Tanya Abrosimova
Independent Analyst
- Zcash (ZEC) jumps to the 19th place in cryptocurrency rating.
- Coinbase starts deploying Zcash support.
Zcash (ZEC), now the 19th largest coin with current market value $470M significantly increased in value following the news that the US-based Coinbase added it to the list of tradable instruments. At the time of writing, Zcash is changing hands at $88.04, over 10% higher from this time on Thursday.
"ZEC is launching on Coinbase Pro. Starting at 10 am 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 a transfer-only mode for at least 12 hours," Coinbase announced in its Twitter account to the joy of all Zcash supporters.
According to the press release, Coinbase Pro users can already deposit Zcash on their accounts, though ZEC/USDC trading functionality will be unlocked once the cryptocurrency gains sufficient liquidity.
The procedure of new coin listing consists of four stages: at first, users can deposit coins, then the exchange starts to accept limit orders, match orders and finally unlock the full functionality.
The exchange will accept deposits for 12 hours before moving to the next stage of listing. Initially, Zcash trading will be available for Coinbase Pro users in the USA, EU, Canada, Singapore, and Australia. Other jurisdictions will be added at later stages.
It is worth noting that Zcash is a privacy coin, which means that users can opt to hide their addresses and thus send and receive funds anonymously. Coinbase will accept deposits both from open and private (anonymous) addresses, however, withdrawals will be made only to open addresses. The company may consider allowing withdrawals to private addresses in certain jurisdictions.
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