Coinbase, A major American cryptocurrency exchange and wallet provider has come forward in support for ZEC (Zcash), Android and IOS apps for the exchange. What does this necessarily mean for you as a customer? After the announcement made today, customers on Coinbase can buy, sell, send, receive and store ZEC. Customers from the United Kingdom and New York would miss the opportunity to use this service in the initial phase. However, the service will be available in most sovereignties with time. Coinbase intends to add additional jurisdictions at a later stage. A prominent question that has been asked time and again is Coinbase safe? It would be safe to say it is secure and trusted by 13,300,000 users all over the globe and the number is increasing every day. With the increase in the number of users on the platform, it is safe to say that Coinbase is one of the best cryptocurrency exchange in the world.
Zcash deploys a set of specific features of cryptography with the intention of protecting the privacy of its users as Zcash is a digital currency established on the principles decentralized blockchain to make transactions more private as compared to the transactions made on Bitcoin blockchain.
With all this in consideration, Coinbase in its post said that ‘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.’
In late November, ZEC was introduced on Coinbase Pro platform. The exchange observed that trading on ZEC/USD would only be feasible to begin after tolerable liquidity is entrenched. According to CoinMarketCap, there was no response from Zcash to Coinbase’s announcement which resulted in a depreciation of 10% on that day.
The current trading Zcash value is at around $66.64 which has seen deprivation compared to yesterday’s trading value, $77.73. The market capitalization of the coin is of about $358.9 million, and its daily trading volume is of about $155 million.