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After the addition of Zcash, a renowned cryptocurrency known for its robust privacy features, on Coinbase Pro last week, Coinbase revealed that it will support this digital currency on its main website coinbase.com and mobile application cryptographic exchange for both Android and iOS.
Zcash now fully supported by Coinbase
The support of Coinbase for Zcash will greatly promote the adoption of cryptocurrency. Investors will now be able to purchase, sell, send, store and receive ZEC through all platforms of the accredited company, including mobile apps securely. Before proceeding, it is important to note that Coinbase is one of the largest and most preferred retail brokerage platforms in the country.
At the time of writing Zcash is available to customers in most states, except New York, regions like the United Kingdom. The company has hinted that they will add other jurisdictions in the near future. As noted by CCN, prices have increased significantly since its launch on Coinbase Pro last week. However, ZEC went against the "Coinbase" effect and the price fell 17% in one day, on November 30th
While explaining how Coinbase will accept the privacy features offered by Zcash, the company has stated that it will provide partial support for all protected transactions. This provision will be available until local regulations give the green light for the complete implementation of the transaction screening.
In either case, transparent or unencrypted versions of the network will allow third parties to access and view the metadata of all transactions and communications. On the other hand, the protected or encrypted version will safeguard this information.
It is also important to note that at this early stage, customers will be able to send Zcash to Coinbase from shielded and transparent addresses. However, all transactions resulting from Coinbase must be directed to transparent addresses. However, company officials said they are working on a system that will allow customers to send ZECs to secure addresses in specific locations. For this to happen, the local regulatory framework needs to be revised.
Mixed reaction on the inclusion of ZEC on Coinbase
Shortly after Coinbase announced the inclusion of ZEC via Twitter, thousands of people who have used the platform or intend to use it have shared their opinions on the matter. Some users categorically stated that this was a positive move in the right direction, but some did not approve it.
Opponents of the rulings said that the main feature of ZEC, which is based on zero knowledge cryptography, could be exposed to hacking and other risks when listed on Coinbase. Another concern is that since Coinbase is headquartered in the United States, it must comply with federal and state laws, which include the fulfillment of the FINRA KYC / AML clauses and allow monitoring by the Securities and Exchange. Commission.
Zooko Wilcox, the founder of Zcash, has however stated that the company is optimistic that the commitment of Coinbase in supporting the current features and improvements of privacy will continue to give it an edge in the market. Zooko also said that governments and exchanges will soon be tasked with offering solid protection for privacy to all customers. Here is a guide on how to invest in bitcoins and other cryptocurrencies like a professional trader.
