immediately following the news.


Coinbase: Latest Developments

According to a recent press release by the Coinbase staff, the exchange would now allow buying, selling and sending using Zcash. However, the feature would not be immediately introduced to the customers in the United Kingdom and the United States, who will have to wait. The recent blog post related to the Zcash announcement, also included some information that shares some light on the latest privacy features, giving users the options of sending either transparent or shielded type transactions. Coinbase’s protocol now supports both encrypted and transparent transactions. Users would have to choose between allowing third parties to see metadata associated with the transaction or shielding that information.

The news had a profound impact on Zcash’s value, as was the case with many other tokens recently introduced on Coinbase’s platform. According to data extracted from Coinbase Crypto-Economics Explorer, the coins price jumped 4% to reach a 24 hour high of $75 immediately after the news. At the time of writing (12/12/2018) Zcash is trading at $55.01 USD.

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Coinbase: Company Background

Coinbase is regarded as one of the largest cryptocurrency companies in terms of reach, operating in 33 countries with a growing user base of more than 20 million customers worldwide. It has been in the forefront since the early days of the cryptocurrency craze, allowing users to buy and sell Bitcoins as well as other cryptocurrencies through their bank account. It is also one of the first exchanges in the world to initiate crypto trading through debit or credit cards.

The company can trace its roots back to 2012 when Brian Armstrong and Fred Ehrsam were a part of Ycombinator. Initially offering only Bitcoin brokerage services, the company slowly added an array of additional crypto services over the years.

Before the recent addition of Zcash and other new tokens, the exchange primarily supported 6 cryptocurrencies, namely, Ethereum, Bitcoin, Litecoin, Bitcoin Cash, Ethereum Classic and 0x. Coinbase offers a variety of payment methods for catering to a larger client base. They support payments made through both credit and debit cards, as well as through wire transfers.

Also Read: The Importance of KYC in the Crypto World

Zcash: Background information

First released on 28th October 2016, Zcash is a privacy-focused cryptocurrency which aims at addressing deficiencies of the popular Bitcoin protocol. It uses a zero-knowledge proof protocol called zk. SNARKs. Zcash tokens can either be in a shielded pool or a transparent pool.

The main driving force behind Zcash’s privacy benefits is the option of “selective disclosure”. This feature allows users to prove payment for auditing purposes, mainly to comply with anti-money laundering or tax evasion investigations.  The team behind Zcash has also worked with leading law enforcement agencies in the U.S. and the world by explaining their technology, denouncing anybody who would use the currency for unlawful and criminal activities.

Coinbase Pro has now listed 5 new tokens including Zcash, 0x, Basic Attention Token, Cardano and Stellar.

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