Leading digital currency exchange Coinbase had recently launched Zcash (ZEC) cryptocurrency on Coinbase Pro. The exchange has now announced the support for the cryptocurrency on Coinbase.com. The move now enables users to buy, sell, receive, send or store ZEC throughout the company’s platforms and services. The service is now available on the crypto exchange’s Android and IOS apps.
Incidentally, ZCash is now available on retail brokerage Coinbase. Although it is available to customers in most jurisdictions, with the exception of New York, other states will soon be added. It is to be noted that the cryptocurrency fell flat by 17% in a single day on Nov 30 due to the so-called “Coinbase Effect.” Zcash said that it would offer partial support for shielded transactions until such a time as local regulations allow full implementation.
According to CNN.com, an excerpt from the Coinbase statement reads:
“In both cases, the unencrypted/transparent version of the protocol allows third parties to see metadata associated with the communication or transaction, while the encrypted/shielded version protects this information. 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.”
Reaction stories
Following the announcement by Coinbase on Twitter, the news has received mixed reactions. Some have even prophesied that the declarations may have adverse implications on the cryptocurrency.
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