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After weeks of waiting about which of the Stellar (XLM), Cardano (ADA) and Zcash (ZEC) trifecta would be listed later on Coinbase Pro, the exchange announced today that ZEC has won.
Unlike the Basic Attention Token (BAT) and Ox (ZRX) lists at the beginning of the year, the announcement was sudden and unexpected, effectively undercutting the usual one-month pre-quotation pump we are used to.
The listing was sufficient to trigger a 21% growth for Zcash on a day when the broader market was generally declining.
Zcash Hits Coinbase Pro
According to the announcement of Coinbase on Thursday:
"At 10 o'clock on Tuesday, Thursday 29 November, we will begin to accept the incoming transfers of Zcash (ZEC) on Coinbase Pro. We will accept deposits for at least 12 hours before allowing trading. Once sufficient liquidity is established, the trading on the ZEC / USDC order portfolio will begin. "
Zcash is a currency focused on anonymity that protects transactions and addresses, thus presenting a possible problem for a public exchange of currencies. According to Coinbase, deposits can be made from anonymous addresses, even if withdrawals must be transparent for now:
"Initially, we will support deposits from transparent and screened addresses, but we will only support withdrawals to transparent addresses." In the future, we will explore support for withdrawals to secure addresses in locations where it complies with local laws. "
Why Zcash?
The popular opinion was that Stellar (XLM) would be added to Coinbase, although now it seems to have been false speculation – speculations that the XLM may have paid in recent weeks.
Zcash was expected to pose technical problems for the Coinbase team, but a quick analysis of the coin's past reveals something more suitable for the exchange than many expect.
Zcash was launched without ICO, thus avoiding any regulatory mess that the token emissions could generate. The currency has long been linked to JP Morgan Chase, with which it has formed a technological partnership.
ZEC has its own investment trust, courtesy of Grayscale Investment LLC, which has also produced this investment thesis for potential ZEC investors. ZEC also has a history with Crypto Finance Company, Circle, which recently had its stablecoin USDC added to Coinbase Pro – the one with which ZEC will initially be traded.
Price ZEC On News
It seems there was not much time to buy the voices this time, as the price of ZEC is suddenly pumped and then discharged again as soon as Coinbase's announcement came out.
From the daily minimum of $ 77.18, ZEC rose 21% to $ 93.50 at the peak of the peak. However, the peak was short-lived and the price of the currency returned to the $ 89-90 range. The price of coins continues to rise at the time of writing, while the broader market attempts another recovery.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.
