The latest crypto news show that the privacy-friendly cryptocurrency named Zcash (ZEC) is officially listed on Coinbase Pro. Last week, Coinbase announced the support for the altcoin on Coinbase.com and on the crypto exchange’s Android and iOS apps, enabling users to buy, sell, send, receive or store ZEC throughout the company’s platforms and services.
Currently, Zcash support is available to customers in most of the jurisdictions. Only users from the state of New York and United Kingdom cannot access it. According to the announcement, other jurisdictions may later be added.
What’s interesting is that after the price rose, Zcash defied the so-called “Coinbase Effect” by falling 17% in a single day on November 30th. However, the Coinbase statement reads that it would offer partial support for shielded transactions until such time as local regulations allow for full implementation of transaction shielding.
An excerpt from the statement reads:
“In both cases, the unencrypted/transparent version of the protocol allows third parties to see metadata associated with the communication or transaction, while the encrypted/shielded version protects this information. Initially, customers can send ZEC to Coinbase from both transparent and shielded addresses, but only send off Coinbase to transparent addresses. In the future, we’ll explore support for sending ZEC to shielded addresses in locations where it complies with local laws.”
The founder of Zcash, Zooko Wilcox, expressed his optimism about the Coinbase listing and the privacy enhancements created by Zcash in spite of the many arguments to the contrary. In a tweet, he said:
“As the industry matures, we believe privacy protections will be mandated by most exchanges, governments and other financial institutions, leading to the broad adoption of Zcash.”
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“I am personally surprised that regulators haven’t stepped in harder.”He was especially addressing the head of Britain’s Financial Conduct Authority Andrew Bailey who was sitting right next to him at the panel discussion. Bailey noted that Utermann’s opinions were ‘’quite strong’’ but he did agree that cryptocurrencies don’t have intrinsic value. Bailey made sure that the FCA is watching closely and that they have the initial coin offering sector under surveillance. Utermann’s stance doesn’t leave any room for negotiation but some of his colleagues at Allianz are more optimistic about the use of blockchain technology. The chief economist at Allianz Mohamed El-Erian said that he also doesn’t believe that cryptocurrency will ever be able to replace fiat money but they will become more widespread. He said:
“Cryptocurrencies will exist. They will become more and more widespread, but they will be part of an ecosystem. They will not be dominant, as some of the early adopters believed them to be.”El-Erian explained that crypto is not dead and the technology isn’t dead also. He is sure that we are about to see more widespread adoption by the private sector but also from the public one. El-Erian concluded that the last year’s frenzy was ‘’unwarranted’’.
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“A lot of our decisions have perhaps given off a perception that we’re more institutional-based. The reality of the situation is that we have a diverse customer base. And the retail story is just beginning.”The twins and Gemini founders also revealed their plans to expand to the Asian crypto market where they will face stiff competition from the thriving exchange industry that includes companies such as Bitfinex, Binance and Huobi.
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