Coinbase is working hard to add new cryptocurrencies to its platform and this year the company has been extremely focused on complying with regulations for this purpose.
Now, support for Zcash (ZEC) has been added on the Coinbase Pro platform according to the official announcement. The exchange now accepts inbound transfers of Zcash and trading will begin when sufficient liquidity is reached.
The company also mentions that initially, ZEC trading is available only for Coinbase Pro users from the U.S. (except New York), E.U., Canada, U.K., Australia, and Singapore. Even so, the exchange does plan to add more locations in the future.
While currently ZEC trading is limited to Coinbase Pro, the company says they will make another announcement when support for the coin will be added to the Coinbase.com platform.
As for any token listed on Coinbase, ZEC will go through for stages: “transfer-only”, “post-only”, “limit-only”, and “full trading”.
During the “transfer-only” stage customers will be able to transfer ZEC to their Coinbase Pro accounts while the second stage will allow placing limit orders without matches. After entering the third stage, customers will have the option to match limit orders while the fourth stage will enable full trading as its name suggests.
Zcash is a decentralized cryptocurrency with the main goal is to provide increased privacy for transactions compared to those performed on the Bitcoin and other crypto blockchains. The platform relies on view keys for accessing information related to user transactions. View keys can also be used to share information without making it publicly available or to perform audits.
ZEC is available in two forms: shielded and transparent. The official press release mentions that presently Coinbase Pro allows withdrawals only to transparent addresses although deposits for both forms of ZEC will be supported in the future.
Obviously, Zcash has also been affected by what is called the “Coinbase effect” with the coin’s price increasing by 15% in the first five minutes after being listed.