Major U.S crypto exchange, Coinbase has announced support for altcoin Zcash(ZEC) and made the coin tradable on the coinbase.com platform as well as Android and iOS apps.
The announcement was made on Wednesday, December 5 and acknowledged that Coinbase users in approved regions can now buy, sell, store and receive ZEC using their wallets. U.K and New York customers will not have access to the new service from the go, but Coinbase has promised to add support for these jurisdictions soon.
It is evident that the highly anonymous nature of the ZEC blockchain is the reason why Coinbase is finding support for the altcoin challenging to come by in some regions. To this end, the exchange explained in the announcement,
“Initially, customers can send ZEC to Coinbase from both transparent and shielded addresses, but only send off Coinbase to transparent addresses. In the future, we’ll explore support for sending ZEC to shielded addresses in locations where it complies with local laws.”
Coinbase announced support for ZEC on their Pro platform in November and revealed that it would only allow ZEC/USD trading as soon as sufficient liquidity is established. The conditions have been met, and the exchange has kept true to their words.
The news also follows a recent wave of development at Coinbase where the exchanged announced that it has introduced OTC trading for its institutional investors.
ZCash Outlook – Bearish
Another bearish market price movement set in shortly after Coinbase announced support for Zcash, so the altcoin has not responded to the positive news. ZEC’s press time value was $66 while it is nearly 10% down on the daily trading charts according to data from Coinmarketcap.
At press time, Zcash was still the 19th largest cryptocurrency by market cap with a value of $355,626,062.