Crypto Investment Platform eToro Adds Support For Privacy Coin Zcash

Announcements, News | January 25, 2019 By:

Global investment platform eToro has added trading support for Zcash (ZEC), a privacy-focused cryptocurrency. The addition brings the total number of cryptcurrencies available on the eToro platform to 14.

Founded in 2006, eToro is a global investment platform that empowers people to invest on their own terms. It offers online security brokerage services and trades currencies, commodities, indices, cryptocurrencies, and contract for difference (CFD) stocks online. It also supplies various financial analysis tools.

Zcash, which is currently among the top 25 cryptocurrencies by market cap, provides enhanced privacy for its users. It uses “zero knowledge proofs,” which conceals the identity of the parties involved in a transaction. The privacy-focused coin joins other major cryptocurrencies on the eToro platform, including bitcoin, ethereum, Bitcoin Cash, XRP, Litecoin, Ethereum Classic, Dash, Stellar, NEO, EOS, Cardano, IOTA, and Binance Coin (BNB).

In addition to customers’ ability to purchase actual Zcash coins, the cryptocurrency will also be added to eToro’s CryptoPortfolio, which enables investors to diversify across all available digital assets, weighted by market cap.

“The way in which we transfer money from person to person, or company to company is constantly evolving,” said Yoni Assia, Co-founder and CEO at eToro. “It is not surprising that others have taken on some of the core ideas behind Bitcoin and developed new payment networks with additional features – in the case of Zcash – privacy. We are excited to offer ZEC to eToro investors as they seek to diversify their cryptoasset holdings.”

The addition of Zcash came after eToro announced that its digital asset subsidiary, eToroX, received a blockchain license from the Gibraltar Financial Services Commission (GFSC). eToroX manages the company’s crypto wallet and will be running the forthcoming eToro digital assets exchange.