Privacy Coin Zcash (ZEC) Sets Sights On Interoperability; Launching A Wrapped Token On Ethereum
Zcash community is allegedly developing a wrapped token to be operational in the Ethereum network. During the Devcon developer conference for cryptocurrency enthusiasts in Osaka, Japan, the halls were filled with news and rumors of smaller projects that looked to gain access to the decentralized finance smorgasbord belonging to Ethereum. They seek access via interoperability, especially for financial products and loans.
James Prestwich, Summa co-founder, told CoinDesk that the Ethereum developer’s priority is not connecting to other companies. But it seems like it is the other chains that want to engage the Ethereum network.
The marketing and business development VP at Electric Coin Company, Josh Swihart, said that the Zcash community was going to come up with a wrapped ZEC token in the next six months. The token is going to be used on the Ethereum platform. The privacy coin is perceived to be used for automated, private loans, and other financial products.
It would be done using the same kind of wrapped token that Cross-chain Working Group is building to be able to link it with the Ethereum blockchain. The Zcash foundation member Ian was asked why the app creators for decentralized applications wanted their smart contract options and addresses shielded. Here is what he had to say,
“You don’t want to be the kid at Chuck E. Cheese, where everyone knows you have all the tokens.”
Zcash No Longer Available for Trading on OKEx and Upbit
It was reported previously that the South Korean cryptocurrency exchange Upbit had stopped trading activities for six cryptos; Zcash being one of them. The exchanges’ platform sited reasons for the delisting as a way to block any money laundering occurrences and regulate the inflow from external platforms.
This announcement was made just days before OKEx followed suit. It announced the delisting of Zcash, among other privacy coins. The exchange said that these coins flaunted the new guidelines that were set by the Financial Action Task Force.