After the recent launch of Zcash ZEC on Coinbase Pro, the exchange has now declared the launch of Zcash cryptocurrency on Coinbase.com. It will be available on the crypto exchange’s Android and iOS applications. This privacy friendly cryptocurrency allows the investors and traders to buy, sell, send, receive and even store the Zcash cryptocurrency on the Coinbase platform and across its various services.
Users can also find Zcash ZEC on retail Brokerage Coinbase. Except for New York state and the United Kingdom, customers can use Zcash across various administrations. Coinbase referred to the recent 17 percent fall of cryptocurrency on Nov. 30th, after the initial Coinbase Pro integration, when it announced the company will now offer partial support for the safeguarded transactions. This will be done till the transactions gain a local regulation for full implementation for the safeguarding of the transaction. It was announced-
“In both cases, the unencrypted/ transparent version of the protocol allows the third party 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 addresses. In the future, we will explore support for sending ZEC to shielded addresses in locations where it complies with local laws.”
The way Coinbase announcement greeted:
Coinbase’s announcement met a mixed response on Twitter. Some showed a positive response while others were not that impressed. Predictions about this advancement by Coinbase, are pointing that this might invite implications for the continuation of the privacy of Zcash ZEC. The base of this prediction finds its reasoning in the compromise the privacy factor of ZEC which is backed with zero knowledge cryptography will face because going Live on Coinbase. Coinbase is rooted in the United States and therefore, the laws of the state and the federal laws apply to it. This includes supervision by U.S. Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) KYC/AML regulations. The fundamental ideas of KYC of maintaining the identity of every customer open contradict with the unique selling point of the cryptocurrency- i.e., of preserving the privacy of its every customer on Coinbase.
Amidst all kinds of responses, the founder of Zcash Wilcox is maintaining a positive viewpoint. In one of his recent tweets, he spoke about the importance of privacy. He expects that more importance will be given to users’ privacy with the maturing of the cryptocurrency industry. He even thinks that with time, privacy will soon become mandatory by almost all the crypto exchanges, governments, and other related financial institutions. He thinks this will magnificently benefit the acceptance of Zcash ZEC in the near future. Wilcox reconfirmed the company’s focus on privacy when he said on Twitter- “Privacy is not about isolation. It is about community, but with consent. You get to choose who is watching when you let your hair down. You get to choose who is around the table when you tell your story. Privacy is about consent.”
More crypto assets from Coinbase:
It is a big move after the recent announcements by Coinbase for starting the trading of Zcash recently in late November, which came in four stages, i.e. ‘Transfer Only,’ ‘Post Only,’ ‘Limit Only’ and ‘Full Trading.’ In the original announcement by Coinbase, it was assured that the company would introduce more assets. The demand for more assets became almost an essential thing on the to-do-list for the company after the constant demand by its customers. The addition of more assets will have a positive impact of Coinbase image on its users. In addition, as per the announcement, there will be more assets adding to the financial portfolio of Coinbase in 2019. Although many of these assets will not be available to all the governments of the company, and vice-versa, Coinbase will have to face trade permission related hindrances by many governments on the same grounds. For this reason, many users have to refer to the Coinbase website to know which tokens can they use based on their local laws.