The US-based leading exchange has announced the launch of Zcash (ZEC) on its Coinbase Pro platform.
ZEC Debuts on Coinbase Pro
With this addition, ZEC becomes the 8th digital asset to be added to Coinbase Pro. It joins BTC, ETH, LTC, BCH, ETC, ZRX, and BAT.
The platform has already started accepting ZEC deposits. However, the trading is yet to commence. “At 10am PT on Thursday, November 29, we will begin accepting inbound transfers of Zcash (ZEC) on Coinbase Pro. We will accept deposits for at least 12 hours prior to enabling trading,” stated the blog.
According to the announcement, trading would commence once enough liquidity is established, and initially ZEC would be available with only USDC pairing.
Coinbase Pro clarified:
ZEC trading will initially be accessible for Coinbase Pro users in the US (excluding NY), UK, European Union, Canada, Singapore and Australia. Additional jurisdictions may be added at a later date.
The development is in line with the firm’s earlier stated intention to add more cryptocurrencies.
ZEC is a privacy coin that uses the latest cryptographic techniques to allow users to maintain absolute anonymity of transactions over its network at their own discretion.
The post explains:
The distinction between Zcash’s “transparent” and “shielded” transactions is analogous to the distinction between unencrypted HTTP and encrypted HTTPS. In both cases, the unencrypted/transparent version of the protocol allows third parties to see metadata associated with the communication or transaction, while the encrypted/shielded version protects this information.
Coinbase Pro clarified that deposits would be accepted from both transparent and shielded addresses, but withdrawals would be allowed only to transparent addresses.
“In the future, we’ll explore support for withdrawals to shielded addresses in locations where it complies with local laws,” said the firm.
The trading of the ZEC/USDC pair would happen according to the platform’s established process as stated below:
- Transfer-only: Starting at 10am PT on Thursday, November 29, customers will be able to transfer ZEC into their Coinbase Pro account. Customers will not yet be able to place orders and no orders will be filled on these order books. Order books will be in transfer-only mode for at least 12 hours.
- Post-only: In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of one minute. This market state has been shortened to improve market health during launch.
- Limit-only: In the third stage, limit orders will start matching but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of ten minutes.
- Full trading: In the final stage, full trading services will be available, including limit, market, and stop orders.
Customers can stay updated through the official twitter handle of the platform as the order book moves through the above stages. ZEC should soon make its way to coinbase.com as well as ZRX did earlier.
What are your thoughts on this development? Let us know in the comments below.
Images courtesy of ShutterStock