Coinbase adds Zcash

According to a Coinbase blog published 5th December, the major crypto exchange has added Zcash (ZEC) at Coinbase.com and in its app for Android and iOS. This means if you’re a Coinbase customer you can buy, sell, send, receive, or store ZEC. ZEC will be available for customers in most jurisdictions, but not initially for United Kingdom or New York state residents. Coinbase says it will be adding other jurisdictions in the coming year. The move follows the introduction of ZEC on the Coinbase Pro platform in late November. The exchange then noted that trading on the ZEC/U.S. dollar order book would begin only after sufficient liquidity is established.

What is Zcash?

Zcash is a cryptocurrency that uses recent advances in cryptography to allow users to protect the privacy of transactions as they choose. The system uses ‘transparent’ and ‘shielded’ modes, which Coinbase says is comparable with the distinction between unencrypted HTTP and encrypted HTTPS.

Initially, customers can send ZEC to Coinbase from both transparent and shielded addresses, but only send from Coinbase to transparent addresses. However, Coinbase says it is looking at supporting ways to send ZEC to shielded addresses so long as this complies with local laws.

Coinbase to list more assets

The Coinbase blog also points out that it is always looking at customer requests to list more assets and it has established a new process for listing assets, which it hopes will speed up the process involved in selecting new assets for the exchange. The new process begins with a form for issuers to submit assets for listing at Coinbase, which it will evaluate against its digital asset framework.

In addition to this, Coinbase is publishing more educational materials to help people understand cryptocurrencies, as well as pages about the specific assets listed, Zcash being one example, and there are links to the Zcash website and whitepaper as well as a price chart.