Coinbase Announced the Start of Support for Zcash Cryptocurrency

 

Leading US cryptocurrency exchange and provider of the eponymous wallet Coinbase announced the beginning of support for the privacy-oriented users of cryptocurrency Zcash.

 

 

The first step is Zcash support on Coinbase Pro, and users already have the opportunity to make deposits. Trading in the pair ZEC/USDC will start after the cryptocurrency will be provided with sufficient liquidity, the company said.

According to the already established tradition, the listing of a new asset on Coinbase Pro is carried out in four stages:

  1. Transfer-only. Starting at 10 am PT on Thursday, November 29;
  2. Post-only. In the second stage, customers can post limit orders but there will be no matches (completed orders);
  3. Limit-only. In the third stage, limit orders will start matching but customers are unable to submit market orders;
  4. Full trading.

As noted by Coinbase, deposits will be accepted for at least 12 hours before the next listing stage is launched. Initially, ZEC trades will be available to Coinbase Pro users in the United States, European Union countries, Canada, Singapore, and Australia. Other jurisdictions may be connected to trading at a later stage.

Note that at the initial stage, Coinbase plans to provide support for deposits from both transparent and secure (anonymous) addresses, but withdrawals will be available only to transparent addresses. In the future, the company will consider the possibility of withdrawing funds to anonymous addresses in those jurisdictions where legislation allows it.

Against the background of today’s news, Zcash, which ranks 19th in terms of capitalization, has rapidly gone up, having risen by almost 12% in a few minutes.