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Coinbase Adds Support for Zcash on Retail Platform and Apps

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Cryptocurrency exchange and wallet provider Coinbase has introduced support for Zcash (ZEC) at Coinbase.com and the exchange’s Android and iOS apps.

This is according to a blog post that was published on December 5.

The announcement made known that Coinbase clients can now buy, sell, send, receive, and keep ZEC. The coin would be available for customers in a lot of jurisdictions, but customers from the United Kingdom and the state of New York would not be able to use the service. Coinbase also expressed that more jurisdictions may be launched later.

Since Zcash is a digital currency founded on a decentralized blockchain and geared with the aim of making transactions more discreet than they are on the Bitcoin blockchain, it implements particular features of cryptography to safeguard the privacy of its users.

Coinbase explained:

“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.”

The development comes after the introduction of ZEC on the Coinbase Pro platform last month. The exchange then noted that trading on the ZEC/U.S. dollar order book would start after liquidity is established.

Zcash has kept mum about Coinbase’s announcement, showing a decline by almost 10 percent on the day,. The coin is trading at around $66.64 at press time, down from yesterday’s high point of $77.73.

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