Zcash [ZEC] gets listed on Coinbase Pro
Coinbase seems to be moving ahead at a rapid pace and on Thursday the San Francisco-based exchange announced that it will be accepting inbound transfers of Zcash [ZEC] on its professional trading arm Coinbase Pro. The process will start at 10 am PT on November 29.
According to the Medium blog, the exchange will accept deposits for at least 12 hours before enabling trading. Once sufficient liquidity is established, trading on the ZEC/USDC order book will start.
The blog also adds that the trading of ZEC will initially be available for Coinbase Pro customers in the US (excluding NY), UK, European Union, Canada, Singapore and Australia. Other jurisdictions might be added later.
The thing that sets ZCash apart is the fact that it uses recent developments in cryptography to allow customers to protect the privacy of transactions at their discretion.
The blog further notes that the distinction between Zcash’s “transparent” and “shielded” transactions is just similar to the distinction between unencrypted HTTP and encrypted HTTPS.
Initially the exchange will support deposits from both the transparent and shielded addresses, but only support withdrawals to transparent addresses. The exchange will also explore possibilities in the near future to support withdrawals to shielded addresses in locations where it complies with local laws.
ZEC is right now not available on Coinbase.com or the mobile apps.
The launch of ZEC on Coinbase Pro will take place in four stages:
- Transfer Only: Starting at 10am PT on Thursday, November 29, customers will be able to transfer ZEC into their Coinbase Pro account.
- Post-only: In this stage, customers can post limit orders but there will be no completed orders. Order books will be in post-only mode.
- Limit-only: In the third stage, limit orders will start matching but customers will not be able to submit market orders.
- Full trading: In the final stage, full trading services will be available for the customers.
In another development, according to a report from the Cheddar, the exchange has launched its OTC trading desk for its institutional prime clients. The report stated that the exchange is also planning to expand the service to allow delayed settlement.
“We launched our OTC business as a complement to our exchange business because we found a lot of institutions were using OTC as an on-ramp for crypto trading,” said Christine Sandler, head of sales at Coinbase, according to the report.
Image via Shutterstock
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