According to a blog post on December 5, leading American cryptocurrency exchange and e-wallet supplier Coinbase has expressed its support for Zcash (ZEC) on its website as well on its Android and iOS applications.
As per the recent declaration, Coinbase clients would now be able to buy, sell, send, get, and store ZEC. The coin will be accessible to clients in many locales, though users from the United Kingdom and the state of New York will not have access to it during the initial days. Coinbase clarified that additional countries and locales would be added later.
Since Zcash is advanced digital money on a decentralized blockchain and planned with the objective of making exchanges more private than they are on the Bitcoin blockchain, it conveys explicit highlights of cryptography to ensure the security of its clients.
At first, users can send ZEC to Coinbase from both transparent and protected locations, but can send off Coinbase to transparent addresses only. Later on, the firm intends to explore ways of sending ZEC to shielded addresses in jurisdictions where it complies with local laws.
Coinbase’s move comes soon after the introduction of ZEC on the Coinbase Pro Platform. The exchange had then declared that trade on the ZEC/U.S. dollar order book would start simply after adequate liquidity is built up.
Zcash has not reacted to Coinbase’s declaration, showing a drop by just about 10% on the day, as per Coin Market Capital. The coin is exchanging at around $66.64 at press time, down from yesterday’s high purpose of $77.73. The altcoin’s market capitalization is around $358.9 million, while it’s daily trading volume is around $155 million.
In another important development, Coinbase had earlier established over-the-counter (OTC) trading for institutional clients as a result of the high level of interest expressed by institutional investors for OTC crypto trading.