Coinbase Pro, the exchange platform of Coinbase announced this morning that Zcash (ZEC) holders can start sending their funds to their accounts on the exchange.
According to the announcement on Coinbase official blog, Coinbase Pro started accepting deposits at 10am today 29 November 2018 and the deposits will last for at least 12 hours after which sufficient liquidity is expected to be established before trading will be enabled for Zcassh.
Within the 12 hours from when deposits are accepted, ZEC launch will go through four stages, the first being “transfer-only” which started at 10am today. The second phase is the “post-only” stage which allows customers to post limit orders with no matches. Thirdly, users will enter the “limit-only” stage during which limit orders will start matching but customers cannot submit market orders. Finally after 12 hours, full trading will be enabled that includes everything.
Although the reason was not mentioned and more locations will be added subsequently, only Coinbase users from the U.S (New York excluded), E.U., the United Kingdom, Canada, Singapore, and Australia will enjoy the service for now.
Zcash (ZEC) is number 19 cryptocurrency by market capitalization and one of the privacy coins known in the crypto space. Its advanced cryptography sets it apart and gives users the privacy of transaction when they want it.
The cryptocurrency has both shielded and transparent addresses depending on the user’s needs, both of which are supported for deposits. Withdrawals however are restricted to transparent addresses for now and shielded addresses eventually for areas where such withdrawals do not violate local laws.
As expected, this announcement has caused a boost in Zcash (ZEC) price reaching up to $92 today although it has dropped to ~$85 at press time according to Coinmarketcap.com. The market may still bounce back for ZEC especially when trading is enabled for the asset.
Coinbase had added Ethereum Classic (ETC), 0x (ZRX), and Basic Attention Token (BAT) to Coinbase Pro earlier this year and this week added Ethereum Classic to its wallet. The startup strives to be the most secure exchange and wallet and this is particularly good for ZEC as security is a serious issue in the industry at the moment.
Users have made several requests for addition of more assets and Coinbase Pro intends to add more suitable assets with time. For now, ZEC trading is available only for its USDC pair but the USD pair may be added eventually.