Popular US crypto exchange Coinbase has just enabled full support for trading Zcash (ZEC), a privacy-focused cryptocurrency with a market valuation of over $175 million. The token can be purchased on Coinbase Pro, the professional trading platform (formerly GDAX), and the company’s Android or iOS apps will follow.
Officials announced the launch in a blog post as well as a tweet. They said that the launch would occur in four crucial stages: transfer-only mode, post-only mode, limit-only mode, and the final stage of full-trading mode. Coinbase will tweet each stage separately.
ZEC trading will begin on Coinbase 12 hours after the announcement. Zcash will be available to users in all jurisdictions, however it will not be available initially for New York residents.
The company has had a string of recent announcements in a major push to attract crypto traders and grow its user base. The news came amid long-standing speculation that Coinbase, which is the most popular trading service the U.S., would add new assets.
Coinbase announced the news and also noted that the platform adheres to the New York State Department of Financial Services’ standards. Coinbase stated: “ZEC trading will initially become accessible for Coinbase Pro users in USA (excluding NY), UK European Union, Canada Singapore, Australia, and Australia. At a later time, additional jurisdictions could be added.
Zcash would be slow and in stages
Coinbase offers a greater selection of cryptocurrencies than other exchanges, but Coinbase chose to be cautious while regulators assess the legal status.
There was an increase in trading volume and a price spike when a new coin was listed on major exchanges.
The announcement was just hours old at the time this article was written. However, there had been a significant increase in ZEC prices following Coinbase news. The token experienced a dramatic rise from $80 to trade at $93.5, up almost 15 percent over the course of the day. ZEC, which is still 5 times lower than the February peak of $499, is currently ranked 19th in market capitalization.
The latest addition comes as no surprise as the popular San Francisco exchange crafted a new asset listing policy earlier this year after getting itself into hot water when its added Bitcoin Cash to its platform. Coinbase stated that it took steps to prevent insiders from trading on the news.
