Privacy Coin Zcash (ZEC) is Now on Coinbase—But There’s a Catch
Coinbase now supports the privacy-centered cryptocurrency Zcash (ZEC).
On December 6, the US-based exchange launched Zcash trading on its main platform, less than a week after Coinbase Pro—specialized for advanced traders—accepted ZEC.
ZEC is now live on Coinbase and in the Android and iOS apps. Coinbase customers can log in now to buy, sell, send, receive, or store ZEC. https://t.co/dR1h0eqIqe
— Coinbase (@coinbase) December 5, 2018
Designed as a mode of payment, Zcash allows its holders to participate in private transactions. ZEC owners could opt for transparent transactions—details of which are publicly available on the blockchain—or for shielded ones—in which the transaction metadata are encrypted.
As of the moment, Coinbase accepts deposits from both transparent and shielded Zcash addresses. However, the exchange does not support sending ZEC from Coinbase to a shielded address yet.
But Coinbase promised to study allowing withdrawals to shielded addresses “in locations where it complies with local laws.”
Zcash Company, in a blog post, wrote:
“We are happy to hear that Coinbase has committed to exploring support for withdrawals to shielded addresses and believe this is a strong signal to the cryptocurrency, regulatory and financial community that they both respect the privacy rights of their users, and believe that privacy can and should be supported within regulated environments.”
With a market capitalization of US$368 million, Zcash ranks 19th among all cryptos in the market. Currently, ZEC is trading at US$68.31 against the US dollar.