In an announcement made on Thursday morning, it has become apparent that Coinbase Pro, the startup’s professional trading platform, is launching support ZCash (ZEC), one of this nascent market’s foremost privacy coins.
ZEC is launching on Coinbase Pro. Starting at 10am 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 transfer-only mode for at least 12 hours. https://t.co/5nADybxqKk
Per the release on the matter, starting 10am PST on Thursday, Coinbase Pro will begin to accept inbound (deposit) transfers of ZEC tokens. ZCash Deposits will reportedly be enabled for a minimum of 12 hours before ZEC trading goes live.
Initially, Coinbase intends to launch ZEC trading for its USDC pair, but will only do so once “sufficient liquidity is established.”
For now, presumably due to regulatory constraints, ZCash deposit, withdrawals, and trades will be activated for Coinbase clients in U.S. (New York state excluded), E.U., the United Kingdom, Canada, Singapore, and Australia. Other supported jursidiction may be added at a later date, pending regulatory green lights and other support statements.
Like Coinbase Pro’s other recent listings, such as Ethereum Classic (ETC), 0x (ZRX), and Basic Attention Token (BAT), ZEC/USDC will be launched through a four-stage process: transfer-only, post-only, limit-only, and full trading.
For more details on these stages, please visit Coinbase’s announcement.
Hinted At For Two Days
Interestingly, as astutely pointed out by Larry Cermak of The Block and Adolfo Luzardo on Twitter, Coinbase’s most recent addition was hinted at two days ago, through a glitch on the Coinbase Android app.
This visual mishap actually isn’t the first of its kind. As reported by Ethereum World News previously, prior to ZRX’s official addition on Coinbase, the asset actually appeared on the exchange’s tax calculator, another glaring leak.
ZEC Booms Amid Mixed Bag Market
As of the time of writing, due to the coloquially-dubbed “Coinbase Effect,” ZEC has surged, posting a 15% gain amid a mixed bag market. ZEC is now valued at $92 a pop, with buying pressure continuing to surge into the asset.
This is a developing story, so Ethereum World News will be sure to keep you updated!