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After weeks of anticipations on the names of Trifecta Stellar (XLM), Cardano (ADA) and Zcash (ZEC), will then appear on Coinbase Pro, the exchange today announced the victory of ZEC.
In contrast to the start-of-the-year Basic Attention Token (BAT) and Ox (ZRX) announcements, the announcement was sudden and unexpected, negating the usual one-month pre-registration pump at which we got used to it.
The listing was sufficient to trigger a 21% growth spurt for Zcash during a day when the market in general was in decline.
Zcash hits Coinbase Pro
According to the announcement of Coinbase Thursday:
"On Thursday, November 29th at 10 am Pacific Time, we will begin accepting incoming transfers from Zcash (ZEC). on Coinbase Pro. We will accept deposits for at least 12 hours before allowing trading. Once sufficient liquidity is available, trading on the ZEC / USDC order book will begin. "
Zcash is an anonymity-based document that protects transactions and addresses, which is a potential problem for a public currency exchange. According to Coinbase, deposits can be made from anonymous addresses, even if the withdrawals must be transparent at the moment:
"At first, we will support transparent and shielded address repositories, but we will only support withdrawals to transparent addresses. In the future, we will explore the possibility of taking withdrawals to shielded addresses in locations where it complies with local legislation. "
Why Zcash?
The popular opinion was that Stellar (XLM) would be the next to be added to Coinbase, although this now seems to be a false speculation – speculation that XLM may have paid in recent weeks.
Zcash had to pose technical problems to the Coinbase team. However, a quick overview of the coin's past reveals something more suited to the exchange than many would have imagined.
Zcash was launched without ICO, thus avoiding any regulatory mess that chip issues could bring. The piece has long been linked to JP Morgan Chase, with whom she formed a technological partnership.
ZEC has its own investment fund, courtesy of Grayscale Investment LLC, which has also written this investment thesis for potential ZEC investors. ZEC also has a track record with the crypto-finance company Circle, which recently added to Coinbase Pro its own USDC stablecoin, the one against which ZEC will initially be traded.
ZEC Price jumps on the news
It seems he did not have a lot of time to buy the rumor this time, as the ZEC price suddenly exploded and then dropped again as soon as the Coinbase announcement was released.
From the lowest daily of $ 77.18, the ZEC climbed 21% to $ 93.50 at the height of the increase. However, the peak was short-lived and the price of the coin was eventually reduced to $ 89-90. The price of parts continues to increase at the time of writing, while the wider market is trying a new recovery.
Disclaimer: The author owns Bitcoin, Ethereum and other crypto-currencies. He holds investment positions in coins, but does not engage in short-term or day trading.
The selected image is a courtesy of Shutterstock.
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