Coinbase Pro Adds Zcash (ZEC) Privacy Coin to Lineup, Transfers Open Immediately

On Thursday, another crypto asset was welcomed into the Coinbase Pro lineup – Zcash.

Zcash, a privacy coin, can now be transferred into the platform, but full support won’t be added right away because of its status. On a Twitter post by Coinbase Pro, the platform told followers,

“ZEC is launching on Coinbase Pro. Starting at 10am PT, customers can transfer ZEC into their Coinbase Pro account. Traders can deposit ZEC but cannot place or fill orders. Order books will remain in transfer-only mode for at least 12 hours.”

The privacy coin is much different from many of the other tokens on the platform, but a post in the company’s Medium blog helps to clear up any questions. It discusses that Zcash has both shielded and transparent transactions, which provide varied information about the activity that takes place. A shielded address is completely anonymous, while transparent transactions are traceable. Going on, Coinbase Pro adds,

“Initially, we will support deposits from both transparent and shielded addresses, but only support withdrawals to transparent addresses. In the future, we’ll explore support for withdrawals to shielded addresses in locations where it complies with local laws.”

As with any new token on the platform, and as the Twitter post referenced, the deposits will be accepted for the first 12 hours before trading is available. After the platform has enough liquidity available, the new ZEC/USDC order book begins.

The users that will have access to this trading initially includes users in US (excluding NY), UK, European Union, Canada, Singapore, and Australia. However, the blog adds, “Additional jurisdictions may be added at a later date.”

Presently, as of 10:45am PST on November 29th, Zcash is up by 9.53%, making its price $88.75. This is another perfect example of the Coinbase effect taking place, causing the price of a token to quickly jump up when a new listing is announced.

However, consumers should be aware that the app does not yet reflect the addition of the token, though Coinbase Pro will have another annoucement when it is ready.

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