Coinbase confirms its listing of Zcash. The price of Zcash falls…
Cryptocurrency exchange Coinbase has added Zcash (ZEC) to its listings, it’s been confirmed.
The announcement came via Coinbase itself, who confirmed that it was supporting Zcash from yesterday. You can now buy, sell, receive or store ZEC via the firm’s website, or its Android and iOS apps.
There’s a catch, and it’s one that hits us in the UK. Due to regulation issues presumably, the only places where Coinbase won’t be supporting Zcash are in New York state, and the entire United Kingdom.
But that’s more to do with Zcash than it is to do with Coinbase. After all, Zcash is a cryptocurrency where privacy is arguably its biggest selling point, and regulators tend to look for more transparency.
As Coinbase itself notes in its statement, “Zcash is a cryptocurrency that uses recent advances in cryptography to allow users to protect the privacy of transactions at their discretion”. Coinbase, in the first instance, will only allow users to “send off Zcash to transparent addresses”, but that “in the future, we’ll explore support for sending ZEC to shielded addresses in locations where it complies with local laws”.
Zcash went live on Coinbase Pro last week, and has now been added to the rest of the Coinbase service. That said, it’s hardly felt the benefit. Its price has been falling ever since it went live on Coinbase Pro, and overnight, the currency lost another 6% of its value. Not every crypto exchange listing brings with it a bounce…