Crypto Exchange Coinbase Adds Zcash To Professional Trading Platform

Announcements, News | November 30, 2018 By:

Crypto exchange Coinbase has added support for Zcash (ZEC) on its professional trading platform Coinbase Pro.

In a blog post, the company said that Coinbase Pro started accepting inbound transfers of Zcash on November 29, while deposits will be accepted for at least 12 hours prior to enabling trading. Trading would start once sufficient liquidity is established, and ZEC would initially be available with only USDC pairing.

“ZEC trading will initially be accessible for Coinbase Pro users in the US (excluding NY), UK, European Union, Canada, Singapore and Australia,” the exchange said. “Additional jurisdictions may be added at a later date,” the company said.

ZCash is a cryptocurrency aimed at using cryptography to provide enhanced privacy for its users. It uses “zero knowledge proofs,” which conceals the identity of the parties involved in a transaction. Initially, Coinbase Pro will support deposits from both transparent and shielded addresses, but only support withdrawals to transparent addresses. In the future, the exchange will explore support for withdrawals to shielded addresses in locations where it complies with local laws.

In September of this year, Coinbase implemented a new policy for listing new cryptocurrencies, allowing it to rapidly list all assets that meet their standards and are compliant with local law. Since implementing the new policy, the exchange has added several new assets on Coinbase Pro, including Brave Browser’s Basic Attention Token (BAT) and 0x protocol’s ZRX token.