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Coinbase Adds Support For Zcash


US-based crypto exchange Coinbase added support for Zcash (ZEC), a privacy-protecting cryptocurrency, on Coinbase.com and its Android and iOS apps. Coinbase customers can now buy, sell, send, receive, or store ZEC.

ZEC is a cryptocurrency aimed at using cryptography to provide enhanced privacy for its users compared to other cryptocurrencies such as Bitcoin. ZEC also has a fixed total supply of 21 million units like Bitcoin. All ZEC transactions are verified without revealing the sender, receiver or transaction amount.

Coinbase said ZEC will be available for customers in most jurisdictions, but will not initially be available for residents of the United Kingdom or the state of New York.

The addition of ZEC support on Coinbase.com comes just a week after ZEC was added for trading on Coinbase Pro, its professional trading platform that cater to institutional and professional investors. ZEC was then not made available at Coinbase.com or in the iOS and Android apps.

Coinbase.com currently supports some of the leading cryptocurrencies - Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC) and 0x (ZRX) - which were added in mid-October as the first ERC-20 token available for trade on the platform. Basic Attention Token (BAT) was also added as the second ERC-20 token in early November.

Coinbase will initially support deposits from both transparent and shielded addresses, but only support withdrawals to transparent addresses.

In mid-July, Coinbase had said it was planning to work with local banks and regulators to explore the possibility of adding five more new crypto assets on its platforms in as many jurisdictions as possible. It was looking to add Cardano (ADA), BAT, Stellar Lumens (XLM), ZEC, and ZRX. It has already ZRX, BAT and ZEC from this list.

Coinbase rebranded its crytpo exchange to Coinbase Pro from GDAX on June 29 in order to cater to institutional and professional investors.

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