Privacy In: Coinbase Pro Announces Zcash Listing
It’s now Zcash’s turn to join the line-up at Coinbase Pro. The exchange announced on November 29th it was adding support for the privacy coin. The Zcash listing had been under consideration since July.
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Zcash Listing Hits Coinbase, But With Limited Functionality
After liquidity was established — which would take no less than 12 hours — Coinbase Pro users in the European Union, Canada, Australia, Singapore, the United Kingdom, and the United States would be able to begin trading ZEC against USD Coin (USDC), a stablecoin recently listed by Coinbase.
Zcash is a privacy-focused cryptocurrency designed for users who wish to keep their online transactions anonymous — or at least difficult to trace. Users can send “shielded” transactions which mask the associated metadata or regular “transparent” transactions that don’t.
On Coinbase Pro, Zcash will have limited functionality. The exchange will accept deposits from both transparent and shielded addresses, but any withdrawals will have to be in transparent mode.
Coinbase says it will consider adding support for shielded withdrawals in the future, but no timeline was given. Similarly, ZEC should be available on the regular Coinbase exchange at an unspecified point in the future.
Three Down, Two To Go For Coinbase Listings
The San Francisco-based exchange has so far delivered on three of those tokens, with ZRX being listed in October and BAT following earlier this month. If the same release schedule is followed, ADA, XLM, or both could see a Coinbase listing before the end of 2018.
In September, Coinbase laid out a new asset listing process which may be an attempt to avoid another controversy like the one that surrounded the listing of Litecoin (LTC). The altcoin, billed as “silver to bitcoin’s gold,” was created by former Coinbase employee Charlie Lee, who worked as an engineer there during the exchange’s early years.
Lee was criticized when, one month after LTC was listed on Coinbase in May 2017, he left the company and then eventually sold all his LTC holdings at the top of the market in December 2017. Lee later said that selling his LTC stash was a decision he regretted.
Zcash Pumps in Mixed Markets
ZEC, which is currently the 18th-largest cryptocurrency by market cap, spiked by more than 10 percent in mixed trading on November 29th before falling back. ZEC is currently sitting around $88 USD, per CoinBillboard.
The other two possible candidates for Coinbase listings, ADA and XLM, were essentially flat on the day.
That’s different from when ZRX and BAT were listed, as their Coinbase launches seemed to have a temporarily positive knock-on effect on these two coins’ prices. But the lack of price ZEC action is hardly surprising given the acutely bearish turn crypto markets have taken since mid-November.
What do you think of the Zcash listing on Coinbase Pro? Will ADA and XLM list before the end of the year?
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