Following the launch of Zcash (ZEC) support on its Pro trading platform on November 29th, Coinbase has now added support for the privacy-based cryptocurrency, making it available to retail customers on coinbase.com and their respective Android and iOS apps.
The Low Down
Coinbase users will now be able to purchase, transact, sell and store ZEC starting December 5th. However this service isn’t yet available in the state of New York or in the United Kingdom. The exchange also noted that other jurisdictions “may be added at a later date.”
Stated in their recent blog post announcement, Coinbase makes it clear that although customers may send Zcash to their Coinbase wallet address from both of the protocol’s shielded & transparent addresses, users will only be able to send off the Coinbase platform to transparent ZEC addresses.
The exchange added: “In the future, we’ll explore support for sending ZEC to shielded addresses in locations where it complies with local laws.”
More To Come?
After Coinbase announced its new Asset Listing Process we’ve witnessed the exchange push forward in terms of growing its list of available cryptocurrencies including:
- 0x (ZRX) (announced October 16th)
- USD Coin (USDC) – a new digital stable coin linked to the US Dollar, launched by Coinbase and Circle (announced October 23rd)
- Basic Attention Token (BAT) (announced November 8th)
After launching wallet support for ETC on their platform, a spokesperson for the exchange declared their ambitions to include many more digital assets:
“As part of our mission to be the easiest and most trusted crypto wallet, we plan to add support for even more blockchains in the future.”
With some governments voicing concerns over the use of privacy-based coins, hopefully the addition of Zcash to one of the worlds’ most popular cryptocurrency exchanges will dampen any fears when it comes to investing into privacy-based digital assets.
Financial news network Cheddar recently reported that the major US based crypto exchange has introduced over-the-counter (OTC) trading for institutional investors, thanks to increasing demand for the service.
OTC Trading is where parties (such as institutional investors) are able to trade between each other, as opposed to over a formal exchange.
Coinbase’s head of sales, Christine Sandler, spoke on the launch of the service:
“We launched our OTC business as a complement to our exchange business because we found a lot of institutions were using OTC as an on-ramp for crypto trading…We felt this was a huge benefit to our clients to actually leverage both our exchange and our OTC business.”
Coinbase seem determined to bring crypto to the masses. The company’s continuous efforts to innovate the nascent industry speaks volumes; they’re an entity that wants to help boost adoption of alternative currencies by making them easily accessible and helping improve understanding of digital assets through education.