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In a ad Thursday, Coinbase Pro officially added support for Zcash (ZEC), an important privacy-centric cryptocurrency.
Based on the release, Coinbase Pro began to receive the incoming tokens of the ZEC tokens starting at 10:00 PST on Thursday, according to reports for a minimum period of 12 hours, after which the negotiation of the ZEC token was published on the platform.
Coinbase users will be able to trade ZEC / USDC trading pairs once the exchange has achieved sufficient liquidity in deposits. As with most of its products, access to ZEC on the platform will be determined by location. ZCash trading on Coinbase is accessible to users in the United States (excluding New Yorkers), United Kingdom, Canada, Singapore, Australia and the European Union. The platform promises to add more regions to the list at a later time.
The ZEC / USDC trading pair, as well as other recent insertions on Coinbase Pro, such as 0x (ZRX), Ethereum Classic (ETC) and Basic Attention Token (BAT), will be launched with the use of a process that extends four phases; only post-transfer, transfer only, limit-only and full.
The coin launch for privacy on Coinbase would be phased. The first stage is called & # 39; Transfer-only & # 39; which involves users who transfer their ZEC tokens into their Coinbase Pro account. The second phase is called "Post-only", where customers can send limit orders, but they will not be completed. Order books should be in this position for a minimum of one minute.
The third phase is called "Limit-only." This phase provides for the combination of limit orders, but will not be sent yet. Coinbase estimates a minimum of ten minutes to spend here. The last phase is "Full trading" in which everything the trader needs to trade will be made available.
ZCash is a privacy cryptocurrency known for its unique technology, known as zk-SNARKS, which allows users to make transfers of funds without revealing their identity or amounts transferred.
"The distinction between" transparent "and" screened "Zcash transactions is analogous to the distinction between unencrypted HTTP and encrypted HTTPS," reads the press release. FFollowing the announcement of Coinbase, the value of ZEC has risen from $ 79 to $ 87 in the last 24 hours. This figure represented an increase of 8%, unlike the general decline in the market 2%.
In a separate development, Coinbase has just launched its OTC trading desk for its institutional clients. Furthermore, it would appear that the exchange is planning to expand its service to allow even postponed settlement.
Christine Sandler, Head of Sales at Coinbase, said: "We launched our OTC business as a complement to our trading business because we found that many institutions used OTC as a ramp for cryptographic trading."
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