American crypto exchange, Coinbase Pro is adding privacy coin Zcash (ZEC) to its listings. The platform recently announced that its customers can now transfer Zcash into its professional trading platform. The users cannot yet purchase the token until the exchange has established enough liquidity. The exchange, however, did not announce when coinbase.com or mobile app users would be able to begin trading the cryptocurrency.
Coinbase teased users by including a Zcash page on their app before making a formal announcement. Investors knew the listing was imminent and began hoarding ZEC in anticipation.
Coinbase Pro users will be able to trade the ZEC/USDC trading pairs in most of the U.S., UK, European Union, Canada, Singapore, and Australia. The residents in New York and other jurisdictions might receive access at a later date.
Zcash offers both transparent and shielded transaction types, which show different amounts of information about a transaction. In particular, shielded addresses are anonymized, while transparent transactions are traceable, like bitcoin.
“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.”
The Launch Stages
The launch of ZEC, the privacy coin on Coinbase would be in stages. The first ‘Transfer-only’ stage involves users transferring their ZEC tokens into their Coinbase Pro account. The next stage is called ‘Post-only,’ where customers can post limit orders but it won’t be completed yet. Order books are expected to be in this position for a minimum one-minute period.
The third stage is the ‘Limit-only’ stage which involves matching limit orders. Coinbase estimates a minimum of ten minutes to be spent here. The last stage is ‘Full trading’ where everything the trader needs to trade would be made available.
When official word of the listing came out, the price of zcash began a significant uptick at 18:00 UTC. It took the cryptocurrency barely 5 minutes to gain a 15 percent jump. Zcash reached a 9-day high of $99.13, according to data from the Binance exchange.
ZEC currently has cooled off and is now trading at $93. Within 24 hours of trading, the coin accumulated $155 million trading volume across exchanges, according to data from CoinMarketCap.
Coinbase’s boost had sent Zcash soaring by double-digit figures, and it is currently the best performing coin in the top-20.